Document:

Exhibit 10.1

 

LOAN AGREEMENT

 

This agreement is made and entered into this 16th day of June 2003 by
and between Broin and Associates, Inc (hereinafter referred to as “Lender”) and
Great Plains Ethanol, LLC (hereinafter referred to as “Borrower”).

 

Lender agrees to loan, under the terms stated herein, One Million US
dollars ($1,000,000) to Borrower.

 

For value received, Borrower agrees to pay to Lender, the principal sum
listed above on or before December 15, 2003. 
Borrower further agrees to pay interest on the outstanding principal
balance from the date that the loan proceeds are disbursed until such time that
the entire principal balance is repaid, at an annual rate of eight percent (8%)
calculated on the unpaid principal balance on an annual (365 day) basis.  Any Borrower payment will first be applied
to accrued interest, with any remaining amount

applied to the unpaid principal balance.

 

Borrower agrees that it will not, without written consent from Lender,
make any distributions to its members until the entire principal balance and
interest accrued on this loan is repaid.

 

Lender and Borrower both agree that there are no other terms or oral
promises not contained in this written agreement.

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement on the date and year first
written above.

 

 

	
   

  	
  LENDER:  BROIN AND ASSOCIATES, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Jeff Broin

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title: CEO

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BORROWER: GREAT
  PLAINS ETHANOL, LLC

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Darrin Ihnen

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Title: PresidentExhibit 10.2

 

FIRST AMENDED AND RESTATED

IRREVOCABLE STANDBY LETTER OF CREDIT

 

Letter of Credit No. 1158

 

	
  Date of Issuance:

  	
   

  	
  May 28, 2003

  
	
   

  	
   

  	
   

  
	
  Issuer:

  	
   

  	
  Home Federal Bank

  
	
   

  	
   

  	
  225 South Main Avenue

  
	
   

  	
   

  	
  Sioux Falls, SD 57104

  
	
   

  	
   

  	
   

  
	
  To:

  	
   

  	
  NorthWestern Energy Corporation

  
	
   

  	
   

  	
  125 S Dakota Ave Suite
  1100

  
	
   

  	
   

  	
  Sioux Falls, SD 57104-6403

  

 

 

          1.       Home Federal Bank (the “Bank”) hereby
establishes in favor of NorthWestern Energy Corporation (“NEC” an affiliate of
NorthWestern) an Irrevocable Standby Letter of Credit (the “Letter of Credit”)
at the request and for the account of Great Plains Ethanol, LLC, a South Dakota
limited liability company (“Great Plains”), whereby the Bank, subject to the
terms and conditions contained herein, authorizes NEC to draw on it at any time
or times before the Expiration Date (as defined below), by its draft (the
“Draft”), in the form of Appendix 1 hereto, an amount up to an aggregate amount
of $1,600,000.00, as set forth on an accompanying certificate (the “Draw
Certificate”), in the form of Appendix 2 hereto.

 

          2.       This Letter of Credit shall expire at the
close of business on March 1, 2004 (the “Expiration Date”), unless extended.

 

          3.       This Letter of Credit is issued in
conjunction with a Natural Gas Distribution Delivery Agreement between NEC and
Great Plains dated September 2, 2002 (the “Agreement”), under which Great
Plains agreed to transport a minimum quantity of natural gas to its plant at a
fixed price for delivery by NEC through a pipeline constructed by NEC to serve
the plant and the obligations of Great Plains under the Agreement.  The terms and conditions of the Agreement
are incorporated herein by reference.

 

 

          4.       Funds under this Letter of Credit are
available to NEC in accordance with and against its Draft and Draw Certificate,
each dated the date of presentation and executed by an officer of NEC,
referring to the number of this Letter of Credit and presented along with the
original Letter of Credit at our office at 225 South Main Avenue, Sioux Falls,
South Dakota 57104 during normal banking hours on or prior to the Expiration
Date or any extension thereof.  NEC
warrants and represents to the Bank that it has assigned or will assign its
rights to the proceeds of this Letter of Credit to Tetra Financial Group.  Within 48 hours following presentation of
the Draft, Draw Certificate and original Letter of Credit, the funds drawn
shall be payable jointly by the Bank to NEC and Tetra Financial Group.

 

          5.       This Letter of Credit sets forth in full
the terms of our undertaking, and such undertaking shall not in any way be
modified or amended, without the consent of the Bank, except as to the
completion of the Draft and Draw Certificates referred to herein.

 

	
   

  	
  HOME FEDERAL BANK

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/David A. Brown

  
	
   

  	
   

  
	
   

  	
  Its

  	
  Senior Vice President

  

 

 

AGREED AND ACCEPTED

this  28th day of May, 2003.

 

NORTHWESTERN ENERGY CORPORATION

 

	
  By

  	
  /s/Curt Pohl

  	
   

  
	
   

  	
   

  	
   

  
	
  Its

  	
  /s/Vice PresidentExhibit 10.3

 

COMMERCIAL LOAN AGREEMENT

Single
Advance Loan

 

DATE
AND PARTIES. The
date of this Commercial Loan Agreement (Agreement) is February 28, 2003. The
parties and their addresses are as follows:

 

	
   

  	
  LENDER:

  
	
   

  	
   

  	
  HOME
  FEDERAL BANK

  
	
   

  	
   

  	
  225 S MAIN AVE

  
	
   

  	
   

  	
  SIOUX FALLS, South Dakota
  57104

  
	
   

  	
   

  	
   

  
	
   

  	
  BORROWER:

  
	
   

  	
   

  	
  GREAT
  PLAINS ETHANOL LLC

  
	
   

  	
   

  	
  a South Dakota Limited
  Liability Company

  
	
   

  	
   

  	
  27716 462ND AVENUE

  
	
   

  	
   

  	
  CHANCELLOR, South Dakota
  57015

  

 

1.      DEFINITIONS. For the purposes of this Agreement, the
following terms have the following meanings.

 

A.  Accounting Terms. In this Agreement, any accounting terms
that are not specifically defined will have their customary meanings under
generally accepted accounting principles.

 

B.  Insiders. Insiders include those defined as insiders
by the United States Bankruptcy Code, as amended; or to the extent left
undefined, include without limitation any officer, employee, stockholder or
member, director, partner, or any immediate family member of any of the
foregoing, or any person or entity which, directly or indirectly, controls, is
controlled by or is under common control with me.

 

C.  Loan. The Loan refers to this transaction
generally, including obligations and duties arising from the terms of all
documents prepared or submitted for this transaction.

 

D.  Pronouns.
The pronouns “I”, “me” and ‘my” refer to every Borrower signing this Agreement,
individually or together, and their heirs, successors and assigns. ‘You” and
“your” refers to the Loan’s lender, any participants or syndicators, or any
person or company that acquires an interest in the Loan and their successors
and assigns.

 

E.   Property. Property is any property, real, personal or
intangible, that secures my performance of the obligations of this Loan.

 

2.               SINGLE
ADVANCE. In accordance with the terms of this Agreement and
other Loan documents, you will provide me with a term note in the amount of
$1,600,000.00 (Principal). I will receive the funds from this Loan in one
advance. No additional advances are contemplated, except those made to protect
and preserve your interests as provided in this Agreement or other Loan
documents.

 

3.      DEMAND. I agree to fully repay the Loan on demand,
but if no demand is made, I will repay the Loan by March 1, 2004.

 

4.      WARRANTIES AND REPRESENTATIONS. I make to you the following warranties and
‘representations which will continue as long as this Loan is in effect, except
when this Agreement provides otherwise.

 

A.  Power. I am duly organized, and validly existing
and in good standing in all jurisdictions in which I operate. I have the power
and authority to enter into this transaction and to carry on my business
activity as it is now

 

1

 

being conducted and, as
applicable, am qualified to do so in each jurisdiction in which I operate.

 

B.  Authority. The
execution, delivery and performance of this Loan and the obligation evidenced
by the Note are within my powers, have been duly authorized, have received all
necessary governmental approval, will not violate any provision of law, or
order of court or governmental agency, and will not violate any agreement to
which I am a party or to which I am or any of my property is subject.

 

C.  Name and Place of Business. Other than previously disclosed in writing to
you I have not changed my name or principal place of business within the last
10 years and have not used any other trade or fictitious name. Without your
prior written consent, I do not and will not use any other name and will
preserve my existing name, trade names and franchises.

 

D.  Loan Purpose. This Loan is for Commercial purposes.

 

E.   No Other Liens. I own or lease  all property that I need to conduct my business and activities. I have
good and marketable title to all property that I own or lease. All of my Property
is free and clear of all liens, security interests, encumbrances and other
adverse claims and interests, except those to you or those you consent to in
writing.

 

F.   Compliance  With Laws.
I am not violating any laws, regulations, rules, orders, judgments
or decrees applicable to me or my property, except for those which I am
challenging in good faith through proper proceedings after providing adequate
reserves to fully pay the claim and its challenge should I lose.

 

G.  Legal  Dispute.  There are no pending
or threatened lawsuits, arbitrations or other proceedings against me or my
property that singly or together may materially and adversely affect my
property, operations, financial condition, or business.

 

H.  Adverse Agreements. I am not a party to, nor am I bound by, any
agreement that is now or is likely to become materially adverse to my business,
Property or operations.

 

I.    Other Claims. There are no outstanding claims or rights
that would conflict with the execution, delivery or performance by me of the
terms and conditions of this Agreement or the other Loan documents. No
outstanding claims or rights exist that may result in a lien on the Property,
the Property’s proceeds and the proceeds of proceeds, except liens that were
disclosed to and agreed to by you in writing.

 

J.   Solvency. I am able to pay my debts as they mature, my
assets exceed my liabilities and I have sufficient capital for my current and
planned business and other activities. I will not become insolvent by the
execution or performance of this Loan.

 

5.      FINANCIAL STATEMENTS. I will prepare and maintain my financial
records using consistently applied generally accepted accounting principles
then in effect. I will provide you with financial information in a form that
you accept and under the following terms.

 

A.  Certification. I represent and warrant that any financial
statements that I provide you fairly represents my financial condition for the
stated periods, is current, complete, true and accurate in all material
respects, includes all of my direct or contingent liabilities and there has
been no material adverse change in my financial condition, operations or
business since the date the financial information was prepared.

 

B.  Frequency. In addition to the
financial statements provided to you prior to closing,  I will provide you with current financial statements on an annual
basis, or as otherwise requested by you, until I have performed all of my
obligations under the Loan and you terminate the Loan in writing.

 

C.  SEC Reports.
I will provide you with true and correct copies of all reports,
notices or statements that I provide to the Securities and Exchange Commission,
any securities exchange or my stockholders, owners, or the holders of any
material indebtedness as soon as available or at least within 15 days after
issuance.

 

D.  Requested Information.
I will provide you with any other information about my
operations, financial affairs and condition within 15 days after your request.

 

2

 

6.      COVENANTS. Until the Loan and all related debts,
liabilities and obligations are paid and discharged, I will comply with the
following terms, unless you waive compliance in writing.

 

A.  Participation. I consent to you participating or
syndicating the Loan and sharing any information that you decide is necessary
about me and the Loan with the other participants or syndicators.

 

B.  Inspection. Upon reasonable notice, I will permit you
or your agents to enter any of my premises and any location where my Property is
located during regular business hours to do the following.

 

(1)        You may inspect, audit, check, review
and obtain copies from my books, records, journals, orders, receipts, and any
correspondence and other business related data.

 

(2)        You may discuss my affairs, finances and
business with any one who provides you with evidence that they are a creditor
of mine, the sufficiency of which will be subject to your sole discretion.

 

(3)        You may inspect my Property, audit for the
use and disposition of the Property’s proceeds and proceeds of proceeds; or do
whatever you decide is necessary to preserve and protect the Property and your
interest in the Property.  After prior
notice to me, you may discuss my financial condition and business operations
with my independent accountants, if any, or my chief financial officer and I
may be present during these
discussions. As long as the Loan
is outstanding, I will direct all of my accountants and auditors to permit you
to examine my records in their possession and to make copies of these records.
You will use your best efforts to maintain the confidentiality of the
information you or your agents obtain, except you may provide your regulator,
if any, with required information about my financial condition, operation and
business or that of my parent, subsidiaries or affiliates.

 

C.  Business  Requirements. I
will preserve and maintain my present existence and good standing in the
jurisdiction where I am organized and all of my rights, privileges and
franchises. I will do all that is needed or required to continue my business or
activities as presently conducted, by obtaining licenses, permits and bonds
everywhere I engage in business or activities or own, lease or locate my
property. I will obtain your prior written consent before I cease my business
or before I engage in any new line of business that is materially different
from my present business.

 

D.  Compliance with Laws. I will not violate any laws, regulations,
rules, orders, judgments or decrees applicable to me or my Property, except for
those which I challenge in good faith through proper proceedings after
providing adequate reserves to fully pay the claim and its appeal should I
lose. Laws include without limitation the Federal Fair Labor Standards Act
requirements for producing goods, the federal Employee Retirement Income
Security Act of 1974’s requirements for the establishment, funding and
management of qualified deferred compensation plans for employees, health and
safety laws, environmental laws, tax laws, licensing and permit laws. On your
request, I will provide you with written evidence that I have fully and timely
paid my taxes, assessments and other governmental charges levied or imposed on
me, my income or profits and my property. Taxes include without limitation
sales taxes, use taxes, personal property taxes, documentary stamp taxes,
recordation taxes, franchise taxes, income taxes, withholding taxes, FICA taxes
and unemployment taxes. I will adequately provide for the payment of these
taxes, assessments and other charges that have accrued but are not yet due and
payable.

 

E.   New Organizations. I will obtain your written consent and any necessary changes to the
Loan documents before I organize or participate in the organization of any
entity, merge into or consolidate with any one, permit any one else to merge
into me, acquire all or substantially all of the assets of any one else or
otherwise materially change my legal structure, management, ownership or
financial condition.

 

F.   Dealings with Insiders. I will not purchase, acquire or lease any
property or services from, or sell, provide or lease any property or services
to, or permit any outstanding loans or credit extensions to, or otherwise deal
with, any Insiders except as required under contracts existing at the time I
applied for the Loan and approved by you or as this Agreement otherwise
permits. I will not change or breach these contracts existing at Loan
application so as to cause an acceleration of or an increase in any payments
due.

 

3

 

G.  Other Debts. I will pay when due any and all other debts
owed or guaranteed by me and will faithfully perform, or comply with all the
conditions and obligations imposed on me concerning the debt or guaranty.

 

H.  Other Liabilities. I will not incur, assume or permit any debt
evidenced by notes, bonds or similar obligations, except: debt in existence on
the date of this Agreement and fully disclosed to you; debt subordinated in
payment to you on conditions and terms acceptable to you; accounts payable
incurred in the ordinary course of my business and paid under customary trade
terms or contested in good faith with reserves satisfactory to you.

 

I.    Notice to You. I will promptly notify you of any material
change in my financial condition, of the occurrence of a default under the
terms of this Agreement, or a default by me under any agreement between me and
any third party which materially and adversely affects my property, operations,
financial condition or business.

 

J.   Certification of No Default. On your request, my chief financial officer
or my independent accountant will provide you with a written certification that
to the best of their knowledge no event of default exists under the terms of
this Agreement or the other Loan documents, and that there exists no other
action, condition or event which with the giving of notice or lapse of time or
both would constitute a default. As requested, my chief financial officer or my
independent accountant will also provide you with computations demonstrating
compliance with any financial covenants and ratios contained in this Agreement.
If an action, condition or event of default does exist, the certificate must
accurately and fully disclose the extent and nature of this action, condition
or event and state what must be done to correct it.

 

K.  Use of  Loan
Proceeds. I will not permit
the loan proceeds  to be
used to purchase, carry, reduce, or retire any loan originally incurred to
purchase or carry any margin stock or otherwise cause the Loan to violate
Federal Reserve board Regulations G, U, or X, or Section 8 of the Securities
and Exchange Act of 1934 and its regulations, as amended.

 

L.   Dispose of No Assets. Without your prior  written consent or as the Loan documents permit, I will not sell,
lease, assign, transfer, dispose of or otherwise distribute all or
substantially all of my assets to any person other than in the ordinary course
of business for the assets’ depreciated book value or more.

 

M.  No Other Liens. I  will not create, permit or suffer any lien or encumbrance upon any of
my properties for or by anyone, other than you, except for: nonconsensual liens
imposed by law arising out of the ordinary course of business on obligations
that are not overdue or which I am contesting in good faith after making
appropriate reserves; valid purchase money security interests on personal
property; or any other liens specifically agreed to by you in writing.

 

N.  Guaranties. I will
not guaranty or become liable in any way as surety, endorser (other than as endorser
of negotiable instruments in the ordinary course of business) or accommodation
endorser or otherwise for the debt or obligations of any other person or
entity, except to you or as you otherwise specifically agree in writing.

 

0.   No Default under Other Agreements. I will not allow to occur, or to continue
unremedied, any act, event or condition which constitutes a default , or
which, with the passage of time or giving of notice, or both, would constitute
a default under any agreement, document, instrument or undertaking to which I
am a party or by which I may be bound.

 

P.   Legal Disputes. I will promptly notify you in writing of any
threatened or pending lawsuit, arbitration or other proceeding against me or
any of my property, not identified in my financial statements, whose claim
exceeds $$100,000.00 or that singly or together with other proceedings may
materially and adversely affect my property, operations, financial condition or
business. I will use my best efforts to bring about a favorable and speedy
result of any of these lawsuits, arbitrations or other proceedings.

 

Q.  Other Notices. I will immediately provide you with any
information that may materially and adversely affect my ability to perform this
Agreement and of its anticipated effect.

 

R.  No Change in Capital. I will not release, redeem, retire,
purchase or otherwise acquire, directly or

 

4

 

indirectly, any of my
capital stock or other equity security or partnership interest, or make any
change in my capital structure, except to the extent required by any agreements
signed prior to this Agreement and disclosed to you or with your prior written
consent.

 

S.   Loan Obligations. I will comply with the terms and agreements
contained in this Agreement and in the other Loan documents.

 

T.   Insurance. I will obtain and maintain insurance with
insurers, in amounts and coverages that are acceptable to you and customary
with industry practice. This may include without limitation insurance policies
for public liability, fire, hazard and extended risk, workers compensation,
and, at your request, business interruption and/or rent loss insurance. At your
request, I will deliver to you certified copies of all of these insurance
policies, binders or certificates. I will obtain and maintain a mortgagee or
loss payee endorsement for you when these endorsements are available. I  will
immediately notify you of cancellation or termination of insurance. I will
require all insurance policies to provide you with at least 10 days prior
written notice to you of cancellation or modification. I consent to you using or disclosing
information relative to any contract of insurance required by the Loan for the
purpose of replacing this insurance. I also authorize my insurer and you to
exchange all relevant information related to any contract of insurance required
by any document executed as part of this Loan.

 

U.   Property Maintenance. I will keep all tangible and intangible
property that I consider necessary or useful in my business in good working
condition by making all needed repairs, replacements and improvements and by
making all rental, lease or other payments due on this property.

 

V.  Property Loss. I will immediately notify you, and the
insurance company when appropriate, of any material casualty, loss or
depreciation to the Property or to my other property that affects my business.

 

W. Accounts
Receivable Collection. I will collect and otherwise enforce alt of
my unpaid Accounts Receivable at my cost and expense, until you end my
authority to do so, which you may do at any time to protect your best
interests. I will not sell, assign or otherwise dispose of any Accounts
Receivable without your written consent. I will not commingle the Accounts
Receivable proceeds with any of my other property.

 

X.  Compensating
Balance. For as long as I owe any amount under the Loan, or you have
an outstanding commitment to me, I agree to maintain an average annually
balance of $250,000.00 in one or more interest bearing accounts with you.

 

Y.   Reserves. You may set aside and reserve Loan proceeds
for Loan interest, fees and expenses, taxes, and insurance.  No interest will accrue on any reserve Loan
proceeds. Disbursement of reserves is disbursement of the Loan’s proceeds. At
my request, you will disburse the reserves for the purpose they were set aside
for, as long as I am not in default under this Agreement. You may directly pay
these reserved items, reimburse me for payments I made, or reduce the reserves
and increase the Loan proceeds available for disbursement.

 

Z.   Additional Covenants. Borrower to maintain compliance with Natural
Gas Supply Agreement between themselves and North Western Service Group, Inc.
throughout the loan term.  Borrower to
be in compliance with all conditions of AgCountry Farm Credit Services, the
senior creditor and will provide the Bank with a compliance certificate
annually.

 

7.      DEFAULT. I understand that you may demand payment
anytime at your discretion. For example, you may demand payment in full if any
of the following occur:

 

A.  Payments. I fail to make a payment in full when due.

 

B.  Insolvency. I make an assignment for the benefit of
creditors or become insolvent, either because my liabilities exceed my assets
or I am unable to pay my debts as they become due.

 

C.  Business Termination. I merge, dissolve, reorganize, end my
business or existence, or a partner or majority owner dies or is declared
legally incompetent.

 

D.  Failure to Perform. I fail to perform any condition or to keep
any promise or covenant of this Agreement.

 

5

 

E.   Other Documents. A default occurs under the terms of any other transaction document.

 

F.   Other Agreements. I am in default on any other debt or agreement I
have with you.

 

G.  Misrepresentation. I make any verbal or written statement or
provide any financial information that is untrue, inaccurate, or conceals a
material fact at the time it is made or provided.

 

H.       Judgment. I fail to satisfy or appeal any judgment
against me.

 

I.    Forfeiture. The Property is used in a manner or for a
purpose that threatens confiscation by a legal authority.

 

J.   Name Change. I change my name or
assume an additional name without  notifying you before making such a change.

 

K.  Property
Transfer. I transfer all or a substantial part of my money or
property.

 

L.   Property Value. The value of the Property
declines or is impaired.

 

M.  Material
Change. Without first notifying you, there is a material change in
my business, including ownership, management, and financial conditions.

 

N.       Insecurity. You reasonably believe that you are
insecure.

 

8.      REMEDIES.
After I default, and after you give any legally required notice and
opportunity to cure the default, you may at your option do any one or more of
the following.

 

A.  Acceleration. You may make all or any part of the amount
owing by the terms of the Loan immediately due.

 

B.  Sources. You may use any and all remedies you have
under state or federal law or in any instrument securing the Loan.

 

C.  Insurance Benefits.
You may make a claim for any and all insurance benefits or refunds that may be
available on my default.

 

D.  Payments
Made On My Behalf. Amounts advanced on my behalf will be immediately
due and may be added to the balance owing under the terms of the Loan, and
accrue interest at the highest post-maturity interest rate.

 

E.   Set-Off. You may use the right of set-off. This
means you may set-off any amount due and payable under the terms of the Loan
against any right I have to receive money from you.  My right to receive money from you includes any deposit or share
account balance I have with you; any money owed to me on an item presented to
you or in your possession for collection or exchange; and any repurchase
agreement or other non-deposit obligation. “Any amount due and payable under
the terms of the Loan” means the total amount to which you are entitled to
demand payment under the terms of the Loan at the time you set-off.

 

Subject to any other written
contract, if my right to receive money from you is also owned by someone who
has not agreed to pay the Loan, your right of set-off will apply to my interest
in the obligation and to any other amounts I could withdraw on my sole request
or endorsement.

 

Your right of set-off does
not apply to an account or other obligation where my rights arise only in a
representative capacity. It also does not apply to any Individual Retirement
Account or other tax-deferred retirement account.

 

You will not be liable for
the dishonor of any check when the dishonor occurs because you set-off against
any of my accounts. I agree to hold you harmless from any such claims arising
as a result of your exercise of your right of set-off.

 

F.              Waiver. Except as otherwise
required by law, by choosing any one or more of these
remedies you do  not give up your right to use any
other remedy. You do not waive a default if you choose not to use a remedy.
By electing not to use any remedy, you do not waive your
right to later consider the event a default and to use any remedies if the
default continues or occurs again.

 

9.      COLLECTION EXPENSES AND ATTORNEYS’ FEES. On or after
Default, to the extent  permitted  by law, I agree to pay all expenses of collection, enforcement or
protection of your rights and remedies under this Agreement. Expenses include,
but are not limited to, court costs and other legal expenses, including any
reasonable

 

6

 

attorney’s fees if allowed
by law. These expenses are due and payable immediately. If not paid
immediately, these expenses will bear interest from the date of payment until
paid in full at the highest interest rate in effect as provided for in the
terms of this Loan. All fees and expenses will be secured by the Property I
have granted to you, if any. To the extent permitted by the United States
Bankruptcy Code, I agree to pay the reasonable attorneys’ fees you incur to
collect this debt as awarded by any court exercising jurisdiction under the
Bankruptcy Code.

 

10.    APPLICABLE LAW. This Agreement is
governed  by the laws of South Dakota, the United
States of America and to the extent required, by the laws of the jurisdiction
where the Property is located,

 

11.    JOINT AND INDIVIDUAL LIABILITY AND
SUCCESSORS. My obligation to pay  this Loan is
independent of the obligation of any other person who has also agreed to pay
it. You may sue me alone, or anyone else who is obligated on this Loan, or any
number of us together, to collect this Loan. Extending this Loan or new
obligations under this Loan, will not affect my duty under this Loan and I will
still be obligated to pay this Loan. The duties and benefits of this Loan will
bind and benefit the successors and assigns of you and me.

 

12.    AMENDMENT, INTEGRATION AND SEVERABILITY. This Agreement may  not be amended or modified by
oral agreement. No amendment or modification  of
this Agreement is effective unless made in writing and executed by you and me. This Agreement is the complete and final
expression  of the
understanding between you and me. If any provision of this Agreement is unenforceable,
then the unenforceable provision will be severed and the remaining provisions
will still be enforceable.

 

13.    INTERPRETATION. Whenever used, the
singular includes the plural and the plural includes the singular.
The section headings are for convenience  only
and are not to be used to interpret or define the terms of this Agreement.

 

14.    NOTICE. FINANCIAL REPORTS AND ADDITIONAL
DOCUMENTS. Unless otherwise required by
law, any notice will be given by
delivering it or mailing it by first class mail to the appropriate party’s
address listed in the DATE AND PARTIES section, or to any other address
designated in writing. Notice to one party will be deemed to be notice to all
parties. I will inform you in writing of any change in my name, address or other
application information. I will provide you any financial statement or
information you request.  All financial
statements and information I give you will be correct and  complete. 
I agree to sign, deliver, and file any additional documents or certifications
that you may consider necessary to perfect, continue, and preserve my
obligations under this Loan and to confirm your lien status on any
property.  Time is of the essence.

 

15.    SIGNATURES. By signing under seal, I agree to the terms
contained in this Agreement.  I also
acknowledge receipt of a copy of this Agreement.

 

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  	
  GREAT PLAINS
  ETHANOL, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By 

  	
    /s/  Darrin Ihnen

  	
  (Seal)

  
	
   

  	
   

  	
  DARREN
  IHNEN, PRESIDENT

  

 

7

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