Document:

Exhibit 10.31.1
	 

	 
		OPTION AGREEMENT
	 

	 
		AN OPTION AGREEMENT entered into
		on this 11th day of September 2006, by and between Nancy and
		Robert Hall (hereinafter referred to as “Optionor”) and AG
		PARTNERS, L.L.C., an Iowa limited liability company, (hereinafter
		referred to as “Optionee”).
	 

	 
		WHEREAS, the Optionor is the owner
		of certain real estate described in Exhibit “A” attached
		hereto; and
	 

	 
		WHEREAS, the Optionee is desirous
		of purchasing the above-described real estate.
	 

	 
		NOW, THEREFORE, in consideration
		of the mutual promises and covenants contained in this instrument and
		for other valuable consideration, the parties hereto agree as
		follows:
	 

	 
			
				
				  1.
				

			 	
				
				  Optionor hereby grants to
				  the Optionee an Option to purchase all or a part of the real estate
				  hereinabove described under all of the terms and conditions set out
				  under this Option Agreement.
				

			 

 

	 
			
				
				  2.
				

			 	
				
				  As consideration for this
				  Option, the Optionee herewith pays to Optionor the amount of ten
				  thousand dollars ($10,000.00). If this Option is exercised, this
				  amount shall be paid on top of the Purchase Price described below. If
				  this Option is not exercised, then the amount referenced in this
				  Section shall be retained by the Optionor.
				

			 

 

	 
			
				
				  3.
				

			 	
				
				  The purchase price for the
				  real estate described in this Option Agreement shall be the sum of
				  seven thousand dollars ($7000.00) per acre. Optionee will identify
				  the total number of acres to purchase on the date of the exercise of
				  the Option. If Optionee elects to purchase less than 100% of the
				  described land, Optionee will use its best efforts to even out acres
				  and provide a straight property line for Optionor with at least 40
				  contiguous acres. Said purchase price shall be paid as
				  follows:
				

			 

 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  The payment of an
				  additional amount of sixty thousand dollars ($60,000.00) in cash to
				  the Optionor at such time as this Option is exercised;
				

			 

 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  The balance to be paid
				  upon closing.
				

			 

 

	 
			
				
				  4.
				

			 	
				
				  The Optionee shall have
				  the right to purchase the property as described above on or before
				  six (6) months from date of this agreement. The closing date on the
				  exercise of the Option shall be within ninety (90) days from the date
				  of the exercise of this Option.
				

			 

 

	 
			
				
				  5.
				

			 	
				
				  Optionee shall exercise
				  this Option by providing to the Optionor a written notice of this
				  exercise, delivered in person to the Optionor or when send, addressed
				  to ___________________________ postage prepaid, by certified mail,
				  return receipt requested by the United States mail and so deposited
				  in a United States 
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		1
	 

	 
		 
	 

	 
		mail box. The date of mailing
		shall constitute the date of the Option. For notice to Optionor, a
		copy shall also be sent regular United States Postal Service first
		call mail to _____________________.
	 

	 
			
				
				  6.
				

			 	
				
				  In the event that the
				  Optionee elects to exercise the Option granted herein, the Optionor
				  and the Optionee shall immediately proceed to prepare a Purchase
				  Agreement, in the form attached hereto as Exhibit A, which Purchase
				  Agreement shall contain the following items:
				

			 

 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  Proration of real estate
				  taxes to the date of possession;
				

			 

 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  Closing to be scheduled
				  within the ninety (90) day period described above unless said closing
				  is extended by agreement of the Optionor and the Optionee.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (c)
				

			 	
				
				  Should Optionee purchase
				  less than the entire optioned real estate, purchase agreement shall
				  contain a representation surviving closing that Optionee shall
				  control on surface water runoff by connecting to existing drainage
				  tile on Optionor’s real property not purchased.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (d)
				

			 	
				
				  Optionee agrees that a
				  livestock operation including the raising or processing of livestock
				  will not be conducted on this property.
				

			 

 

	 
			
				
				  7.
				

			 	
				
				  This Option and all rights
				  herein are assignable by Optionee before or after the exercise of
				  this Option. If the Option is assigned, the Assignee shall perform
				  all obligations of the Optionee.
				

			 

 

	 
			
				
				  8.
				

			 	
				
				  This Option constitutes
				  the entire agreement between the parties. No representations,
				  warranties, or promises pertaining to this Option or any property
				  affected by it have been made by, or shall be binding on, any of the
				  parties, except as expressly stated in the Option Agreement. This
				  Option he Agreement may not be changed orally, but only by an
				  agreement signed by the party against whom enforcement of any such
				  change is sought.
				

			 

 

	 
			
				
				  9.
				

			 	
				
				  This Option Agreement
				  shall be binding upon and inure to the benefit of the parties and
				  their respective heirs, successors, and assigns.
				

			 

 

	 
			
				
				  10.
				

			 	
				
				  This Option Agreement
				  shall be governed by and construed in accordance with the laws of the
				  State of Iowa.
				

			 

 

	 
			
				
				  11.
				

			 	
				
				  This Option Agreement may
				  be executed in one or more counterparts, each of which shall be
				  deemed an original but all of which together shall constitute one and
				  the same instrument.
				

			 

 

	 
			
				
				  12.
				

			 	
				
				  Time is of the essence for
				  this Option Agreement.
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 
			
				
				  13.
				

			 	
				
				  Confidentiality. The terms
				  of this Agreement are confidential and, except as required by law,
				  shall not be disclosed by either Party without the prior written
				  consent of the other Party, which shall not be unreasonably withheld;
				  provided, however, that either Party may disclose the terms of this
				  Agreement to its lenders, accountants, and/or legal counsel.
				

			 

 

	 
			
				
				  14.
				

			 	
				
				  This Option Agreement is
				  expressly subject to James Hultgren signing the Reimbursement
				  Agreement, in the form attached hereto as Exhibit
				  “B.”
				

			 

 

	 
		IN WITNESS WHEREOF, the parties
		hereto have executed and delivered this Agreement the day and year
		first above mentioned.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  OPTIONOR:
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  
 /s/ Nancy A.
				  Hall
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ Robert Hall
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Its:
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  OPTIONEE:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  AG PARTNERS, L.L.C.

				

			 
	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				  /s/ Troy Upah
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Troy Upah, Manager
				

			 

 

	 
		 
	 

	 
			
				
				  STATE OF IOWA
				

			 	
				
				  :
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  :
				

			 	
				
				  ss.
				

			 
	
				
				  COUNTY OF BUENA
				  VISTA
				

			 	
				
				  :
				

			 	
				
				   
				

			 

 

	 
		On this 11th day of September,
		2006, before me, the undersigned, a Notary Public in and for the
		State of Iowa, personally appeared Nancy A. Hall and Robert Hall, to
		me known to be the persons named in and who executed the foregoing
		instrument, and acknowledged that they executed the same as their
		voluntary act and deed.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  /s/ Gary W.
				  Armstrong
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Notary Public in and for
				  said State
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		3
	 

	 
		 
	 

	 
		 
	 

	 
			
				
				  STATE OF IOWA
				

			 	
				
				  :
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  :
				

			 	
				
				  ss.
				

			 
	
				
				  COUNTY OF BUENA
				  VISTA
				

			 	
				
				  :
				

			 	
				
				   
				

			 

 

	 
		On this 11th day of September,
		2006, before me, the undersigned, a Notary Public in and for the
		State of Iowa personally appeared Troy Upah, to me personally known,
		who being by me duly sworn, did say that he is the Manager of Ag
		Partners, L.L.C., the limited liability company executing the within
		and foregoing instrument, that no seal has been procured by the
		limited liability company; that the instrument was signed on behalf
		of the limited liability company by authority of its Members; and
		that Troy Upah as Manager acknowledged the execution of the foregoing
		instrument to be the voluntary act and deed of the limited liability
		company, by it and by him voluntarily executed.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  /s/ Susan J.
				  Diersen
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Notary Public in and for
				  said State
				

			 

 

	 
		[Notorial Stamp]
	 

	 
		SUSAN J. DIERSEN
	 

	 
		Commission Number 127210
	 

	 
		My Comm. Exp. June 5, 2007
	 

	 
		 
	 

	 
		 
	 

	 
		4
	 

	 
		 
	 

	 
		EXHIBIT A
	 

	 
		OFFER TO BUY REAL ESTATE AND
		ACCEPTANCE
	 

	 
			
				
				  TO:
				

			 	
				
				  Seller,
				  _________________________________________
				

			 

 

	 
			
				
				  1.
				

			 	
				
				  REAL ESTATE
				  DESCRIPTION. Buyer offers to
				  buy real estate in Buena Vista County, Iowa, described as
				  follows:
				

			 

 

	 
			  	
				
				  With any easements and
				  appurtenant servient estates, but subject to the following:
				  (a) any zoning and other ordinances; (b) any covenants of
				  record; (c) any easements of record for public utilities, roads
				  and highways, designated the “Real Estate”.
				

			 

 

	 
			
				
				  2.
				

			 	
				
				  PRICE. The purchase price shall be
				  _______________________ payable at Storm Lake or Alta, Iowa, in full
				  at Closing.
				

			 

 

	 
			
				
				  3.
				

			 	
				
				  REAL ESTATE TAXES.
				  Seller shall pay real estate
				  taxes prorated through the date of closing. Buyer shall pay all
				  subsequent real estate taxes.
				

			 

 

	 
			
				
				  4.
				

			 	
				
				  SPECIAL ASSESSMENTS.
				  Seller shall pay all special
				  assessments which are a lien on the Real Estate as of the date of
				  Closing.
				

			 

 

	 
			
				
				  5.
				

			 	
				
				  RISK OF LOSS.
				  Risk of loss prior to
				  Seller’s delivery of possession of the Real Estate to Buyers
				  shall be as follows: All risk of loss shall remain with Seller until
				  possession of the Real Estate is delivered to Buyer.
				

			 

 

	 
			
				
				  6.
				

			 	
				
				  CARE AND MAINTENANCE.
				  The Real Estate shall be
				  preserved in the Real Estate’s present condition and delivered
				  as is at the time possession is delivered to Buyer. Buyer
				  acknowledges that the residence is not habitable, and Seller makes no
				  representations or warranties with respect to the residence.
				

			 

 

	 
			
				
				  7.
				

			 	
				
				  POSSESSION.
				  If Buyer timely performs all
				  obligations, possession of the Real Estate shall be delivered to
				  Buyer on ______________, _______, with any adjustments of rent,
				  insurance, and interest to be made as of the date of transfer of
				  possession.
				

			 

 

	 
			
				
				  8.
				

			 	
				
				  FIXTURES.
				  All property that integrally
				  belongs to or is part of the Real Estate, whether attached or
				  detached, shall be considered a part of the Real Estate and included
				  in the sale except:
				  ___________________________________________.
				

			 

 

	 
			
				
				  9.
				

			 	
				
				  USE OF PURCHASE PRICE.
				  At time of settlement, funds
				  of the purchase price may be used to pay taxes and other liens and to
				  acquire outstanding interests, if any, of others.
				

			 

 

	 
			
				
				  10.
				

			 	
				
				  ABSTRACT AND TITLE.
				  Seller, at Seller’s
				  expense, shall deliver to Buyer an abstract of title to the Real
				  Estate continued through the date of the exercise of the option. The
				  abstract shall become the property of the Buyer when the purchase
				  price is paid in full.
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		5
	 

	 
		 
	 

	 
			
				
				  11.
				

			 	
				
				  DEED. Upon payment of the purchase price, Seller
				  shall convey the Real Estate to Buyers or their assignees, by
				  Warranty Deed, free and clear of all liens, restrictions, and
				  encumbrances except as provided in paragraphs 1(a) through 1(c).
				  Any general warranties of title shall extend only to the time of
				  acceptance of this offer, with special warranties as to acts of
				  Seller continuing up to time of delivery of the deed.
				

			 

 

	 
			
				
				  12.
				

			 	
				
				  JOINT TENANCY IN
				  PROCEEDS AND IN THE REAL ESTATE. If Seller, immediately preceding acceptance of
				  this offer, hold title to the Real Estate in joint tenancy with full
				  rights of survivorship, and the joint tenancy is not later destroyed
				  by operation of law or by acts of the Seller, then the proceeds of
				  this sale, and any continuing or recaptured rights of Sellers in the
				  Real Estate, shall belong to Seller as Joint Tenants with Full Rights
				  of Survivorship and not as tenants in common; and Buyers, in the
				  event of the death of either Seller, agree to pay any balance of the
				  price due Sellers under this contract to the surviving Seller and to
				  accept a deed from the surviving Seller consistent with paragraph
				  11.
				

			 

 

	 
			
				
				  13.
				

			 	
				
				  JOINDER BY
				  SELLER’S SPOUSE. Seller’s spouse, if not a titleholder
				  immediately preceding acceptance of this offer, executes this
				  contract only for the purpose of relinquishing all rights of dower,
				  homestead and distributive shares or in compliance with Iowa Code
				  Section 561.13 and agrees to execute the deed or real estate contract
				  for this purpose.
				

			 

 

	 
			
				
				  14.
				

			 	
				
				  TIME IS OF THE ESSENCE.
				  Time is of the essence in
				  this contract.
				

			 

 

	 
			
				
				  15.
				

			 	
				
				  REMEDIES OF THE
				  PARTIES.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  If Buyer fails to timely
				  perform this contract, Seller may forfeit this contract as provided
				  in the Iowa Code, and all payments made shall be forfeited or, at
				  Seller’s option, upon thirty days written notice of intention to
				  accelerate the payment of the entire balance because of such failure
				  (during which thirty days such failure is not corrected) Seller may
				  declare the entire balance immediately due and payable. Thereafter
				  this contract may be foreclosed in equity and the Court may appoint a
				  receiver.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  If Seller fails to timely
				  perform this contract, Buyer has the right to have all payments made
				  returned to them.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (c)
				

			 	
				
				  Buyer and Seller also are
				  entitled to utilize any and all other remedies or actions at law or
				  in equity available to them and shall be entitled to obtain judgment
				  for costs and attorney fees as permitted by law.
				

			 

 

	 
			
				
				  16.
				

			 	
				
				  STATEMENT AS TO LIENS.
				  If Buyer intends to assume or
				  take subject to a lien on the Real Estate, Seller shall furnish Buyer
				  with a written statement, from the holder of such lien, showing the
				  correct balance due and the terms.
				

			 

 

	 
			
				
				  17.
				

			 	
				
				  SUBSEQUENT CONTRACT.
				  Any real estate contract
				  executed in performance of this contract shall be on a form of the
				  Iowa State Bar Association (or equivalent).
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		6
	 

	 
		 
	 

	 
			
				
				  18.
				

			 	
				
				  APPROVAL OF COURT.
				  If the sale of the Real
				  Estate is subject to Court approval, the fiduciary shall promptly
				  submit this contract for such approval. If this contract is not so
				  approved, this contract shall be void.
				

			 

 

	 
			
				
				  19.
				

			 	
				
				  CONTRACT BINDING ON
				  SUCCESSORS IN INTEREST. This
				  contract shall apply to and bind the successors in interest of the
				  parties.
				

			 

 

	 
			
				
				  20.
				

			 	
				
				  CONSTRUCTION.
				  Words and phrases herein,
				  including acknowledgment hereof, shall be construed as in the
				  singular or plural number, and as masculine, feminine or neuter
				  gender, according to the context.
				

			 

 

	 
			
				
				  21.
				

			 	
				
				  TIME FOR ACCEPTANCE.
				  If this offer is not accepted
				  by Seller on or before ____________, ____, this offer shall become
				  void and all payments shall be repaid to the Buyer.
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		7
	 

	 
		 
	 

	 
		 
	 

	 
			
				
				  THIS OFFER IS
				  ACCEPTED BY SELLER

				  this ____ day of _________, ____.

				

			 	
				
				   
				

			 	
				
				  THIS OFFER IS
				  MADE BY BUYER

				  this ____ day of _________, ____.

				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Buyer: AG Partners,
				  L.L.C.
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		8
	 

	 
		 
	 

	 
		EXHIBIT B
	 

	 
		REIMBURSEMENT
		AGREEMENT
	 

	 
		A REIMBURSEMENT AGREEMENT made
		this ____ day of _________, 2006, by and between AG PARTNERS, L.L.C.,
		an Iowa limited liability company, (hereinafter referred to as
		“Ag Partners”) and JAMES HULTGREN (hereinafter referred to
		as “Hultgren”).
	 

	 
		WHEREAS, Ag Partners has entered
		into an Option to Purchase Land which is described on Exhibit
		“A” attached hereto (the “Real Estate”) and
		intends to make certain industrial and commercial improvements to a
		portion of the Real Estate;
	 

	 
		WHEREAS, Hultgren has a long-term
		Lease Agreement with the current owner of the Real Estate, and said
		Lease Agreement extends through the 2008/2009 crop year: and
	 

	 
		WHEREAS, the parties are desirous
		of entering into this Reimbursement Agreement in order to allow Ag
		Partners to begin to make the improvements desired prior to the
		termination of the aforesaid Lease Agreement.
	 

	 
		NOW, THEREFORE, the parties hereby
		agree as follows:
	 

	 
			
				
				  1.
				

			 	
				
				  In the event that Ag
				  Partners exercises its option to acquire the Real Estate, then the
				  terms and provisions of this Reimbursement Agreement shall be
				  operative and in full force.
				

			 

 

	 
			
				
				  2.
				

			 	
				
				  In the event that Ag
				  Partners does not exercise the option by the end of the 2008/2009
				  crop year, then this Agreement shall be null and void.
				

			 

 

	 
			
				
				  3.
				

			 	
				
				  Ag Partners shall
				  reimburse Hultgren for those crop acres which are taken out of
				  production for Ag Partners’ improvements as follows:
				

			 

 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  For the 2006/2007 crop
				  year, Ag Partners shall deliver to Hultgren on or before [SPECIFY A
				  SPECIFIC DATE OR RANGE OF DATES] grain in quantities and qualities
				  equal to the average yield received by Hultgren for that part of the
				  Real Estate which is still in production and farmed by Hultgren. For
				  purposes of this paragraph, the grain to be delivered by Ag Partners
				  shall either be corn or beans, depending upon the crop which Hultgren
				  harvests from the remainder of the Real Estate,
				

			 

 

	 
			
				
				   
				

			 	
				
				  (b)
				

			 	
				
				  For the 2007/2008 crop
				  year and the 2008/2009 crop year, Ag Partners shall reimburse
				  Hultgren an amount equal to Two Hundred and Fifty Dollars ($250.00)
				  per acre per year times the number of acres of the Real Estate which
				  Ag Partners has removed from production. Payment of these amounts
				  shall be made [SPECIFY THE DATE-EITHER AT THE BEGINNING OF THE CROP
				  YEAR OR THE END OF THE CROP YEAR].
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		9
	 

	 
		 
	 

	 
			
				
				  4.
				

			 	
				
				  Ag Partners shall provide
				  to Hultgren written notice with respect to the exercise of the option
				  and a separate written notice for any and all acres which Ag Partners
				  removes from production and the location of those acres. Upon receipt
				  of a notice identifying acres to be removed from production, Hultgren
				  shall deliver to Ag Partners a written release of those acres from
				  the Lease Agreement.
				

			 

 

	 
			
				
				   
				

			 	
				
				  (a)
				

			 	
				
				  This written release shall
				  release Nancy A. Hall from any and all obligations to Hultgren as to
				  those crop acres taken out of production for Ag Partners’
				  improvements that were the subject of the long-term lease agreement
				  dated June 1, 2000.
				

			 

 

	 
			
				
				  5.
				

			 	
				
				  This Reimbursement
				  Agreement may be assigned by either party.
				

			 

 

	 
			
				
				  6.
				

			 	
				
				  This Reimbursement
				  Agreement shall terminate unless Ag Partners exercises its option to
				  acquire the Real Estate by the end of the 2008/2009 crop year.

				

			 

 

	 
			
				
				  7.
				

			 	
				
				  This Reimbursement
				  Agreement shall be governed by the laws of the State of Iowa.
				

			 

 

	 
			
				
				  8.
				

			 	
				
				  Any required notices shall
				  be delivered to the parties at the following addresses: Ag Partners,
				  L.L.C.
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Ag Partners, L.L.C.

				

			 
	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  James Hultgren
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  AG PARTNERS, L.L.C.

				

			 
	 	 	 
	
				
				

			 	
				
				   
				

			 	
				
				  By: 
				

			 	
				
				

			 
	
				
				  James Hultgren
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Troy Upah, Manager
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		10Exhibit 10.31.2
	 

	 
		AMENDMENT TO OPTION
		AGREEMENT
	 

	 
		AN AMENDMENT TO OPTION AGREEMENT
		as executed on this 22 day of September, 2006, by and between NANCY
		AND ROBERT HALL (hereinafter referred to as “Optionor”) and
		AG PARTNERS, L.L.C., an Iowa limited liability company, (hereinafter
		referred to as “Optionee”).
	 

	 
		WHEREAS, the Optionor and Optionee
		previously entered into one Option Agreement as dated
		September 11, 2006; and
	 

	 
		WHEREAS, the parties are hereby
		desirous of amending the aforesaid Option Agreement.
	 

	 
		NOW, THEREFORE, in consideration
		of the mutual promises and covenants contained in the Option
		Agreement and in this Amendment, the parties agree as follows:
	 

	 
			
				
				  1.
				

			 	
				
				  Upon execution of this
				  Agreement, Optionor shall deliver to Optionee copies of any abstract,
				  surveys, and/or plat maps of the Real Property in its possession. If
				  Optionee determines that a new or updated survey of the Real Property
				  is needed, Optionee, at its sole cost, expense and discretion, shall
				  assume responsibility for obtaining such a survey. Optionor shall
				  also deliver to Optionee a complete copy of any existing farm leases
				  associated with the Real Property.
				

			 

 

	 
			
				
				  2.
				

			 	
				
				  Optionor hereby grants
				  Optionee and its employees, engineers, consultants, and agents,
				  during the option term, unrestricted access to the Real Property for
				  the purpose of conducting surveys, environmental testing, including
				  but not limited to Phase I environmental testing, soil borings, a
				  Phase I cultural review, install test wells and conduct pump tests
				  and all other site development investigation procedures in order to
				  satisfy Optionee as to the general suitability of the real property
				  for Optionee’s intended use. Optionee agrees to reimburse or pay
				  Optionor or Optionor’s tenant (as directed by Optionor) the
				  market value of crop if it becomes necessary for Optionee to remove
				  any crop or as to any crop damage, tile damage or soil compaction
				  damage which may occur as a result of Optionee’s presence on the
				  real property pursuant to this section. Reimbursement for input lost
				  and lost profits shall be calculated on a case by case basis.
				  Optionee further agrees to cap off, cover and seal any test well
				  opened or established, according to government investigation
				  procedures in the event that this Option is not exercised. Optionee
				  agrees to defend, indemnify and hold harmless Optionor from and
				  against any and all losses, damages, claims, suits, liabilities,
				  costs or expenses which Optionor may incur or sustain, including
				  reasonable attorney fees, solely resulting from and to the extent of
				  the negligent actions of Optionee, its employees, representatives,
				  and agents on the Real Property.
				

			 

 

	 
			
				
				  3.
				

			 	
				
				  Optionee shall have the
				  right to extend the option period by six (6) months. If Optionee
				  elects to do so, the Optionee shall notice the Optionor in accordance
				  with paragraph 5 of the Option Agreement dated September 11, 2006. If
				  exercised, the Optionee and Optionor shall have the same rights as
				  listed in
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		1
	 

	 
		 
	 

	 

	 

	 
		paragraph 4 of the Option
		Agreement. Optionee agrees to pay Optionor the amount of Five
		Thousand Dollars ($5,000.00) if this option is exercised.
	 

	 
			
				
				  4.
				

			 	
				
				  In all other respects, the
				  Option Agreement remains as stated.
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  OPTIONOR:
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 /s/ Nancy Hall
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Nancy Hall
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 /s/ Robert
				  Hall
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Robert Hall
				

			 

 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  OPTIONEE:
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  AG PARTNERS,
				  L.L.C.,
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				  /s/ Troy Upah
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Troy Upah, Manager
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		2
	 

	 
		 
	 

	 

	 

	 
		 
	 

	 
			
				
				  STATE OF IOWA
				

			 	
				
				  )
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  )
				

			 	
				
				  ss:
				

			 
	
				
				  COUNTY OF BUENA
				  VISTA
				

			 	
				
				  )
				

			 	
				
				   
				

			 

 

	 
		On this 22 day of September, 2006,
		before me, the undersigned, a Notary Public in and for the State of
		Iowa, personally appeared Nancy Hall and Robert Hall, to me known to
		be the persons named in and who executed the foregoing instrument,
		and acknowledged that they executed the same as their voluntary act
		and deed.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 /s/ Douglas L.
				  Allerdings
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Notary Public in and for
				  said State
				

			 

 

	 
		 
	 

	 
			
				
				  STATE OF IOWA
				

			 	
				
				  )
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				  )
				

			 	
				
				  ss:
				

			 
	
				
				  COUNTY OF BUENA
				  VISTA
				

			 	
				
				  )
				

			 	
				
				   
				

			 

 

	 
		On this 22 day of September, 2006,
		before me, the undersigned, a Notary Public in and for the State of
		Iowa personally appeared Troy Upah, to me personally known, who being
		by me duly sworn, did say that he is the Manager of Ag Partners,
		L.L.C., the limited liability company executing the within and
		foregoing instrument, that no seal has been procured by the limited
		liability company; that the instrument was signed on behalf of the
		limited liability company by authority of its Members; and that Troy
		Upah as Manager acknowledged the execution of the foregoing
		instrument to be the voluntary act and deed of the limited liability
		company, by it and by him voluntarily executed.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 /s/ Mary A.
				  Farrell
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Notary Public in and for
				  said State
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  [Notarial seal]
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]