Document:

<PAGE>
                                                                    Exhibit 10.7
                         OPTION TO PURCHASE REAL ESTATE

     AGREEMENT entered into this 12 day of November, 2004, by and between Gary
Nelson, Siouxland Ethanol, LLC (hereinafter referred to as "Owners") and Fagen,
Inc., (hereinafter referred to as "Optionee").

     WHEREAS, Owners are the owners of certain property-legally described as:

                                (SEE ATTACHMENT)

     Portions of Section Twp 29N Range 7 East

     hereinafter referred to as the "Subject Property"; and

     WHEREAS, Optionee desires the right to obtain title to the Subject
Property, at prices and under terms and conditions hereinafter provided, for the
purpose of industrial or commercial expansion and development,

     NOW THEREFORE, in consideration for the sum of an option fee of $1,000 in
hand paid, and other good and valuable consideration, receipt of which is hereby
acknowledged, the parties hereto agree as follows:

     1. DEFINITION OF TERMS AND DESCRIPTION OF PROPERTY. Subject Property
hereinafter refers to the entire parcel heretofore described.

     For the purposes of this agreement the term "gross acres" shall include any
portion of Subject Property titled in Owners' name but subject to road use or
right of way.

     2. PURCHASE TERMS AND CONDITIONS. The Optionee shall have the right and
option to acquire all portions of the Subject Property upon the terms and
conditions hereinafter set forth:

          a.   Minimum Parcel Requirements. The right and option to acquire the
               Subject Property requires the Optionee to purchase the parcel.

          b.   Initial Option Period and Price. This initial option shall
               continue for a period of time extending from the execution of
               this agreement to and including December 2005. During said
               period, Optionee shall have the right to purchase Subject
               Property, at $8,500 per gross acre, for a total purchase price of
               approximately 33 acres or more. If said option to purchase is
               exercised, the $1,000 option fee shall be applied to the purchase
               price. If said option is not exercised within the initial option
               period, and no extension is requested, said option fee shall be
               retained by the Owners.

          c.   Right to Extend Option. The Optionee shall have the right and
               option to extend the initial option for up to two (2) additional
               ninety (90) day terms. Said extension request shall be in writing
               and submitted to Owners no later

<PAGE>

               than seven (7) days prior to the expiration of the option in
               place. If the right to extend the option is exercised, the option
               fee shall be retained by Owners.

          d.   Possession. If the Optionee timely performs all obligations in
               connection with the exercise of any option pursuant to this
               agreement, possession of the real estate shall be delivered to
               the Optionee within 60 days following notice of exercise of
               option by Optionee.

          e.   Real Estate Taxes. If Optionee exercises its option to purchase
               Subject Property, then the Owners shall pay all real estate taxes
               accrued prior to date of possession by the Optionee and any
               unpaid real estate taxes payable in prior years. The Optionee
               shall pay all subsequent real estate taxes. Any proration of real
               estate taxes shall be based upon such taxes payable for the year
               of sale.

          f.   Special Assessments. The Owners shall pay all installments of
               special assessments which are a lien on the real estate and, if
               not paid, would become delinquent during the calendar year that
               the option is exercised, and all prior installments thereof. All
               other special assessments shall be paid by the Optionee.

          g.   Abstract of Title. In the event of notice of exercise of an
               option contained herein by the Optionee, Owners, at their
               expense, shall promptly obtain an Abstract of Title to the real
               estate continued through the date of exercise of option by the
               Optionee, and deliver it to the Optionee for examination. It
               shall show merchantable title in the Owners in conformity with
               this agreement, NE law and the Title Standards of the NE State
               Bar Association. The abstract shall become the property of the
               Optionee when the purchase price is paid in full.

          h.   Deed. Upon payment of the purchase price, Owners shall convey the
               real estate to the Optionee, by Warranty Deed, free and clear of
               all liens and encumbrances but subject to easements and
               restrictions of record.

          i.   Joint Tenancy in Proceeds and in Real Estate. If the Owners,
               immediately preceding the exercise of any option herein, hold
               title to the Subject Property in joint tenancy with full right of
               survivorship, and the joint tenancy is not later destroyed by
               operation of law or by acts of the Owners, then the proceeds of
               thus sale, and any continuing or recaptured rights of the Owners
               in Subject Property, shall belong to the Owners as joint tenants
               with full rights of survivorship and not as tenants in common;
               and Optionee; in the event of death of either Owner, agree to pay
               any balance of the price due Owners under this contract to the
               surviving Owner and to accept a deed from the surviving Owner
               consistent with paragraph 2.

<PAGE>

          j.   Method of Exercise of Option. Exercise of the option to purchase
               the Subject Property shall be made by the Optionee delivering to
               the Owners at the address to which notices are to be sent, a
               written notice of exercise of the option as provided herein.
               Written notice shall be given in compliance with paragraph 10
               below.

          k.   Notice of Exercise of Option. The written notice of exercise of
               the option to acquire the Subject Property shall be made in the
               manner described herein but shall only be effective if given on
               or before the end of the last day of the last exercised option.

          l.   Reimbursement for Unharvested Crops/Expenses. In the event
               Optionee takes possession of the Subject Property after a crop is
               planted thereon but before said crop is harvested, the Optionee
               shall reimburse the Owners for seed, fertilizer, and pesticides,
               if Optionee takes possession of Subject Property after spring
               planning work has started. The reimbursement cost shall be
               mutually agreed upon by both parties.

          m.   Opportunity for Like-Kind Exchange. If, within 30 days from when
               the Optionee serves notice to the Owners of its intent to
               exercise its purchase option, the Owners find a third party
               willing to enter into a multiparty like-kind exchange agreement;
               the Optionee agrees to fully cooperate and enter into such
               agreement for the purpose of effecting a multiparty like-kind
               exchange pursuant to Section 1031 of the Internal Revenue Code,
               as amended, whereby the third party will sell like-kind real
               estate to the Optionee and execute a Warranty Deed in favor of
               the Owners; concurrently the Owners will convey their interest in
               Subject Property to the Optionee; concurrently the Optionee shall
               pay the third-party the lesser of the agreed upon value of the
               Subject Property and the agreed upon value of the acquisition
               property; concurrently the difference between the agreed upon
               value of the Subject Property and the agreed upon value of the
               exchange property shall be paid to the Owners by the Optionee, or
               to the third-party by the Owners, as circumstances dictate.

               In the event the Owners fail to find a third party willing to
               enter into a multiparty like-kind exchange agreement within 30
               days of the Optionee's notice, but give notice to the Optionee of
               their intent to effect a deferred like-kind exchange pursuant to
               Section 1031 of the IRC of 1986, as amended, after such period,
               the Optionee agrees to deposit the purchase price of the Subject
               Property in an escrow or other account pursuant to terms enabling
               the Owners to effect such an exchange. In the event that Owners
               have not designated the property to be acquired by Section 1031
               of the Internal Revenue Code, as amended, to effect like-kind
               exchange treatment, then the Optionee shall direct the closing
               agent to pay the balance of the purchase price to the Owners. In
               the event that the Owners have designated the property to be
               acquired by them within the identification period as required by
               Section 1031 of the Internal Revenue

<PAGE>

               Code, as amended, to effect like-kind exchange treatment, then
               the Optionee shall direct the escrow agent to pay the third party
               the amount necessary to effect such an exchange and the balance,
               if any, of the escrow account to the Owners.

     3. CLOSING DATE. If Optionee exercises its option to purchase Subject
Property, the Owners and Optionee shall appear at a mutually convenient closing
date as agreed upon by the parties. The Parties agree to equally share the costs
of closing. The Parties shall split equally the cost of the title insurance
premium.

     4. RIGHT TO FARM PROPERTY DURING TERM OF AGREEMENT. The Owners shall have
the exclusive use and possession of the Subject Property including but not
limited to the right to farm the same during the term of this agreement, or
until the Subject Property is sold, whichever occurs first.

     5. RIGHT TO FARM PROPERTY PURCHASED. In the event that Optionee exercises
its option to purchase all or any portions of Subject Property and in the event
that row crops are cultivated upon said property, Owners shall have the first
right to farm said property under terms and conditions customary in the area.

     6. SUBSURFACE DRAINAGE. Optionee acknowledges its understanding that the
Subject Property may contain certain drainage lines providing surface and
subsurface water drainage from other real property. Optionee agrees to preserve
such subsurface drainage or to provide suitable alternative surface or
subsurface drainage at Optionee's cost on all property purchased pursuant to the
terms of this agreement.

     7. LICENSE TO OPTIONEE TO ENTER PROPERTY. The Owners hereby grant the
Optionee a nonexclusive license to enter the Subject Property from time to time
during the option period for the sole and exclusive purpose of allowing the
Optionee to perform boundary and topographic survey work, and conduct soil,
engineering, and other tests on such land. The Optionee agrees to indemnify and
hold the Owners harmless from any and all damage caused by the Optionee or its
agents on the land or crops thereon. After performing its test and engineering
work, the Optionee shall restore the land to substantially the same condition as
existed prior to the Optionee's conduct thereon, and shall be liable to the
Owners for any damage remaining on the land, or crops or fixtures thereon. Such
license to go on the Subject Property shall be limited to the purpose of
performing such survey work and soil tests, engineering and other tests by the
Optionee, and such license shall automatically terminate and be of no further
force and effect after the expiration of the term of this option agreement.

     8. RIGHT OF ASSIGNMENT. The Optionee shall have the full and unrestricted
right to assign its interest in this agreement or any other interest hereunder
at any time. Optionee agrees that in the event of an assignment, the Optionee
shall assume responsibility for all of the rights, obligations and duties
contained herein which shall survive any such assignment.

     9. TIME IS OF THE ESSENCE. Time is of the essence of each and every term
and provision of this agreement

<PAGE>

     10. REMEDIES. In any action between the parties seeking enforcement of any
of the terms and provisions of this agreement or in connection with the Subject
Property, the prevailing party in such action shall be awarded, in addition to
damages, injunctive or other relief, its reasonable costs and expense, not
limited to taxable costs, and reasonable attorneys fees.

     11. NOTICES. Any notice to either party that may be required hereunder or
which either party is permitted or may desire to give to the other party must be
in writing and may be given by personal delivery or by mailing the same by
registered or certified mail, return receipt requested, to the party to whom the
notice is directed at the address of such party as hereinafter set forth or such
other address as the parties may hereinafter designate:

          Owners:

          Optionee:   ATTN: Stephanie Howard-Clark & Wayne Mitchell
                      Fagen, Inc.
                      501 W. Hwy 212
                      P.O. Box 159
                      Granite Falls, MN 56241

     Any notice given by mail shall be deemed given on the day after that on
which the same is deposited in the United States mail, properly addressed with
postage fully prepaid, if mailed in Jackson, Nebraska, or on the 2nd day after
mailing if mailed elsewhere.

     IN WITNESS THEREOF, this Agreement has been executed at Jackson, Dakota
County, State of Nebraska, by the parties as of the day and year first above
written.

By: /s/ Gary Nelson                     /s/ Rondald Wetherell
    ---------------------------------   ----------------------------------------
    Owner                               Attest: Director,
                                                Siouxland Ethanol

Siouxland Ethanol, LLC

By: /s/ Tom Lynch                       Its: President
    ---------------------------------   Title
    Authorized Signature Tom Lynch

STATE OF NEBRASKA   )
                    ) ss.
COUNTY OF DAKOTA    )

     On this 12 day of November, 2004, before me, the undersigned, a Notary
Public, personally appeared Gary Nelson, Owner, who executed the foregoing
instrument, and acknowledged the execution of the foregoing Option to Purchase
Real Estate.

<PAGE>

     [Seal]                             /s/ John F. Kingsbury
                                        ----------------------------------------
                                        Notary Public

STATE OF NEBRASKA   )
                    ) ss.
COUNTY OF DAKOTA    )

     On this 12 day of November, 2004, before me, the undersigned, a Notary
Public, personally appeared Tom Lynch, Buyer, who executed the foregoing
instrument, and acknowledged the execution of the foregoing Option to Purchase
Real Estate.

     [Seal]                             /s/ John F. Kingsbury
                                        ----------------------------------------
                                        Notary Public

STATE OF NEBRASKA    )
                     ) ss.
COUNTY OF DAKOTA     )

     On this 12 day of November, 2004, before me, the undersigned, a Notary
Public, personally appeared Ronald Wetherell, on behalf of said entity as Attest
Director, who executed the foregoing instrument, and acknowledged the execution
of the foregoing Option to Purchase Real Estate.

     [Seal]                             /s/ John F. Kingsbury
                                        ----------------------------------------
                                        Notary Public<PAGE>
                                                                    Exhibit 10.8

                         OPTION TO PURCHASE REAL ESTATE

     This AGREEMENT is hereby entered into this 7th. day of January, 2005, by
and between JOHN R. RYAN, of 1370 Moody Road, Jackson, Nebraska (hereinafter
referred to as "Owner(s)") and SIOUXLAND ETHANOL, LLC, (hereinafter referred to
as "Optionee").

     WHEREAS, Owner(s) are the lawful owners of certain property best described
     as outlined in an aerial photo attachment, such land is located in the
     Southeast Quarter of Sec. 27 Twp. 29N, Range 7 East of the 6th P.M., Dakota
     County, Nebraska; and, said parcel of land is located southwest of U.S.
     Hwy. 20 and adjacent to, and just north of, Knox Ave., which parcel of
     farmland when surveyed for actual legal description at Optionee's expense
     is expected to be approximately 8 acres more or less:

                                (SEE ATTACHMENT)

     hereinafter referred to as the "Subject Property"; and

     WHEREAS, Optionee desires the right to obtain title to the Subject
Property, at prices and under terms and conditions hereinafter provided, for the
purpose of industrial or commercial expansion and development,

     NOW THEREFORE, in consideration for the sum of an option fee of $1,000.00
in hand paid, and other good and valuable consideration, receipt of which is
hereby acknowledged, the parties hereto agree as follows:

     1. DEFINITION OF TERMS AND DESCRIPTION OF PROPERTY. Subject Property
hereinafter refers to the entire parcel heretofore described.

     For the purposes of this agreement the term "gross acres" shall include any
portion of Subject Property titled in Owners' name but subject to road use or
right of way.

     2. PURCHASE TERMS AND CONDITIONS. The Optionee shall have the right and
option to acquire all portions of the Subject Property upon the terms and
conditions hereinafter set forth:

          a.   Minimum Parcel Requirements. The right and option to acquire the
               Subject Property requires the Optionee to purchase the parcel.

          b.   Initial Option Period and Price. This initial option shall
               continue for a period of time extending from the execution of
               this agreement to and including December 31, 2005. During said
               period, Optionee shall have the right to purchase Subject
               Property, at $8,000.00 per gross acre, for a total purchase price
               of actual surveyed acres, or portions of acres, times eight
               thousand dollars. If said option to purchase is exercised, the
               $1,000 option fee shall be applied to the purchase price. If said
               option is not exercised within the initial option period, and no
               extension is requested, said option fee shall be retained by the
               Owners.

<PAGE>

          c.   Right to Extend Option. The Optionee shall have the right and
               option to extend the initial option for up to two (2) additional
               ninety (90) day terms. Said extension request shall be in writing
               and submitted to Owners no later than seven (7) days prior to the
               expiration of the option in place. If the right to extend the
               option is exercised, the option fee shall be retained by the
               Owners, and the same shall not be applied toward the purchase
               price."

          d.   Possession. If the Optionee timely performs all obligations in
               connection with the exercise of any option pursuant to this
               agreement, possession of the real estate shall be delivered to
               the Optionee within 60 days following notice of exercise of
               option by Optionee.

          e.   Real Estate Taxes. If Optionee exercises its option to purchase
               Subject Property, then the Owners shall pay all real estate taxes
               accrued prior to date of possession by the Optionee and any
               unpaid real estate taxes payable in prior years. The Optionee
               shall pay all subsequent real estate taxes. Any proration of real
               estate taxes shall be based upon the prior year's taxes."

          f.   Special Assessments. The Owners shall pay all installments of
               special assessments which are a lien on the real estate and, if
               not paid, would become delinquent during the calendar year that
               the option is exercised, and all prior installments thereof. All
               other special assessments shall be paid by the Optionee.

          g.   Title Insurance. Within thirty days after Optionee has exercised
               its option to purchase the subject property, Owners shall deliver
               to Optionee, for purposes of examination, a title insurance
               commitment reflecting marketable title of record in the Owners,
               subject to patent reservations, outstanding mineral interests,
               easements of record of use, and public roads. Optionee shall have
               ten days thereafter in which to examine the title Insurance
               commitment and certify in writing to Owners any defects deemed to
               impair marketability of title. Owners shall thereafter place
               title in a marketable condition, subject to the exceptions
               aforesaid, with reasonable dispatch, with the parties cooperating
               to complete the curative title work and the approval thereof at
               the earliest possible date. Title standards approved by the
               Nebraska State Bar Association to the date of examination of
               title shall serve as a guide to the marketability of title.
               Optionee shall pay the entire cost of the title insurance, or
               title commitment even if the option is never exercised.

          h.   Deed. Upon payment of the purchase price, Owners shall convey the
               real estate to the Optionee, by Warranty Deed, free and clear of
               all liens and encumbrances but subject to patent reservations,
               outstanding mineral interests, easements or restrictions of
               record or of use, and public roads.

<PAGE>

          i.   Joint Tenancy. It is understood and agreed that in the event
               Owners hold title to said property as joint tenants, they are
               contracting as joint tenants in their acceptance of this
               agreement or option to purchase.

          j.   Method of Exercise of Option. Exercise of the option to purchase
               the Subject Property shall be made by the Optionee delivering to
               the Owners at the address to which notices are to be sent, a
               written notice of exercise of the option as provided herein.
               Written notice shall be given in compliance with paragraph 10
               below.

          k.   Notice of Exercise of Option. The written notice of exercise of
               the option to acquire the Subject Property shall be made in the
               manner described herein but shall only be effective if given on
               or before the end of the last day of the last exercised option.

          l.   Reimbursement for Loss of Use Income. Because it is the intent of
               the Optionee to exercise this option and take possession prior to
               fall 2005, and because such parcel of land is farmland generally
               cash rented by Owner, the parties hereby agree that Optionee
               shall make a cash payment in lieu of cash rent for the 2005 crop
               year in the amount of $1,500 due Owner on or before March 1,
               2005; and, in lieu of said cash payment Owner hereby agrees that
               no crops will be planted or grown on said parcel during 2005.
               Should Optionee exercise its right of extension past March 1,
               2006, Optionee shall pay Owner the same $1,500.00 cash payment on
               or before March 15, 2006 in lieu of cash rent for 2006, and Owner
               agrees that no crops will be planted during the 2006 year.

          m.   Opportunity for Like-Kind Exchange. If, within 30 days from when
               the Optionee serves notice to the Owners of its intent to
               exercise its purchase option, the Owners find a third party
               willing to enter into a multiparty like-kind exchange agreement;
               the Optionee agrees to fully cooperate and enter into such
               agreement for the purpose of effecting a multiparty like-kind
               exchange pursuant to Section 1031 of the Internal Revenue Code,
               as amended, whereby the third party will sell like-kind real
               estate to the Optionee and execute a Warranty Deed in favor of
               the Owners; concurrently the Owners will convey their interest in
               Subject Property to the Optionee; concurrently the Optionee shall
               pay the third-party the lesser of the agreed upon value of the
               Subject Property and the agreed upon value of the acquisition
               property; concurrently the difference between the agreed upon
               value of the Subject Property and the agreed upon value of the
               exchange property shall be paid to the Owners by the Optionee, or
               to the third-party by the Owners, as circumstances dictate.

               In the event the Owners fail to find a third party willing to
               enter into a multiparty like-kind exchange agreement within 30
               days of the Optionee's notice, but give notice to the Optionee of
               their intent to effect a deferred like-

<PAGE>

               kind exchange pursuant to Section 1031 of the IRC of 1986, as
               amended, after such period, the Optionee agrees to deposit the
               purchase price of the Subject Property in an escrow or other
               account pursuant to terms enabling the Owners to effect such an
               exchange. In the event that Owners have not designated the
               property to be acquired by Section 1031 of the Internal Revenue
               Code, as amended, to effect like-kind exchange treatment, then
               the Optionee shall direct the closing agent to pay the balance of
               the purchase price to the Owners.

               In the event that the Owners have designated the property to be
               acquired by them within the identification period as required by
               Section 1031 of the Internal Revenue Code, as amended, to effect
               like-kind exchange treatment, then the Optionee shall direct the
               escrow agent to pay the third party the amount necessary to
               effect such an exchange and the balance, if any, of the escrow
               account to the Owners.

     3. CLOSING DATE AND COSTS. If Optionee exercises his option to purchase
Subject Property, the Owners and Optionee shall appear at a mutually convenient
location and close on said purchase within sixty days of the exercise option.
The Owners shall pay such costs necessary to meet Owners obligations under this
agreement, including the state documentary stamps required for the recording of
the deed of conveyance. Optionee shall pay such other costs necessary to
complete this transaction including the costs of the survey and title insurance.

     4. SUBSURFACE DRAINAGE. Optionee acknowledges its understanding that the
Subject Property may contain certain drainage lines providing surface and
subsurface water drainage from other real property. Optionee agrees to preserve
such subsurface drainage or to provide suitable alternative surface or
subsurface drainage at Optionee's cost on any property purchased pursuant to the
terms of this agreement.

     5. LICENSE TO OPTIONEE TO ENTER PROPERTY. The Owners hereby grant the
Optionee a nonexclusive license to enter the Subject Property from time to time
during the option period for the sole and exclusive purpose of allowing the
Optionee to perform boundary and topographic survey work, and conduct soil,
engineering, and other tests on such land. The Optionee agrees to indemnify and
hold the Owners harmless from any and all damage caused by the Optionee or its
agents on the land or crops thereon. After performing its test and engineering
work, the Optionee shall restore the land to substantially the same condition as
existed prior to the Optionee's conduct thereon, and shall be liable to the
Owners for any damage remaining on the land, or crops or fixtures thereon. Such
license to go on the Subject Property shall be limited to the purpose of
performing such survey work and soil tests, engineering and other tests by the
Optionee, and such license shall automatically terminate and be of no further
force and effect after the expiration of the term of this option agreement.

     6. RIGHT OF ASSIGNMENT. The Optionee shall have the full and unrestricted
right to assign its interest in this agreement or any other interest hereunder
at any time. Optionee agrees that in the event of an assignment, the Optionee
shall assume responsibility for all of the rights, obligations and duties
contained herein which shall survive any such assignment.

<PAGE>

     7. TIME IS OF THE ESSENCE. Time is of the essence of each and every term
and provision of this agreement

     8. REMEDIES. Each party will have available to them such remedies as exist
under Nebraska law.

     9. NOTICES. Any notice to either party that may be required hereunder or
which either party is permitted or may desire to give to the other party must be
in writing and may be given by personal delivery or by mailing the same by
registered or certified mail, return receipt requested, to the party to whom the
notice is directed at the address of such party as hereinafter set forth or such
other address as the parties may hereinafter designate:

               Owners:     John R. Ryan
                           1379 Moody Road
                           Jackson, NE 68743

               Optionee:   ATTN: Tom Lynch, President
                           Siouxland Ethanol, LLC
                           P.O. Box 146
                           Jackson, NE 68743

     Any notice given by mail shall be deemed given on the day after that on
which the same is deposited in the United States mail, properly addressed with
postage fully prepaid, if mailed in Jackson, NE, or on the 2nd day after mailing
if mailed elsewhere.

     IN WITNESS THEREOF, this Agreement has been executed at Jackson, NE, Dakota
County, State of NEBRASKA, by the parties as of the day and year first above
written.

By: /s/ John R. Ryan
    ---------------------------------   ----------------------------------------
    Owner: John R. Ryan                 Owner

Siouxland Ethanol, LLC

By: /s/ Thomas Lynch                    Its: President
    ---------------------------------   Title
    Thomas Lynch

STATE OF NEBRASKA   )
                    ) ss.
COUNTY OF DAKOTA    )

     On this 7th day of JANUARY, 2005, before me, the undersigned, a Notary
Public, personally appeared JOHN R. RYAN, Owner, who executed the foregoing
instrument, and acknowledged the execution of the foregoing Option to Purchase
Real Estate.

<PAGE>

     [Seal]                             /s/ John F. Kingsbury
                                        ----------------------------------------
                                        Notary Public

STATE OF NEBRASKA   )
                    ) ss.
COUNTY OF DAKOTA    )

     On this 7th day of JANUARY, 2005, before me, the undersigned, a Notary
Public, personally appeared THOMAS LYNCH, President of Siouxland Ethanol, LLC,
Optionee, who executed the foregoing instrument, and acknowledge the execution
of the foregoing Option to Purchase Real Estate.

     [Seal]                             /s/ John F. Kingsbury
                                        ----------------------------------------
                                        Notary Public

<PAGE>

                          [Aerial photo attached here.]

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