Document:

exv10w22

 

Exhibit 10.22

REDEVELOPMENT CONTRACT

By and among

COMMUNITY REDEVELOPMENT AUTHORITY

OF THE VILLAGE OF

JACKSON, NEBRASKA

and

SIOUXLAND ETHANOL, LLC

July 20, 2006

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	PARTIES
	 	 	1	 
	RECITALS
	 	 	1	 
	 
	 	 	 	 
	ARTICLE I
	 	 	 	 
	DEFINITIONS AND INTERPRETATION
	 	 	 	 
	 
	 	 	 	 
	Section 1.01 Terms Defined in this Redevelopment Contract
	 	 	2	 
	Section 1.02 Construction and Interpretation
	 	 	4	 
	 
	 	 	 	 
	ARTICLE II
	 	 	 	 
	REPRESENTATIONS
	 	 	 	 
	 
	 	 	 	 
	Section 2.01 Representations by Village and Authority
	 	 	5	 
	Section 2.02 Representations of Redeveloper
	 	 	6	 
	 
	 	 	 	 
	ARTICLE III
	 	 	 	 
	OBLIGATIONS OF THE AUTHORITY AND THE VILLAGE
	 	 	 	 
	 
	 	 	 	 
	Section 3.01 Division of Taxes
	 	 	7	 
	Section 3.02 Issuance of TIF Indebtedness
	 	 	8	 
	Section 3.03 Pledge of TIF Revenues
	 	 	9	 
	Section 3.04 Grant of Proceeds of Bonds
	 	 	9	 
	Section 3.05 Creation of Fund
	 	 	9	 
	 
	 	 	 	 
	ARTICLE IV
	 	 	 	 
	OBLIGATIONS OF REDEVELOPER
	 	 	 	 
	 
	 	 	 	 
	Section 4.01 Construction of Project; Insurance
	 	 	9	 
	Section 4.02 Cost Certification
	 	 	10	 
	Section 4.03 Redeveloper to Operate Project
	 	 	11	 
	Section 4.04 Authority Costs
	 	 	11	 
	Section 4.05 No Discrimination
	 	 	11	 
	Section 4.06 Pay Real Estate Taxes
	 	 	12	 
	Section 4.07 Payment in Lieu of Taxes
	 	 	12	 
	Section 4.08 No Assignment or Conveyance
	 	 	12	 

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	 	 	Page
	ARTICLE V
	 	 	 	 
	FINANCING REDEVELOPMENT PROJECT; ENCUMBRANCES
	 	 	 	 
	 
	 	 	 	 
	Section 5.01 Financing
	 	 	14	 
	Section 5.02 Encumbrances
	 	 	14	 
	 
	 	 	 	 
	ARTICLE VI
	 	 	 	 
	DEFAULT, REMEDIES; INDEMNIFICATION
	 	 	 	 
	 
	 	 	 	 
	Section 6.01 General Remedies of Authority and Redeveloper
	 	 	15	 
	Section 6.02 Additional Remedies of Authority
	 	 	15	 
	Section 6.03 Remedies in the Event of Other Redeveloper Defaults
	 	 	17	 
	Section 6.04 Enforced Delay Beyond Party’s Control
	 	 	17	 
	Section 6.05 Limitation of Liability; Indemnification
	 	 	18	 
	 
	 	 	 	 
	ARTICLE VII
	 	 	 	 
	MISCELLANEOUS
	 	 	 	 
	 
	 	 	 	 
	Section 7.01 Notice Recording
	 	 	19	 
	Section 7.02 Governing Law
	 	 	19	 
	Section 7.03 Binding Effect; Amendment
	 	 	19	 
	 
	 	 	 	 
	Execution by the Authority
	 	 	20	 
	Execution by the Redeveloper
	 	 	21	 
	 
	 	 	 	 
	Exhibit A — Description of Redevelopment Area
	 	 	 	 
	Exhibit B — Description of Project
	 	 	 	 
	Exhibit C — TIF Indebtedness
	 	 	 	 
	Exhibit D — Project Costs
	 	 	 	 
	Exhibit E — Redevelopment Plan
	 	 	 	 

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REDEVELOPMENT CONTRACT

          This Redevelopment Contract is made and entered into as of the 20th day of July, 2006, by and
between the Community Redevelopment Authority of the Village of Jackson, Nebraska (“Authority”),
and Siouxland Ethanol, LLC, a Nebraska limited liability company (“Redeveloper”).

WITNESSETH:

          WHEREAS, Authority is a duly organized and existing community development agency, a body
politic and corporate under the laws of the State of Nebraska, with lawful power and authority to
enter into this Redevelopment Contract, acting by and through its Chair or Vice Chair and Members;

          WHEREAS, the Village of Jackson, Nebraska (the “Village”), in furtherance of the purposes and
pursuant to the provisions of Section 2 of Article VIII of the Nebraska Constitution and Sections
18-2101 to 18-2154, Reissue Revised Statutes of Nebraska, 1997, as amended (collectively the
“Act”), and pursuant to Resolution No. 05-03 of the Village dated August 1, 2005, has designated
an area in the Village as blighted and substandard; and

          WHEREAS, pursuant to Section 18-2119 of the Act, Authority has solicited proposals for
redevelopment of the blighted and substandard area and Redeveloper submitted a redevelopment
contract proposal;

          WHEREAS, Authority and Redeveloper desire to enter into this Redevelopment Contract for
acquisition and redevelopment of a parcel in the blighted and substandard area;

          NOW, THEREFORE, in consideration of the Redevelopment Area and the mutual

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covenants and agreements herein set forth, Authority and Redeveloper do hereby covenant,
agree and bind themselves as follows:

ARTICLE I

DEFINITIONS AND INTERPRETATION

Section 1.01
Terms Defined in
this Redevelopment Contract.

          Unless the context otherwise requires, the following terms shall have the following meanings
for all purposes of this Redevelopment Contract, such definitions to be equally applicable to both
the singular and plural forms and masculine, feminine and neuter gender of any of the terms
defined:

          “Act” means Section 2 of Article VIII of the Nebraska Constitution, Sections 18-2101 through
18-2154, Reissue Revised Statutes of Nebraska, 1997, as amended, and acts amendatory thereof and
supplemental thereto.

          “Authority”
means the Community Redevelopment Authority of the Village of Jackson, Nebrask.

          “Certificate of Completion” means a certificate, executed by a Manager or other duly
authorized officer of Redeveloper, representing and warranting that the Project is substantially
complete.

          “Governing Body” means the Mayor and Village Board of the Village.

          “Holder” means the holders of TIF Indebtedness issued by the Authority from time to time
outstanding.

          “Liquidated Damages Amount” means the amounts to be repaid to Authority by Redeveloper
pursuant to Section 6.02 of this Redevelopment Contract.

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          “Project” means the improvements to the Redevelopment Area, as further described in Exhibit B
attached hereto and incorporated herein by reference and, as used herein, shall include the
Redevelopment Area real estate.

          “Project Cost Certification” means a statement prepared and signed by an independent
certified public accountant verifying the payment of Project Costs identified on Exhibit D.

          “Project Costs” means only costs or expenses incurred by Redeveloper to acquire, construct
and equip the Project pursuant to the Act as identified on Exhibit D.

          “Redeveloper” means Siouxland Ethanol, LLC, a Nebraska limited liability
company.

          “Redevelopment Area” means that certain real property situated in the Village of
Jackson, Dakota County, Nebraska, which has been declared blighted and substandard by the Village
pursuant to the Act, and which is more particularly described on Exhibit A attached hereto and
incorporated herein by this reference.

          “Redevelopment Contract” means this redevelopment contract between Authority and Redeveloper
dated July 20, 2006, with respect to the Project.

          “Redevelopment Plan” means the Redevelopment Plan for the Redevelopment Area, prepared by the
Authority and approved by the Village pursuant to the Act, as amended from time to time, a true
and correct copy of which is attached hereto as Exhibit E.

          “Resolution” means the Resolution of the Authority dated November 7, 2005, as supplemented
from time to time, approving this Redevelopment Contract.

          “TIF Indebtedness” means any bonds, notes, loans, and advances of money or other
indebtedness, including interest and premiums, if any, thereon, incurred by the Authority pursuant
to Article III hereof and secured in whole or in part by TIF Revenues.

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          “TIF Revenues” means incremental ad valorem taxes generated by the Project which are allocated
to and paid to the Authority pursuant to the Act.

          “Village” means the Village of Jackson, Nebraska.

Section
1.02  Construction and Interpretation.

          The provisions of this Redevelopment Contract shall be construed and interpreted in accordance
with the following provisions:

     (a) Wherever in this Redevelopment Contract it is provided that any person may do or perform
any act or thing the word “may” shall be deemed permissive and not mandatory and it shall be
construed that such person shall have the right, but shall not be obligated, to do and perform any
such act or thing.

     (b) The phrase “at any time” shall be construed as meaning “at any time or from time to time.”

     (c) The word “including” shall be construed as meaning “Including, but not limited to.”

     (d) The words “will” and “shall” shall each be construed as mandatory.

     (e) The words “herein,” “hereof,” “hereunder,” “hereinafter” and words of similar import shall
refer to the Redevelopment Contract as a whole rather than to any particular paragraph, section or
subsection, unless the context specifically refers thereto.

     (f) Forms of words in the singular, plural, masculine, feminine or neuter shall be construed
to include the other forms as the context may require.

     (g) The captions to the sections of this Redevelopment Contract are for convenience only and
shall not be deemed part of the text of the respective sections and shall not vary by implication
or otherwise any of the provisions hereof.

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ARTICLE II

REPRESENTATIONS

Section 2.01
 Representations of Authority.

          Authority makes the following representations and
findings:

     (a) Authority is a duly organized and validly existing community development agency under the
Act.

     (b) The Redevelopment Plan has been duly approved and adopted by the Village pursuant to
Section 18-2109 through 18-2117 of the Act, and is hereby approved by the Authority.

     (c) The Authority has requested proposals for redevelopment of the Redevelopment Area pursuant
to section 18-2119 of the Act, and deems it to be in the public interest and in furtherance of the
purposes of the Act to accept the proposal submitted by Redeveloper as specified herein.

     (d) The Redevelopment Project will achieve the public purposes of the Act by, among other
things, increasing employment, improving public infrastructure, increasing the tax base, and
lessening conditions of blight and substandard in the Redevelopment Area.

     (e) (1) The Redevelopment Plan is feasible and in conformity with the general plan for the
development of the Village as a whole and the plan is in conformity with the legislative
declarations and determinations set forth in the Act, and

     (2) (i) the Project would not be economically feasible without the use of
tax-increment financing,

          (ii) the Project would not occur in the Redevelopment Area without the use of
tax-increment financing, and

          (iii) the costs and benefits of the Project, including costs and benefits to other
affected political subdivisions, the economy of the community, and the demand for public

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and private services have been analyzed by the Village and have been found to be in the
long-term best interest of the community impacted by the Project.

     (f) The Authority and the Village have determined that the proposed land uses and building
requirements in the Redevelopment Area are designed with the general purpose of accomplishing, in
conformance with the general plan, a coordinated, adjusted, and harmonious development of the
Village and its environs which will, in accordance with present and future needs, promote health,
safety, morals, order, convenience, prosperity, and the general welfare, as well as efficiency and
economy in the process of development; including, among other things, adequate provision for
traffic, vehicular parking, the promotion of safety from fire, panic, and other dangers, adequate
provision for light and air, the promotion of the healthful and convenient distribution of
population, the provision of adequate transportation, water, sewerage, and other public utilities,
schools, parks, recreational and community facilities, and other public requirements, the promotion
of sound design and arrangement, the wise and efficient expenditure of public funds, and the
prevention of the recurrence of insanitary or unsafe dwelling accommodations, or conditions of
blight.

Section 2.02 Representations of Redeveloper.

          The Redeveloper makes the following representations:

     (a) The Redeveloper is a Nebraska limited liability company, having the power to enter into
this Redevelopment Contract and perform all obligations contained herein and by proper action has
been duly authorized to execute and deliver this Redevelopment Contract.

     (b) The execution and delivery of the Redevelopment Contract and the consummation of the
transactions therein contemplated will not conflict with or constitute a breach of or default under
any bond, debenture, note or other evidence of indebtedness or any contract, loan agreement

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or lease to which Redeveloper is a party or by which it is bound, or result in the creation or
imposition of any lien, charge or encumbrance of any nature upon any of the property or assets of
the Redeveloper contrary to the terms of any instrument or agreement.

     (c) There is no litigation pending or to the best of its knowledge threatened against
Redeveloper affecting its ability to carry out the acquisition, construction, equipping and
furnishing of the Project or the carrying into effect of this Redevelopment Contract or, except as
disclosed in writing to the Authority, as to any other matter materially affecting the ability of
Redeveloper to perform its obligations hereunder.

     (d) Any financial statements of the Redeveloper or its Members delivered to the Authority
prior to the date hereof are true and correct in all respects and fairly present the financial
condition of the Redeveloper and the Project as of the dates thereof; no materially adverse change
has occurred in the financial condition reflected therein since the respective dates thereof; and
no additional borrowings have been made by the Redeveloper since the date thereof except in the
ordinary course of business, other than the borrowing contemplated hereby or borrowings disclosed
to or approved by the Authority.

ARTICLE III

OBLIGATIONS OF THE AUTHORITY

Section 3.01 Division of Taxes.

          In accordance with Section 18-2147 of the Act, the Authority hereby provides that any ad
valorem tax on real property in the Project for the benefit of any public body be divided for a
period of fifteen years after the effective date of this provision as set forth in this section.
The effective date of this provision shall be January 1, 2007.

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          (a) That proportion of the ad valorem tax which is produced by levy at the rate fixed each
year by or for each public body upon the Redevelopment Project Valuation (as defined in the Act)
shall be paid into the funds of each such public body in the same proportion as all other taxes
collected by or for the bodies; and

          (b) That proportion of the ad valorem tax on real property in the Redevelopment Area in excess
of such amount, if any, shall be allocated to, is pledged to, and, when collected, paid into a
special fund of the Authority to pay the principal of, the interest on, and any premiums due in
connection with the bonds, loans, notes or advances of money to, or indebtedness incurred by,
whether funded, refunded, assumed, or otherwise, such Authority for financing or refinancing, in
whole or in part, such Project. When such bonds, loans, notes, advances of money, or indebtedness,
including interest and premium due have been paid, the Authority shall so notify the County
Assessor and County Treasurer and all ad valorem taxes upon real property in such Project shall be
paid into the funds of the respective public bodies.

Section 3.02 Issuance of TIF Indebtedness.

          Authority shall incur TIF Indebtedness in the form and principal amount and bearing interest
and being subject to such terms and conditions as are specified on the attached Exhibit C. The TIF
Indebtedness shall be issued as described in the resolution authorizing the issuance thereof and
as described on the attached Exhibit C. Bonds or Notes representing the TIF Indebtedness, or a
portion thereof, shall be delivered to the purchaser thereof upon receipt of payment therefore and
a purchase agreement in form satisfactory to the Authority. The Authority shall have no obligation
to purchase any TIF Indebtedness or to identify a purchaser for any TIF Indebtedness. Proceeds of
the TIF Indebtedness shall be deposited in a special account of the Authority created for such
purpose.

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Section 3.03 Pledge of TIF Revenues.

          The
Authority hereby pledges the TIF Revenues as security for the TIF Indebtedness. All TIF
Indebtedness issued pursuant to this Redevelopment Contact shall be secured on a parity basis.

Section 3.04 Grant of Proceeds of Bonds.

          Authority will grant to Redeveloper the proceeds of the TIF Indebtedness incurred as
described on Exhibit C. An amount equal to interest payable on such TIF Indebtedness in 2006 and
2007 shall be retained by the Authority and applied for such purpose or, at the option of the
Authority, deposited in a reserve fund of Redeveloper to be applied for such purpose.

          Notwithstanding the foregoing, the amount of the grant shall not exceed the amount of
Project Costs certified pursuant to Section 4.02. The grant shall be paid to the Redeveloper upon
receipt of requisitions for Project Costs which include supporting documentation requested by
Authority and shall, if requested by Redeveloper, be made in one or more advances. Project Costs
shall be reimbursed in the order of priority specified on the attached Exhibit D.

Section
3.05 Creation of Fund.

          Authority will create a special fund to collect and hold the TIF Revenues. Such special fund
shall be used for no purpose other than to pay TIF Indebtedness issued pursuant to Sections 3.02
and 3.03 above.

Section 3.06

          Authority will provide for hard surfaced road access to the property line of the
Redevelopment Area.

ARTICLE IV

OBLIGATIONS OF REDEVELOPER

Section 4.01 Construction of
Project; Insurance.

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     (a) Redeveloper will complete the Project and install all improvements, buildings,
fixtures, equipment and furnishings necessary to operate the Project. Redeveloper shall be solely
responsible for obtaining all permits and approvals necessary to acquire, construct and equip the
Project. Until construction of the Project has been completed, Redeveloper shall make reports in
such detail and at such times as may be reasonably requested by the Authority as to the actual
progress of Redeveloper with respect to construction of the Project. Promptly after completion by
the Redeveloper of the Project, the Redeveloper shall furnish to the Authority a Certificate of
Completion. The certification by the Redeveloper shall be a conclusive determination of
satisfaction of the agreements and covenants in this Redevelopment Contract with respect to the
obligations of Redeveloper and its successors and assigns to construct the Project. As used
herein, the term “completion” shall mean substantial completion of the Project.

     (b) Any contractor chosen by the Redeveloper or the Redeveloper itself shall be required to
obtain and keep in force at all times until completion of construction, policies of insurance
including coverage for contractors’ general liability and completed operations and a penal bond as
required by the Act. The Authority and the Redeveloper shall be named as additional insureds. Any
contractor chosen by the Redeveloper or the Redeveloper itself, as an owner, shall be required to
purchase and maintain property insurance upon the Project to the full insurable value thereof. This
insurance shall insure against the perils of fire and extended coverage and shall include “All
Risk” insurance for physical loss or damage. The contractor or the Redeveloper, as the case may
be, shall furnish the Authority with a Certificate of Insurance evidencing policies as required
above. Such certificates shall state that the insurance companies shall give the Authority prior
written notice in the event of cancellation of or material change in any of the policies.

Section 4.02 Cost Certification.

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          Redeveloper shall submit to Authority a certification of Project Costs, on or before the date
of submission of the Certificate of Completion, prepared by a certified public accountant
acceptable to Authority, which shall contain detail and documentation showing the payment of
Project Costs specified on the attached Exhibit D in an amount at least equal to the grant to
Redeveloper pursuant to Section 3.04.

Section 4.03 Redeveloper to Operate Project.

          Redeveloper will operate the Project for not less than 15 years from the effective date of the
provision specified in Section 3.01 of this Redevelopment Contract. The Project shall be operated
in accordance with the provisions of this Redevelopment Contract.

Section 4.04 Authority
Costs.

          Redeveloper shall reimburse the Village, on the date of execution of this Redevelopment
Contract for legal fees and costs then due, and again upon the issuance of TIF Indebtedness, for
legal fees and costs incurred by the Village in connection with this Redevelopment Contract.
Redeveloper shall also timely pay all fees and costs of the Authority in connection with the
issuance of the Bonds and all fees and costs of any trustee, paying agent or registrar with
respect thereto.

Section 4.05 No Discrimination.

          Redeveloper agrees and covenants for itself, its successors and assigns that as long as any
TIF Indebtedness is outstanding, it will not discriminate against any person or group of persons
on account of race, sex, color, religion, national origin, ancestry, disability, marital status or
receipt of public assistance in connection with the Project. Redeveloper, for itself and its
successors and assigns, agrees that during the construction of the Project, Redeveloper will not
discriminate against any employee or applicant for employment because of race, religion, sex,
color,

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national origin, ancestry, disability, marital status or receipt of public assistance. Redeveloper
will comply with all applicable federal, state and local laws related to the Project.

Section
4.06 Pay Real Estate Taxes.

          Redeveloper intends to create a taxable real property valuation of the Redevelopment Area and
Project of Twenty Five Million Dollars ($25,000,000.00) no later than January 1, 2007. During the
period that any TIF Indebtedness is outstanding, Redeveloper will (1) not protest a real estate
property valuation on the Redevelopment Area of Twenty Five Million Dollars ($25,000,000.00) or
less after substantial completion or occupancy; (2) not convey the Redevelopment Area or structures
thereon to any entity which would be exempt from the payment of real estate taxes or cause the
nonpayment of such real estate taxes; and (3) cause all real estate taxes and assessments levied on
the Redevelopment Area and Project to be paid prior to the time such become delinquent during the
term that any Bonds are outstanding. All real estate taxes levied in the year 2021 shall be paid by
Redeveloper on or before December 31, 2021.

Section 4.07 Payment in Lieu of Taxes.

          Redeveloper agrees to make payments in lieu of taxes, immediately upon receipt of notice from
Authority, if for any reason at any time TIF Revenues received by the Authority are not sufficient
to pay principal and interest on the TIF Indebtedness when due. This payment in lieu of tax
obligation shall be represented by a guaranty, note or other evidence of indebtedness and shall be
secured by a deed of trust and security agreement on the Redevelopment Area and Project in favor
of the Authority, which such mortgage or deed of trust shall be subordinate to the mortgages or
deeds of trust described in Section 5.02.

Section 4.08 No Assignment or Conveyance.

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          Redeveloper shall not convey, assign or transfer the Redevelopment Area, the Project or any
interest therein prior to the termination of the 15 year period commencing on the effective date
specified in Section 3.01 hereof, without the prior written consent of the Authority, which the
Authority shall grant or deny within fifteen (15) days of receipt of written request from
Redeveloper, which consent shall not be unreasonably withheld, and which the Authority may make
subject to any terms or conditions it deems appropriate, except for the following conveyances,
which shall be permitted without consent of Authority:

     (a) any conveyance as security for indebtedness incurred by Redeveloper for Project Costs or
any subsequent physical improvements to the Redevelopment Area, provided that any such conveyance
shall be subject to the obligations of the Redeveloper pursuant to this Redevelopment Contract;

     (b) any conveyance to any person or entity which owns more than 50% of the voting equity
interests of Redeveloper (if Redeveloper is a corporation, partnership, limited liability company
or other entity) or with respect to which Redeveloper owns more than 50% of the voting equity
interests, provided that any such successor owner of the Project agrees to assume all obligations
of the Redeveloper and be bound by all terms and conditions of this Redevelopment Contract;

     (c) if Redeveloper is a corporation, partnership or limited liability company, any merger,
consolidation, split off, split-up, spin off or other reorganization of Redeveloper which does not
result in a substantial change of control or management of the Redeveloper, provided that any such
successor owner of the Project agrees to assume all obligations of the Redeveloper and be bound by
all terms and conditions of this Redevelopment Contract.

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ARTICLE V

FINANCING REDEVELOPMENT PROJECT; ENCUMBRANCES

Section 5.01 Financing.

          Redeveloper shall pay all Project Costs and any and all other costs related to the
Redevelopment Area and the Project which are in excess of the amounts paid from the proceeds of the
TIF Indebtedness granted to Redeveloper. Prior to issuance of the TIF Indebtedness, Redeveloper
shall provide Authority with evidence satisfactory to the Authority that private funds have been
committed to the Redevelopment Project in amounts sufficient to complete the Redevelopment Project.
Redeveloper shall timely pay all costs, expenses, fees, charges and other amounts associated with
the Project.

          Without limiting the generality of the foregoing, and except as provided in Section 3.06 of
this Agreement, Redeveloper shall pay all purchase price and other acquisition costs of the
Redevelopment Area and shall pay all off-site public infrastructure costs associated with the
Project, including utility extensions and services and improvements.

Section 5.02 Encumbrances.

          Redeveloper shall not create any lien, encumbrance or mortgage on the Project or the
Redevelopment Area without the prior written consent of the Authority except encumbrances which
secure indebtedness incurred to acquire, construct, equip and operate the Project or for any other
physical improvements to the Redevelopment Area. Without limiting the generality of the foregoing,
the Redeveloper may secure indebtedness incurred for such purposes in the amount of not to exceed
$50,000,000.00 in the aggregate in connection with the initial acquisition, construction,
equipping and operation of the Project with mortgages, deeds of trust and security agreements (and

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refinancings, substitutions and replacements thereof) which have priority over the security
for the Project granted pursuant to Section 4.07 of this Agreement.

ARTICLE VI

DEFAULT, REMEDIES; INDEMNIFICATION

Section 6.01
General Remedies of Authority and Redeveloper.

          Subject to the further provisions of this Article VI, in the event of any failure to perform
or breach of this Redevelopment Contract or any of its terms or conditions, by any party hereto or
any successor to such party, such party, or successor, shall, upon written notice from the other,
proceed immediately to commence such actions as may be reasonably designed to cure or remedy such
failure to perform or breach which cure or remedy shall be accomplished within a reasonable time
by the diligent pursuit of corrective action. In case such action is not taken, or diligently
pursued, or the failure to perform or breach shall, not be cured or remedied within a reasonable
time, this Redevelopment Contract shall be in default and the aggrieved party may institute such
proceedings as may be necessary or desirable to enforce its rights under this Redevelopment
Contract, including, but not limited to, proceedings to compel specific performance by the party
failing to perform or in breach of its obligations.

Section 6.02
Additional Remedies of Authority.

          In the event that:

     (a) The Redeveloper, or successor in interest, fails to commence construction of the
Project (which, for purposes of this paragraph shall mean expenditure of an amount equal to at
least
ten percent (10%) of the total projected cost of the Project) by July 1, 2006;

     (b) The Redeveloper, or successor in interest, shall fail to complete the construction of
the Project on or before July 1,2007, or shall abandon construction work for any period of 90
days;

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     (c) The Redeveloper, or successor in interest, shall fail to pay real estate taxes or
assessments on the Redevelopment Area or any part thereof or payments in lieu of taxes
pursuant
to Section 4.07 when due, and such taxes or assessments or payments in lieu of taxes shall not
have
been paid, or provisions satisfactory to the Authority made for such
payment within 30 days following written notice from Authority; or

     (d) There is, in violation of Section 4.08 of this Redevelopment Contract, transfer of the
Redevelopment Area or any part thereof, and such failure or action by the Redeveloper has not
been
cured within 30 days following written notice from Authority, then the Redeveloper shall be in
default of this Redevelopment Contract.

          In the event of such failure to perform, breach or default occurs and is not cured in the
period herein provided, the parties agree that the damages caused to the Authority would be
difficult to determine with certainty and that a reasonable estimation of the amount of damages
that could be incurred is the amount of the grant to Redeveloper pursuant to Section 3.05 of this
Redevelopment Contract, less any reductions in the principal amount of the TIF Indebtedness, plus
interest on such amounts as provided herein (the “Liquidated Damages Amount”). The Liquidated
Damages Amount shall be paid by Redeveloper to Authority within 30 days of demand from Authority.

          Interest shall accrue on the Liquidated Damages Amount at the rate of one percent (1%) over
the prime rate as published and modified in the Wall Street Journal from time to time and interest
shall commence from the date that the Authority gives notice to the Redeveloper demanding payment.

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          Payment of the Liquidated Damages Amount shall not relieve Redeveloper of its obligation to
pay real estate taxes or assessments or payments in lieu of taxes with respect to the Project.

Section 6.03
 Remedies in the Event of Other Redeveloper Defaults.

          In the event the Redeveloper fails to perform any other provisions of this Redevelopment
Contract (other than those specific provisions contained in Section 6.02), the Redeveloper shall
be in default. In such an instance, the Authority may seek to enforce the terms of this
Redevelopment Contract or exercise any other remedies that may be provided in this Redevelopment
Contract or by applicable law; provided, however, that the default covered by this Section shall
not give rise to a right or rescission or termination of this Redevelopment Contract, and shall
not be covered by the Liquidated Damages Amount.

Section 6.04
Enforced Delay Beyond Party’s
Control.

          For the purposes of any of the provisions of this Redevelopment Contract, neither the
Authority nor the Redeveloper, as the case may be, nor any successor in interest, shall be
considered in breach of or default in its obligations with respect to the conveyance or
preparation of the Redevelopment Area for redevelopment, or the beginning and completion of
construction of the Project, or progress in respect thereto, in the event of enforced delay in the
performance of such obligations due to unforeseeable causes beyond its control and without its
fault or negligence, including, but not restricted to, acts of God, or of the public enemy, acts
of the Government, acts of the other party, fires, floods, epidemics, quarantine restrictions,
strikes, freight embargoes, and unusually severe weather or delays in subcontractors due to such
causes; it being the purpose and intent of this provision that in the event of the occurrence of
any such enforced delay, the time or times for performance of the obligations of the Authority or
of the Redeveloper with respect to construction of the Project, as the case may be, shall be
extended for the period of the enforced delay;

17

 

Provided, that the party seeking the benefit of the provisions of this section shall,
within thirty (30)
days after the beginning of any such enforced delay, have first notified the other party thereof in
writing, and of the cause or causes thereof and requested an extension for the period of the
enforced
delay.

Section 6.05
Limitation of Liability; Indemnification.

          Notwithstanding anything in this Article VI or this Redevelopment Contract to the
contrary, neither Authority, Village, nor their officers, directors, employees, agents or
their governing
bodies shall have any pecuniary obligation or monetary liability under this Redevelopment
Contract.
The sole obligation of the Village and the Authority under this Redevelopment Contract shall
be the
issuance of the TIF Indebtedness and granting the proceeds thereof to Redeveloper as set
forth in
Article III. The obligation of the Authority on any TIF Indebtedness shall be limited solely
to the
TIF Revenues pledged as security for such TIF Indebtedness. Specifically, but without
limitation,
neither Village nor Authority shall be liable for any costs, liabilities, actions, demands,
or damages
for failure of any representations, warranties or obligations hereunder. The Redeveloper
releases the
Authority and the Village from, agrees that the Authority and the Village shall not be liable
for, and
agrees to indemnify and hold the Authority and the Village harmless from any liability for
any loss
or damage to property or any injury to or death of any person that may be occasioned by any
cause
whatsoever pertaining to the Project.

          The Redeveloper will indemnify and hold each of the Authority and the Village and their
directors, officers, agents, employees and member of their governing bodies free and harmless from
any loss, claim, damage, demand, tax, penalty, liability, disbursement, expense, including
litigation expenses, attorneys’ fees and expenses, or court costs arising out of any damage or
injury, actual or claimed, of whatsoever kind or character, to property (including loss of use
thereof) or

18

 

persons, occurring or allegedly occurring in, on or about the Project during the term of this
Redevelopment Contract or arising out of any action or inaction of Redeveloper, whether or not
related to the Project, or resulting from or in any way connected with specified events, including
the management of the Project, or in any way related to the enforcement of this Redevelopment
Contract or any other cause pertaining to the Project.

ARTICLE VII

MISCELLANEOUS

Section 7.01
Notice
Recording.

          This Redevelopment Contract or a notice memorandum of this Redevelopment Contract shall be
recorded with the County Register of Deeds in which the Redevelopment Area is located.

Section
7.02 Governing Law.

          This Redevelopment Contract shall be governed by the laws of the State of Nebraska, including
but not limited to the Act.

Section 7.03
Binding Effect; Amendment.

          This Redevelopment Contract shall be binding on the parties hereto and their respective
successors and assigns. This Redevelopment Contract shall run with the Redevelopment Area. The
Redevelopment Contract shall not be amended except by a writing signed by the party to be bound.

19

 

          IN WITNESS WHEREOF, Authority and Redeveloper have signed this Redevelopment Contract
as of the date and year first above written.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	ATTEST:	 	 	 	COMMUNITY REDEVELOPMENT
 AUTHORITY OF THE VILLAGE OF
 JACKSON, NEBRASKA
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	/s/ Donna Hirsch
	 	 	 	By:
	 	/s/ Margaret Rahn	 	 	 	 	 	 	 	 	 	 
	Its:

	 	 
Village Crew
	 	 	 	Its:
	 	 

Chairperson Proteum
	 	 	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 

	 	 	 
	STATE OF NEBRASKA

	 	)
	 

	 	) ss.
	COUNTY OF DAKOTA

	 	)

          The foregoing instrument was acknowledged before me this 20th day
of July, 2006, by Margaret Rahn and                                        
              ,                   and                  , respectively, of the Community Redevelopment Authority of the Village of Jackson,
Nebraska, on behalf of the Authority.

	 	 	 	 	 
	(S E A L)
	 	 	 	 
	GENERAL NOTARY, State of Nebraska

	 	/s/ Joan C. Spencer
	 	 
	JOAN
C. SPENCER 

My Comm. Exp. 6-30-08

	 	 

Notary Public
	 	 

20

 

	 	 	 	 	 
	 	SIOUXLAND ETHANOL, LLC, 

Redeveloper

 	 
	 	By:  	/s/ Tom Lynch
 	 
	 	Its:	Manager 	 
	 	 	 	 
	 

	 	 	 
	STATE OF NEBRASKA

	 	)
	 

	 	) ss.
	COUNTY OF DAKOTA

	 	)

          The foregoing instrument was acknowledged before me this 24 day of July, 2006, by Tom Lynch,
Manager of Siouxland Ethanol, LLC, on behalf of the limited liability
company.

	 	 	 	 	 
	(S E A L)
	 	 	 	 
	GENERAL NOTARY, State of Nebraska

	 	/s/ Ryan Jones
	 	 
	RYAN JONES

My Comm. Exp. June 30, 2008

	 	 

Notary Public
	 	 

21

 

EXHIBIT A

DESCRIPTION OF REDEVELOPMENT AREA

Tracts of land located over and across Sections 35, 34 and 27, Township 29 North, Range 7 East of
the 6th P.M., Dakota County, more particularly described as follows: Beginning at the
intersection of the center line of Highway #20 and the West line of the Village of Jackson,
Nebraska, thence Northwesterly along the centerline of said Highway #20 to the point of
intersection with the North line of the Southwest 1/4 of Section 27, Township 29 North, Range 7
East of the 6th P.M., Dakota County, Nebraska; thence Westerly on said North line to the
intersection to the West property line of Tract “B”, thence Southeasterly along said West property
line of Tract “B” to a point of the intersection with the South line of Section 27, Township 29
North, Range 7 East of the 6th P.M., Dakota County, Nebraska; thence Easterly along said
South line to the intersection with the East Right-Of-Way line of the Chicago, St. Paul,
Minneapolis and Omaha Railroad Company (n/k/a Nebraska Northeastern Railway Company); thence
Southeasterly along the said Eastern Railroad Right-Of-Way line to the point of intersection with
the West line of the SE 1/4 of the NE 1/4 of Section 35, Township 29 North, Range 7 East of the
6th P.M.; thence North along said quarter-quarter line to the West line of the Village
of Jackson; thence continue on the West line of the Village of Jackson to the intersection with the
center line of Highway #20 which is the point of beginning.

Said described parcel is contiguous and adjacent to the Village of Jackson, Nebraska.

A-1

 

EXHIBIT B

DESCRIPTION OF PROJECT

An ethanol production facility, including all necessary receiving, storage, processing, pollution
control, waste handling, and shipping buildings, equipment and furnishings and ancillary facilities
sufficient to produce approximately 50 million gallons of anhydrous ethanol annually.

B-1

 

EXHIBIT C

TIF INDEBTEDNESS

	 	 	 	 	 
	1.

	 	Principal Amount:
	 	Not to exceed amount which can be fully paid, with interest,
based on current overall tax levy and projected assessed value of
Project real estate upon completion.
	 
	 	 	 	 
	2.

	 	Payments:
	 	Interest only in 2006 and 2007. Thereafter, principal and
interest semi-annually, in amounts sufficient to fully pay the
TIF Indebtedness in full on or before December 31, 2021, as set
by Resolution of the Authority.
	 
	 	 	 	 
	3.

	 	Interest Rate:
	 	Not to exceed ten percent (10%) per annum, as set by
Resolution of the Authority.
	 
	 	 	 	 
	4.

	 	Maturity Date:
	 	On or before December 31, 2021.
	 
	 	 	 	 
	5.

	 	Security:
	 	First pledge of TIF Revenues and subordinate pledge of
certain assets of Redeveloper.

C-1

 

EXHIBIT D

PROJECT COSTS

All Project Costs payable from the proceeds of TIF Indebtedness pursuant to the Act including, in
the following order of priority:

	1.	 	All acquisition costs of the Redevelopment Area
	 
	2.	 	Site work and site preparation
	 
	3.	 	Utility extensions, installation of gas, water, sewer and electrical lines and equipment
	 
	4.	 	Construction of roadways and rail service lines
	 
	5.	 	Pollution control equipment

D-1

 

EXHIBIT E

REDEVELOPMENT PLAN

E-1exv10w23

 

Exhibit 10.23

 

SIOUXLAND ETHANOL, LLC

TO

 

COMMUNITY REDEVELOPMENT AUTHORITY

VILLAGE OF JACKSON, NEBRASKA

TAX INCREMENT REVENUE BONDS

(SIOUXLAND ETHANOL, LLC PROJECT)

 

GUARANTY AGREEMENT

Dated September 28, 2006

 

 

 

          This Guaranty Agreement is dated September 28, 2006 (the “Guaranty”), from Siouxland Ethanol,
LLC (“Guarantor”), to Wells Fargo Bank, National Association, as trustee (“Trustee”) for holders
(“Holders”) of Community Redevelopment Authority of the Village of Jackson, Nebraska’s
(“Authority”) Tax Increment Revenue Bonds, Taxable Series 2006A (Siouxland Ethanol, LLC Project)
(the “Bonds”).

W I T N E S S E T H

          WHEREAS, prior to, or contemporaneously with, the execution and delivery of this Guaranty,
the Authority has entered into a Redevelopment Contract, dated July 20, 2006 (the “Agreement”)
with Guarantor under which Authority issued the Bonds and has granted funds to Guarantor to
construct a project located in Jackson, Nebraska (“the Project”); and

          WHEREAS, for the purpose of providing security for the payment of the Bonds and certain
obligations created pursuant to the Agreement, Guarantor hereby agrees to guarantee the prompt and
punctual payment of the Bonds and other sums, as more fully set forth herein; and

          NOW, THEREFORE, in consideration of the foregoing, the Guarantor hereby covenants and agrees
as follows:

ARTICLE I

REPRESENTATIONS AND WARRANTIES OF GUARANTOR

Guarantor hereby represents and warrants as follows:

     (a) Guarantor is duly organized, validly existing and in good standing under the laws
of the State of Nebraska, is authorized to do business in the State of Nebraska, has the
powers and legal authority to own the property and assets, to carry on its business as now
being conducted by it and to execute, deliver and perform this Guaranty.

     (b) Any officers or other persons or agents Guarantor executing this Guaranty have
been duly authorized to execute and deliver this Guaranty and the execution, delivery and
performance of this Guaranty and the consummation of the transactions herein contemplated
have been duly authorized by all requisite action on the part of the Guarantor and will not
violate any provision of law, any order of any court or other agency of government or the
documents governing the Guarantor, or any indenture, agreement or other instrument to which
the Guarantor is a party or by which it or any of its property is bound, or be in conflict
with or result in a breach of or constitute (with due notice and/or lapse of time) a default
under any such indenture, agreement or other instrument.

2

 

     (c) All necessary authorizations, approvals, consents and other orders of any governmental
authority or agency for the execution and delivery by Guarantor of this Guaranty have been
obtained and are in full force and effect and all such authorizations, approvals, consents,
permits and licenses required as of the date hereof for the performance by Guarantor of their
obligations hereunder have been obtained and are in full force and effect.

ARTICLE II

COVENANTS AND AGREEMENTS

     Section 2.1. The Guaranty.

     (a) Guarantor hereby guarantees to the Holders full and prompt payment of
principal, premium, if any and interest, if any, on the Bonds when due, whether at maturity,
upon acceleration, or otherwise.

     (b) Guarantor further agrees that its undertakings in subsection (a) of this Article of
this Guaranty constitute an absolute, unconditional, present and continuing guaranty of
payment and not of collection, and waives any right to require that any resort be had by the
Holder against the Authority or to any security held by the Authority.

     (c) If default shall be made in payment of principal, premium, if any, or interest, if
any, on any Bond when and as the same shall become due, whether at the stated maturity
thereof, by acceleration or otherwise, Guarantor, upon demand by the Holder, without notice
other than such demand and without the necessity of further action, as the case may be, will
promptly and fully make such payments no later than 12 noon central time on the third
Business Day next following the date such demand is given. Such payment shall be made to
the Trustee as trustee for the Holders. Guarantor will pay all reasonable costs and expenses,
including attorneys’ fees, paid or incurred by Holder in connection with the enforcement of
the obligations of Guarantor under this Guaranty. All payments by Guarantor shall be made in
any coin or currency of the United States of America which on the respective dates of payment
thereof is legal tender for the payment of public and private debts. Each default in payment
shall give rise to a separate cause of action hereunder, and separate demands and suits may
be brought hereunder as each cause of action arises.

     Section 2.2. Absolute and Unconditional Guaranty.

          The obligations of Guarantor under this Guaranty shall be absolute and unconditional and shall
remain in full force and effect until the entire amount payable on the Bonds shall have been paid
in full or provided for, and to the extent permitted by law, such obligations shall not be
affected, modified, released, or impaired by any state of facts or the happening from time to time
of any event including, without limitation, any of the following, whether or not with notice to, or
the consent of Guarantor:

3

 

     (a) any present or future law or order of any government (de jure or de facto)
or of any agency thereof purporting to reduce, amend or otherwise affect the foregoing or any
other obligation of Guarantor or to vary any terms of payment;

     (b) the failure to give notice to Guarantor of the occurrence of any Event of Default
under the terms and provisions of this Guaranty or the Bonds as set forth therein;

     (c) the waiver of the payment, performance or observance by the Guarantor of any of
the obligations, conditions, covenants or agreements of any or all of them contained in this
Guaranty or in the Bonds;

     (d) the receipt and acceptance of notes, checks or other instruments for the payment
of money made by Guarantor which notes, checks or other instruments have been dishonored, and
any extensions and renewals thereof;

     (e) the extension of the time for payment of principal or interest or any other
amounts that are due or may become due under the Bonds, or this Guaranty or of the time for
performance of any other obligations, covenants or agreements under or arising out of the
Bonds or this Guaranty;

     (f) the modification or amendment (whether material or otherwise) of any
duty, obligation, covenant or agreement set forth in the Resolution, the Bonds or this
Guaranty;

     (g) any failure, omission, delay or lack thereof on the part of the Authority to assert
or exercise any right, power or remedy conferred on the Authority in the Bonds or this
Guaranty;

     (h) the voluntary liquidation, dissolution, merger, consolidation, sale or other disposition
of all or substantially all the assets, marshaling of assets and liabilities, receivership,
insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement,
composition with creditors or readjustment of, or other similar proceedings affecting Guarantor,
or any or all of the assets of Guarantor, or any allegation or contest of the validity of the
Bonds or this Guaranty in any such proceeding; it is specifically understood, consented and agreed
to that this Guaranty shall remain and continue in full force and effect and shall be enforceable
against Guarantor to the same extent and with the same force and effect as if such proceedings had
not been instituted;

     (i) to the extent permitted by law, the release or discharge of Guarantor from the
performance or observance of any obligation, covenant or agreement contained in this Guaranty by
operation of law;

     (j) the default or failure of Guarantor fully to perform any of its obligations set forth in
this Guaranty;

     (k) any release or impairment of the security pledged to the Authority as security;

4

 

     (l) the release, substitution or replacement in accordance with the terms of the Bonds of any
property subject thereto or any redelivery, repossession, surrender or destruction of any such
property, in whole or in part;

     (m) any termination of the Bonds or the Agreement by reason of breach or default of Guarantor
or the invalidity or unenforceability of the Bonds or the Agreement by reason of any facts
pertaining to Guarantor;

     (n) any failure of the Guarantor to mitigate damages resulting from any default by Guarantor
under the Bonds or the Agreement;

     (o) any other circumstances that might otherwise constitute a legal or equitable discharge or
defense of a surety or a guarantor other than Guarantor’s failure to perform its obligations; or

     (p) any other occurrence whatsoever, whether similar or dissimilar to the foregoing.

     Section 2.3. Event of Default.

          An “Event of Default” shall exist if any of the following occurs and is continuing:

     (a) Guarantor defaults in any guaranty referred to in Section 2.1(a), 2.1(b) or
2.1(c) hereof;

     (b) Guarantor fails to observe and perform any covenant, condition or agreement
other than such referred to in Section 2.3(a) hereof and such failure continues for more than
thirty (30) days after written notice (which shall be deemed given upon receipt of registered
or certified mailing) of such failure has been given to Guarantor by the Authority, the
Paying Agent or the Holder or if by reason of such default the same cannot be remedied within
said thirty (30) days;

     (c) any warranty, representation or other statement by or on behalf of any
Guarantor contained in this Guaranty is false or misleading in any material respect as of the
date made;

     (d) (i) the entry of a decree or order for relief by a court having jurisdiction in
the premises in respect of Guarantor in an involuntary case under the federal bankruptcy
laws, as now or hereafter constituted, or any other applicable federal or state bankruptcy,
insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of Guarantor or for any substantial part of any
of its property, or ordering the winding-up or liquidation of its affairs and the continuance
of any such decree or order unstayed and in effect for a period of 30 consecutive days, or
(ii) the commencement by Guarantor of a voluntary case under the federal bankruptcy laws, as
now constituted or hereinafter amended, or any other applicable federal or state bankruptcy,
insolvency or other similar law, or the consent by Guarantor to the appointment of or taking
possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other
similar official) or the making by any of them of any assignment for the benefit

5

 

of creditors, or the taking of corporate action by Guarantor to authorize or effect any of the
foregoing.

     Section 2.4. Remedies Upon Default.

     (a) Upon an Event of Default under Section 2.3 of this Guaranty, the Holder shall
have the right to proceed first and directly against Guarantor under this Guaranty without
proceeding against or exhausting any other remedies which it may have and without resorting
to any security held by it.

     (b) Each and every default in the payment or performance of the obligations specified
in Section 2.4(a) hereof shall give rise to a separate cause of action hereunder, and
separate suits may be brought hereunder as each cause of action arises.

     Section 2.5. Waiver of Notice of Non-Payment and Costs of Enforcement.

          Guarantor hereby expressly waives presentment, demand, protest and notice of non-payment and
further waive notice from the Trustee of its acceptance and reliance on this Guaranty. Guarantor
jointly and severally agrees to pay all costs, disbursements and expenses (including all reasonable
attorneys’ fees) which may be incurred by the Trustee in enforcing or attempting to enforce this
Guaranty following any default on the part of Guarantor hereunder, whether the same shall be
enforced by suit or otherwise.

ARTICLE III

MISCELLANEOUS

     Section 3.1. Amendment.

          This Guaranty may not be amended, changed, modified, altered or terminated except as agreed
in writing by the parties.

     Section 3.2. Termination Date.

          The obligations of Guarantor hereunder shall terminate absolutely and unconditionally when
the principal, premium, if any and interest on all of the Bonds shall have been paid in full.

     Section 3.3. Remedies Not Exclusive.

          No remedy herein conferred upon or reserved to Trustee is intended to be exclusive of any
other available remedy or remedies, but each and every such remedy shall be cumulative and shall
be in addition to every other remedy given under this Guaranty or now or hereafter existing at law
or in equity. No delay or omission to exercise any right or power accruing upon any Event of

6

 

Default, omission or failure of performance hereunder shall impair any such right or power or
shall be construed to be a waiver in the event any provision contained in this Guaranty should be
breached by any party and thereafter duly waived by the other party so empowered to act. Such
waiver shall be limited to the particular breach so waived and shall not be deemed to waive any
other breach hereunder. No waiver, amendment, release or modification of this Guaranty shall be
established by conduct, custom or course of dealing, but solely by an instrument in writing duly
executed by the parties thereunto duly authorized by this Guaranty.

     Section 3.4. Notices.

          Except as otherwise provided herein, all notices or other communications hereunder shall be
sufficiently given and shall be deemed given when delivered by hand delivery or on the second day
following the day on which the same has been mailed, postage prepaid, by certified mail, addressed
as follows if to the Trustee:

Wells Fargo Bank, National Association

1248 O Street

Lincoln, NE 68508

Attn: Corporate Trust

together with other addresses furnished to Guarantor from time to time, and if to the Guarantor:

Siouxland Ethanol, LLC

1501 Knox Boulevard

P.O. Box 147

Jackson, NE 68743

     Section 3.5. Counterparts.

          This Guaranty constitutes the entire agreement, and supersedes all prior agreements and
understandings, both written and oral, between the parties with respect to the subject matter
hereof and may be executed simultaneously in several counterparts, each of which shall be deemed
an original and all of which together shall constitute one and the same instrument.

     Section 3.6. Severability.

          The invalidity or unenforceability of any one or more phrases, sentences, clauses or Sections
in this Guaranty contained, shall not affect the validity or enforceability of the remaining
portions of this Guaranty, or any part thereof.

7

 

     Section 3.7. Governing Law.

          This Guaranty shall be governed by and construed in accordance with the laws of the State of
Nebraska.

     Section 3.8. Successors and Assigns.

          This Guaranty shall be binding upon, inure to the benefit of and be enforceable by the parties
hereto and their respective successors and assigns.

          IN WITNESS WHEREOF, Guarantor has caused this Guaranty to be executed, all as of the date
first above written.

	 	 	 	 	 	 	 
	 

	 	 	 	Guarantor:	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	SIOUXLAND ETHANOL, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Tom Lynch	 	 
	 

	 	 	 	 

Its Managing Member
	 	 

8

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