Document:

EXHIBIT 10.14 –

	
Put Option Agreement between Quinn
 A. Baade, Jeanne M. Baade and East Fork Biodiesel,
 LLC

OPTION BY

QUINN A. BAADE AND JEANNE M. BAADE

TO SELL REAL ESTATE TO

EAST FORK BIODIESEL, LLC

(PUT OPTION AGREEMENT)

          THIS
PUT OPTION AGREEMENT (“Agreement”), made and entered into effective as of December
15, 2006, by and between Quinn A. Baade and Jeanne M. Baade (collectively,
hereinafter “Seller”) and East Fork Biodiesel, LLC, (hereinafter “Buyer”).

          WITNESSETH:

          WHEREAS,
Seller is the owner of that
certain real estate situated in Kossuth County, Iowa, legally described on Exhibit A
attached hereto (herein referred to as the “Property”); and

          WHEREAS,
Seller desires a put option
granting Seller the right to put the Property to Buyer, thus requiring Buyer to
purchase the Property pursuant to the terms herein; and

          WHEREAS,
Buyer is willing to obligate
itself to Seller in the event Seller elects to exercise the put
option herein to sell the Property to Buyer, and in such case, Buyer is willing
to purchase the Property upon exercise of the put option by Seller all on the
terms and conditions herein
contained;

          NOW,
THEREFORE, the parties hereto agree as follows:

          1.      Consideration. The
consideration paid
and payable from Buyer to Seller for the rights and obligations herein is Five Thousand
Dollars ($5,000.00) and other good and valuable consideration the sufficiency of which is
acknowledged by both Buyer and Seller
upon execution of this Agreement.

          2.     Authority
of Seller; Grant of Option. Seller hereby represents to Buyer that Seller is the owner
of the Property and has absolute and full right and authority to execute and perform the
terms of this Agreement. Buyer hereby agrees and

2

acknowledges that Seller has
the right and option to put and sell the Property to Buyer and Buyer agrees, subject to the condition that
Buyer has constructed a biodiesel production
facility or any appurtenant facilities upon any portion of the real estate
legally described on Exhibit B, to
purchase the Property upon Seller’s exercise of the put option at any time during the Option Period, as
hereinafter set forth, for an initial purchase price of One Hundred Twenty Thousand Seven Hundred Fifty
dollars ($120,750.00) plus 105% of
the costs of any improvements or additions made to the real estate prior to any
exercise of this Put Option, payable on the terms, in the amounts, and subject
to the adjustments and to all the other conditions as set forth in
Section 8 of this Agreement. For the
purposes of this Agreement, the terms improvements and additions shall mean more than just the repair or replacement of an
item, fixture or furnishing. Rather, it shall mean something of a more substantial nature akin to remodeling,
multiple window replacement,
countertop and cabinet replacement and installation, flooring and trim/woodwork
replacement and installation or space/room/garage additions. The costs of such improvements and additons shall be
documented by paid receipts for material and labor.

          3.     Initial Put Option Period
(Biodiesel Facility).
The term of the put option to sell granted
hereunder (the “Option Period”) shall begin on the announced date of operation of the biodiesel facility and end at
4:30 p.m. on the date two years thereafter.

          4.     Exercise
of Initial Put Option (Biodiesel Facility). To exercise this put option as provided
above, Seller shall deliver to Buyer written notice of Seller’s intent to exercise the put option
to sell the Property to Buyer during the Option Period specifying the
“Closing Date,” for the sale and purchase, which Closing Date shall not be more
than 120 days after Seller delivers the notice to exercise. Seller shall
thereupon be obligated to convey marketable fee simple title free and clear of
all encumbrances except those items which Buyer agrees to in writing, in accordance
with the purchase and sale terms specified in Section 8 hereof.

          5.     Termination
of Initial Put Option (Biodiesel Facility). If Seller does not exercise the put option
during the Option Period as provided in Sections 3 and 4, this put option to sell shall
terminate and become null and void. Except for the release and covenant set forth in
Section 10 hereof, upon termination, neither party shall have any liability or further
obligation to the other under this put option.

          6.     Resurrection
of Put Option(s); Subsequent Put Option Periods; Exercise and
Termination. If the Initial Put Option for the biodiesel facility shall terminate without having been
exercised, the Put Option(s), Put Option periods and potential

3

exercise
and termination(s) shall be resurrected upon the expansion of the production of
the
biodiesel facility by more than twenty-five percent (25%) of initial output or
upon the construction or
operation of any new separate facility on the real estate described on Exhibit B. If any resurrected Put Option
terminates without having been exercised, the provisions of Paragraph 10 shall apply to the expansion or new separate
facility.

          7.     No Sale
or Conveyance. During the Put Option period, Seller shall not sell nor convey the property
to a third party, without the consent of Buyer, which consent can be withheld by Buyer for
any reason.

          8.     Purchase
and Sale Terms and Conditions. If Seller exercises this put option as provided above,
Buyer and Seller will close on the purchase and sale of the Property on the Closing
Date in accordance with the terms and conditions set forth in this Section 8 as follows:

                    (a)
The
purchase price for the Property shall be payable in full (less a credit for the
$5,000.00 consideration paid pursuant to Paragraph 1 hereof) at closing on the
Closing Date. Within fifteen (15) business days after receiving the notice of
the exercise of this put option, Seller shall deliver to Buyer an abstract of title to the
Property which shall be updated and continued to the approximate date of
deliver to Buyer for Buyer’s examination. Buyer shall have ten (10) days after receipt
of the abstract of title to object to any title matters upon its examination of
the abstract of title and will notify Seller of the same. Seller has informed Buyer of the
existence of a Well Agreement and Easement and title will be conveyed subject to the terms
thereof. Seller shall promptly correct all such title objections to the satisfaction of Buyer
and if such objections cannot be cured by the Closing Date, Seller shall promptly notify
Buyer of such fact whereby Buyer, in its discretion, may extend the Closing Date to permit
additional time for Seller to continue to diligently and promptly cure such objections, or
if Seller cannot or refuses to cure such objections and make title marketable, Buyer may
either terminate this Agreement or close on the purchase and deduct the reasonable costs
of curing such objections from the purchase price at closing. All abstracting costs shall
be paid for by the Seller. All title examination costs shall be paid by the Buyer.

                    (b) At
closing, Seller
shall convey by Warranty Deed, the Property to Buyer
or its
assignees, free and clear of all liens, restrictions and encumbrances except
for those
items
which Buyer has specifically agreed to in writing. Possession of the Property
shall
be
delivered to Buyer at closing.

4

                    (c)
At
closing, Seller shall pay all real estate taxes prorated to the date of
closing. Seller shall pay all special assessments which are levied or pending
against the Property as of the Closing Date. Seller represents to Buyer that it
has received no notice from any governmental authority of any public
improvements to be constructed upon, or assessments which may be levied against, the
Property in the future.

                    (d)
Seller
shall maintain adequate insurance on the Property and shall bear all risk of loss of and
to the Property until the Closing Date.

                    (e)
If
Buyer or Seller breaches this Agreement or otherwise fails to perform or breaches the obligations
to purchase or to sell the Property according to this Agreement on the Closing
Date, the aggrieved party shall be entitled to exercise any and all remedies at
law or in equity including without limitation commencing an action for damages
and/or commencing a proceeding in equity to obtain Buyer’s or Seller’s specific
performance
of this Agreement, together with all costs and attorneys’ fees incurred by the aggrieved party in
connection thereof to the extent permitted by law.

                    (f)
At closing,
Seller shall pay for any transfer tax and revenue stamps necessary to effect the
transfer of the Property to the Buyer and Buyer will pay the cost of any recording fees.

          9.     
Notices. Wherever in this
Option Agreement it shall be required or permitted that notice or demand be given or served by either party, such notice or
demand shall be given or served, and
shall not be deemed to have been duly given or served, unless in writing and forwarded by certified mail, postage
prepaid, return receipt requested, addressed
as follows:

	
 

	
 

	
 

	
 

	
To
 Seller:

	
Quinn
 A. Baade and Jeanne M. Baade

 1404 Highway 18

 Algona, IA
 50511 

	
 

	
 

	
 

	
 

	
 

	
AND
 

	
 

	
 

	
 

	
 

	
 

	
Paul
 R. Doster

 107
 North Harlan 

 P.O. Box
 618

 Algona, IA
 50511 

	
 

	
 

	
 

	
 

	
To Buyer:

	
East
 Fork Biodiesel, LLC 

 P.O. Box 21 

 Algona, IA 50511

	
 

	
 

	
 

	
 

	
 

	
AND

	
 

	
 

	
 

	
 

	
 

	
Michael
 E. Gabor 

 111
 North Dodge Street 

 P.O. Box
 617 

 Algona, IA
 50511

5

Notice
shall be effective three (3) days after the date of mailing, if mailed. These addresses may be changed
from time to time by either party serving written notice as above provided.

          10.     Release and Covenant Not to
Sue. If Seller shall not have exercised the Put Option during the Option period, Seller shall be
deemed to have fully and completely released Buyer and Seller covenants and
agrees with Buyer that thereafter Seller will never institute suit or action at law or otherwise against Buyer, nor
institute, prosecute or in any way
aid in the institution or prosecution of any claim, demand, action or cause of action for damages, costs, loss of service,
expenses or compensation for, on account of any damage, loss or injury either to person or property, or both,
whether developed or undeveloped, resulting or to result, known or
unknown, which they ever had, now have or which
they, their heirs, executors or administrators, hereafter can, shall or may
have for, on or by reason of any
matter, cause or thing whatsoever arising from the construction and operation of a biodiesel facility or any
appurtenant facility located on the real estate described in Exhibit B.

          This
release and covenant shall continue in perpetuity if Sellers shall not have exercised their put
option herein within the put option period.

          11.     Miscellaneous. This
Agreement shall be binding upon and inure to
the benefit of the successors and
assigns of the Buyer. Time is of the essence in the performance of this Agreement. This Agreement
contains the entire agreement and understandings of the parties hereto. This Agreement may not be modified
or amended except in a writing signed by the
Seller and the Buyer. Each party agrees to pay their own legal fees and other fees incurred in
connection with the negotiation, execution and performance of this Agreement except as otherwise required in the event
of a breach. Upon request each party will execute a recordable
memorandum of this Agreement and

6

 agrees such memorandum may be
duly recorded. This Agreement may be executed in one or more
counterparts, each of which is an original and all of which together shall constitute one and the same instrument.

          12.     Survival of
Provisions. Any
provision herein not obviated by the delivery of any Deed through the doctrine
of merger or operation of law shall survive the closing of any transaction herein contemplated.

          13.     Severability. If
any provision of this Agreement is declared void, such provision shall
be deemed severed from this Agreement, which shall otherwise remain in full force and effect.

          14.     Construction.  This
Agreement shall be
governed and construed in accordance with the laws of the State of Iowa.
Captions are included for convenient reference only and shall not in any way affect the interpretation of any provision
hereof.

          15.     Legal Counsel. All
parties affirmatively represent and acknowledge that they have been represented by competent legal counsel
of their choosing in connection with
this Agreement.

          16.     Attorney Fees
and Court Costs. If either party files suit to enforce any
of the terms of this Agreement, the
prevailing party shall be entitled to recover court costs and reasonable
attorney’s fees.

          IN
WITNESS WHEREOF, the parties
hereto have executed this Put Option Agreement as of the day and year first
above written and Buyer and Seller agree to take such additional steps and
actions including execution of such instruments and other documents as
are reasonably necessary to effectuate the intentions of Buyer and Seller hereby. 

	
 

	
 

	
 

	
BUYER: 

	
SELLER: 

	
 

	
 

	
 

	
EAST FORK BIODIESEL, LLC

	
 

	
 

	
 

	
 

	
By:

	

	

	
 

	

	

	
 

	
Kenneth M. Clark, Its Manager

	
Quinn A. Baade 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	

	
 

	
 

	
Jeanne
 M. Baade

7

STATE OF
IOWA                     )

                                                   )
ss: 

COUNTY OF
KOSSUTH         )

          On
this 29th day of
December, 2006, before me, the
undersigned, a Notary Public in and
for said County and State, personally appeared Quinn A. Baade and Jeanne M. Baade, husband and wife, to me known to
be the identical persons named in and who
executed the foregoing instrument, and acknowledged that they executed the same
as their voluntary act and deed.

	
 

	
 

	
 

	

	

	

	
Notary Public in and for said
 County and State.

	
 

STATE OF
IOWA                     )

                                                   )
ss: 

COUNTY OF KOSSUTH
        )

          On
this  15th day of December, 2006, before me, a Notary Public in and
for said county and state, personally
appeared Kenneth M. Clark, to me personally know, who being by me duly sworn or
affirmed did say that he is Manager of said Limited Liability Company, and that said instrument was signed on behalf of
the said Limited Liability Company by authority of its members and the said
Manager acknowledged the execution of said instrument to be the voluntary act
and deed of said Limited Liability Company by it voluntarily executed.

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	

	
 

	
 

	
Notary Public in and for said
 County and State

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

8

EXHIBIT A

          A
tract of land in the Northwest Fractional Quarter (NWfrl1⁄4) of Section Five
(5), Township
Ninety-five (95) North, Range Twenty-eight (28), West of the 5th
P.M., Kossuth County, Iowa, described as commencing on the South line of U.S.
Highway #18 at a point in the center of the road on the West side of the
NWfrl1⁄4 of said Section 5,
          thence
Easterly along the South line of U.S. Highway #18 a distance of 1,118 feet as
the point of beginning,
          thence
South 500 feet,
          thence
Easterly 200 feet,
          thence
North to the South line of U.S. Highway #18,
          thence
Westerly along the South line of U.S. Highway #18 to the point of beginning.

(The “Property”)

9

EXHIBIT B

That
part of the Northwest Fractional Quarter (NWfr1⁄4) of Section Five
(5), Township Ninety-five (95) North, Range Twenty-eight (28), West of the 5th
P.M., Kossuth County, Iowa, lying North of the Railroad right of way EXCEPT a
tract as described by the Survey recorded in Book 8, Land Plats, Page 47 and also

          EXCEPT
therefrom commencing at the point of intersection of the West line of said
Section 5, and the South line of U.S. Highway 18;

          thence
Easterly along the South line of said highway a distance of 1,118 feet to the point of
beginning;
          thence
South 500 feet;
          thence
Easterly 725 feet;
          thence
North 500 feet to the South line of said highway;
          thence
Westerly along the South line of said Highway to the point of beginning,
and EXCEPT public highway conveyed to the State of Iowa by deeds recorded in Book 91, Page 530 and Book 90, Page
576.

10EXHIBIT 10.15 –

  	
  Put Option Agreement between David
  B. Golwitzer, Karen B. Golwitzer and East Fork Biodiesel, LLC

  

OPTION BY

DAVID B. GOLWITZER AND KAREN B. GOLWITZER

TO SELL REAL ESTATE TO

EAST FORK BIODIESEL, LLC

(PUT OPTION AGREEMENT)

          THIS
PUT OPTION AGREEMENT (“Agreement”), made and entered into effective as of December
15, 2006, by and between David B. Golwitzer and Karen B. Golwitzer
(collectively, hereinafter “Seller”) and East Fork Biodiesel, LLC, (hereinafter “Buyer”).

          WITNESSETH:

          WHEREAS,
Seller is the owner of that certain real
estate situated in Kossuth County, Iowa,
legally described on Exhibit A attached hereto (herein referred to as the “Property”); and

          WHEREAS,
Seller desires a put
option granting Seller the right to put the Property to Buyer, thus requiring Buyer to
purchase the Property pursuant to the terms herein; and

          WHEREAS,
Buyer is willing to obligate
itself to Seller in the event Seller elects to exercise the put
option herein to sell the Property to Buyer, and in such case, Buyer is willing
to purchase the Property upon exercise of the put option by Seller all on the
terms and conditions herein contained;

          NOW,
THEREFORE, the parties hereto agree as
follows:

          1.
     Consideration. The consideration paid
and payable from Buyer to Seller for the rights and obligations herein is Five Thousand
Dollars ($5,000.00) and other good and valuable consideration the sufficiency of which is
acknowledged by both Buyer and Seller upon execution of this Agreement.

          2.
     Authority of Seller; Grant of
Option. Seller hereby represents to Buyer
that Seller is the owner of the Property and has absolute and full right and
authority to
execute and perform the terms of this Agreement. Buyer hereby agrees and

2

acknowledges that Seller has
the right and option to put and sell the Property to Buyer and Buyer agrees, subject to the condition that
Buyer has constructed a biodiesel production
facility or any appurtenant facilities upon any portion of the real estate
legally described on Exhibit B, to
purchase the Property upon Seller’s exercise of the put option at any time during the Option Period, as
hereinafter set forth, for a purchase price of Two Hundred Thirty-six Thousand Two
Hundred Fifty Dollars ($236,250.00), payable on the terms, in the amounts, and
subject to the adjustments and to all the other conditions as set forth in
Section 8 of this Agreement. 

          3.
     Initial Put Option Period (Biodiesel Facility). The term of the put option to sell
granted hereunder (the “Option Period”)
shall begin on the announced date of operation
of the biodiesel facility and end at 4:30 p.m. on the date two years
thereafter.

          4.
     Exercise
of Initial Put Option (Biodiesel Facility). To exercise this put option as provided
above, Seller shall deliver to Buyer written notice of Seller’s intent to
exercise the put option to sell the Property to Buyer during the Option Period
specifying the “Closing Date,” for the sale and purchase, which Closing Date
shall not be more than 120 days after Seller delivers the notice to exercise.
Seller shall thereupon be obligated to convey marketable fee simple title free and
clear of all encumbrances except those items which Buyer agrees to in writing, in
accordance with the purchase and sale terms specified in Section 8 hereof.

          5.
     Termination of Initial Put Option
(Biodiesel Facility). If Seller does not exercise the put option during the Option Period
as provided in Sections 3 and 4, this put option to sell shall terminate and become null and
void. Except for the release and covenant set forth in Section 10 hereof, upon
termination, neither party shall have any liability or further obligation to the other
under this put option.

          6.
     Resurrection of Put Option(s);
Subsequent Put Option Periods; Exercise and
Termination. If the Initial Put Option for the biodiesel facility shall terminate without having been
exercised, the Put Option(s), Put Option periods and potential exercise and
termination(s) shall be resurrected upon the expansion of the production of the biodiesel facility
by more than twenty-five percent (25%) of initial output or upon the construction or operation
of any new separate facility on the real estate described on Exhibit B. If any resurrected Put Option
terminates without having been exercised, the provisions
of Paragraph 10 shall apply to the expansion or new separate facility.

3

          7.
     No Sale or Conveyance. During the Put Option
period, Seller shall not sell nor convey the property to a third party, without the
consent of Buyer, which consent can be withheld by Buyer for any reason. 

          8.
     Purchase and Sale Terms and Conditions. If Seller exercises this
put option
as provided above, Buyer and Seller will close on the purchase and sale of the Property on the Closing
Date in accordance with the terms and conditions set forth in this
Section 8 as follows: 

                    (a)
The
purchase price for the Property shall be payable in full (less a credit for the $5,000.00
consideration paid pursuant to Paragraph 1 hereof) at closing on the Closing
Date. Within fifteen (15) business days after receiving the notice of the
exercise of this put option, Seller shall deliver to Buyer an abstract of title
to the Property which shall be updated and continued to the approximate date of delivery to
Buyer for Buyer’s examination. Buyer shall have ten (10) days after receipt of
the abstract of title to object to any title matters upon its examination of
the abstract of title and will notify Seller of the same. Seller has informed Buyer of the
existence of a Well Agreement and Easement and title will be conveyed subject to the terms
thereof. Seller shall promptly correct all such title objections to the satisfaction of Buyer
and if such objections cannot be cured by the Closing Date, Seller shall promptly notify
Buyer of such fact whereby Buyer, in its discretion, may extend the Closing Date to permit
additional time for Seller to continue to diligently and promptly cure such objections, or
if Seller cannot or refuses to cure such objections and make title marketable, Buyer may
either terminate this Agreement or close on the purchase and deduct the reasonable costs
of curing such objections from the purchase price at closing. All abstracting costs shall
be paid for by the Seller. All title examination costs shall be paid by the Buyer.

                    (b)
At
closing, Seller shall convey by Warranty Deed, the Property to Buyer or its
assignees, free and clear of all liens, restrictions and encumbrances except
for those items
which Buyer has specifically agreed to in writing. Possession of the Property
shall be
delivered to Buyer at closing.

                    (c)
At
closing, Seller shall pay all real estate taxes prorated to the date of closing. Seller shall
pay all special assessments which are levied or pending against the Property as
of the Closing Date. Seller represents to Buyer that it has received no notice from any governmental
authority of any public improvements to be constructed upon, or assessments which may
be levied against, the Property in the future.

4

                    (d)
Seller
shall maintain adequate insurance on the Property and shall bear all risk of loss of and
to the Property until the Closing Date.

                    (e)
If
Buyer or Seller breaches this Agreement or otherwise fails to perform or breaches the
obligations to purchase or to sell the Property according to this Agreement on
the Closing Date, the aggrieved party shall be entitled to exercise any and
all remedies at law or in equity including without limitation commencing an
action for damages and/or commencing a proceeding in equity to obtain Buyer’s
or Seller’s specific performance of this Agreement, together with all costs and
attorneys’ fees incurred by the aggrieved party in connection thereof to the
extent permitted by law.

                    (f)
At
closing, Seller shall pay for any transfer tax and revenue stamps necessary to
effect the transfer of the Property to the Buyer and Buyer will pay the cost of
any
recording fees.

          9.
     Notices.
Wherever in this Option Agreement it shall be required or permitted that notice or demand be
given or served by either party, such notice or demand shall be given or served, and
shall not he deemed to have been duly given or served, unless in writing and forwarded by
certified mail, postage prepaid, return receipt requested, addressed as follows:

	
   

  	
   

  	
   

  	
   

  
	
   

  	
  To Seller:

  	
   

  	
  David
  B. Golwitzer and Karen B. Golwitzer 

  1406
  Highway 18 

  Algona, IA
  50511

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  AND

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Paul
  R. Doster 

  107
  North Harlan 

  P.O. Box 618

  Algona, IA 50511

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  To Buyer:

  	
   

  	
  East
  Fork Biodiesel, LLC 

  P.O.
  Box 21 

  Algona, IA
  50511

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  AND

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Michael
  E. Gabor

  111
  North Dodge Street 

  P.O. Box
  617
 Algona, IA 50511

  

5

Notice
shall be effective three (3) days after the date of mailing, if mailed. These addresses may be changed
from time to time by either party serving written notice as above provided.

          10.
     Release and Covenant Not to Sue. If Seller shall not have
exercised the Put Option during the Option period, Seller shall be deemed to have fully
and completely  released Buyer and Seller
covenants and agrees with Buyer that thereafter Seller will never institute suit or
action at law or otherwise against Buyer, nor institute, prosecute or in any way aid in the
institution or prosecution of any claim, demand, action or cause of action for damages,
costs, loss of service, expenses or compensation for, on account of any damage,
loss or injury either to person or property, or both, whether developed or undeveloped, resulting or to result, known or
unknown, which they ever had, now have or which
they, their heirs, executors or administrators, hereafter can, shall or may
have for, on or by reason of any
matter, cause or thing whatsoever arising from the construction and operation of a biodiesel facility or any
appurtenant facility located on the real estate described in Exhibit B.

          This
release and covenant shall continue in perpetuity if Sellers shall not have exercised their put
option herein within the put option period.

          11.
     Miscellaneous. This Agreement shall be binding upon and inure to the benefit of the
successors and assigns of the
Buyer. Time is of the essence in the performance
of this Agreement. This Agreement contains the entire agreement and understandings
of the parties hereto. This Agreement may not be modified or amended except in a writing signed by the Seller and the
Buyer. Each party agrees to pay their own
legal fees and other fees incurred in connection with the negotiation,
execution and  performance of this Agreement except as otherwise
required in the event of a breach. Upon
request each party will execute a recordable memorandum of this Agreement and agrees such memorandum may be duly recorded. This
Agreement may be executed in one or
more counterparts, each of which is an original and all of which together shall
constitute one and the same
instrument.

6

          12.     Survival of
Provisions. Any provision
herein not obviated by the delivery of any Deed through the doctrine of merger
or operation of law shall survive the closing of
any transaction herein contemplated.

          13.    
 Severability. If any
provision of this Agreement is declared void, such provision shall be deemed severed from this
Agreement, which shall otherwise remain in full force and effect.

          14. 
    Construction. This
Agreement shall be governed and construed in accordance with the laws of the State of Iowa. Captions are
included for convenient reference only and shall not in any way affect the
interpretation of any provision hereof.

          15.     Legal Counsel. All parties
affirmatively represent and acknowledge that they have been represented by
competent legal counsel of their choosing in connection with this Agreement.

          16.
     Attorney Fees
and Court
Costs. If either party files
suit to enforce any of the terms of this Agreement, the prevailing party
shall be entitled to recover court costs and reasonable
attorney’s fees. 

          IN
WITNESS WHEREOF, the parties
hereto have executed this Put Option Agreement
as of the day and year first above written and Buyer and Seller agree to take such
additional steps and actions including execution of such instruments and other documents as are reasonably necessary to
effectuate the intentions of Buyer and Seller hereby.

	
 

	
 

	
BUYER: 

	
SELLER: 

	
 

	
 

	
EAST FORK BIODIESEL, LLC

	
 

	
 

	
 

	
By:

	
 

	

	

	
 

	
 

	
 

	

	

	
 

	
 

	
Kenneth
 M. Clark, Its Manager

	
David
 B. Golwitzer

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
 

	

	
 

	
 

	
 

	
Karen
 B. Golwitzer

	
 

7

	
 

	
 

	
STATE OF IOWA

	
)

	
 

	
) ss:

	
COUNTY OF KOSSUTH

	
)

          On
this 5th day of January,
2007, before me, the undersigned, a Notary
Public in and for said County and State, personally appeared David B. Golwitzer
and Karen B. Golwitzer, husband and
wife, to me known to be the identical persons named in and who executed the foregoing instrument, and
acknowledged that they executed the same as their voluntary act and deed.

	
 

	
 

	

	

	
 

	

	
 

	
Notary
 Public in and for said County and State.

	
 

	
 

	
STATE OF IOWA

	
)

	
 

	
) ss:

	
COUNTY OF KOSSUTH

	
)

          On
this 15th day of December, 2006, before me, a Notary Public in and for said
county and state, personally appeared Kenneth M. Clark, to me personally know,
who being by me duly sworn or affirmed did say that he is Manager of
said Limited Liability Company, and that said instrument was signed on behalf
of the said Limited Liability Company by authority
of its members and the said Manager acknowledged the execution of said instrument to be the voluntary act and deed of
said Limited Liability Company by it voluntarily
executed.

	
 

	
 

	
 

	

	
 

	

	
 

	
Notary Public in and for said County
 and State

	
 

	
 

	
 

	
 

	
 

	

8

EXHIBIT A

A tract of land in the Northwest
Fractional Quarter (NW frl. 1/4) of Section Five (5), Township Ninety-five (95)
North, Range Twenty-eight (28), West of the Fifth Principal Meridian, Kossuth County, Iowa, described as
commencing on the South line of U.S. Highway
#18 at a point in the center of the road on the West side of the NW frl. 1/4 of said Section 5, thence Easterly
along the South line of U.S. Highway #18 a distance of 1318 feet as the point of beginning, thence South 500
feet, thence Easterly 525 feet, thence North
to the South line of U.S. Highway #18, thence Westerly along the South line of
U.S. Highway #18 to point of beginning.

(The
“Property”)

9

EXHIBIT B

That part of the Northwest Fractional Quarter
(NWfr 1⁄4) of Section Five (5), Township
Ninety-five (95) North, Range Twenty-eight (28), West of the 5th
P.M., Kossuth County, Iowa, lying North of the Railroad right of way EXCEPT a
tract as described by the Survey
recorded in Book 8, Land Plats, Page 47 and also

          EXCEPT
therefrom commencing at the point of intersection of the West line of said Section 5, and the South line of U.S.
Highway 18; 

          thence
Easterly along the South line of said
highway a distance of 1,118 feet to the point of beginning; 

          thence South 500 feet;  

          thence Easterly 725 feet; 

          thence
North 500 feet to the South line of said
highway;

          thence
Westerly along the South line of said Highway to the point of beginning,
and EXCEPT public highway conveyed to the State of Iowa by deeds recorded in Book 91, Page 530 and Book 90, Page
576.

10

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