Document:

exv10w36

 

Exhibit 10.36

OPTION TO PURCHASE REAL PROPERTY

     Option given this 6th day of December, 2005, by Mitchell County Development
Authority, Optioner, to First United Ethanol, LLC, a Georgia limited liability company, Optionee.

SECTION 1

Grant of Option

     Optioner, in consideration of $5,000 paid by Optionee to Optioner, receipt of which is
acknowledged by Optioner, grants to Optionee the exclusive right and option to purchase, on the
following terms and conditions, any portion of, or all of, that real property known as “Pinecrest
Farm” in Land Lots 290, 310, and 311 in the 10th Land District of Mitchell County,
Georgia, described as follows:

A tract of land known as “Pinecrest Farm”, and being an aggregate four separate tracts, more
particularly described as follows:

Tract 1. 57,745 acres of land, more or less, on Lot 290 in the 10th Land
District of Mitchell County, Georgia, being all of a tract of 93.12 acres in said lot and district
acquired by Robert Culpepper, Jr. under foreclosure deed from James Jordan and Ethalee Jordan,
recorded in the Land Records of Mitchell County, Georgia, in Deed Book 91, page 247 and 248, EXCEPT
two tracts – one of 22 acres conveyed by Robert Culpepper, Jr. to Ross Edwin Nesmith, and the other
a tract of 13.375 acres conveyed by Robert Culpepper, Jr. On July 30, 1980, to his six children,
the tract of 57.745 being shown as Tract Two in deed from Robert Culpepper, Jr. to his six
children, dated December 20, 1980, and recorded in the Land Records of Mitchell County, Georgia in
Deed Book 236, page 466, 467, and 468, and such deed and description of Tract Two therein is by
reference expressly made a part of this description. The 57.745 acres herein described being
bounded on north partly by lands sold to Ross Edwin Nesmith and partly by land sold to Cagle’s on
the east partly by lands of Busy Hicks, partly by lands of Surprise Maples, or his successors in
title, and partly by lands sold to Cagle’s on the west by lands of Robert Culpepper, Jr. separated
by road running north and south, and on the south by dirt road running east and west.

Tract 2 25.4 acres of land in Lot 310 in the 10th Land District of Mitchell
County, Georgia known as Gabe Cooper Place, bounded by north by county dirt road, on the east by
right-of-way of Seaboard Coastline Railroad Company, on the west by dirt road and lands now or
formerly of C. D. May and Fowler Estate, on the south by lands now or formerly owned by Joe Gooden,
being the same lands conveyed by Robert Culpepper, Jr. to Helen C. Stacey, et al. In deed dated
May 7, 1979, and recorded in the Land Records of Mitchell County, Georgia, in Deed Book 215, page
644, and by reference made a part hereof.

Tract 3. 35.115 acres of land in Lot 311 in the 10th Land District of Mitchell
County, Georgia, being bounded on north by lands of Mitchell County, Georgia, used as landfill, on
the east right-of-way of Seaboard Coastline Railroad, on south by dirt road running east and west,
and west by county dirt road running north and south and separating this tract from land now or
formerly

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owned by Fowler Estate. This was originally a 56.25-acre tract, from which 20 acres were sold to
the County on the north, and by 1.135 acres was conveyed to the County on the west for road
purposes.

Tract 4 149.19 acres of land, more or less, in Lot 311 in the 10th Land
District of Mitchell County, Georgia, more particularly described in deed from United States of
America for Farmers Home Administration, dated April 6, 1954 and recorded in Office of the Clerk of
the Superior Court of Mitchell County, Georgia in Deed Book 100, page 176 and 177, the description
therein being by referenced made a part hereof. Bounded on north by Nesmith lands, west by SCL
Railroad right-of-way, on south by public road, and on east by Tract 1, above and the 22 acres
tract sold to Ross Nesmith.

The above four tracts constituting one body of land being 268 acres, more or less.

Said property being a portion of the property awarded to Emaly C. Conerly, Robert Culpepper, III,
India C. Dennis, and James F. Culpepper in Civil Action No. 99-V-121 in the Superior Court of
Mitchell County, Georgia. A copy of said Order being recorded in Deed book 748, page 283 in the
office of the clerk of Superior Court of Mitchell County, Georgia.

SECTION 2

Option Period

     The term of this option shall be three hundred (300) days, commencing on December 6, 2005, and
continuing until 5:00 P.M. on October 2, 2006.

SECTION 3

Purchase Price of Property

     The full purchase price of the property is (a) if the Optionee elects to purchase less than
the entirety of the property described above, the greater of $7,500.00 per acre or the sum
necessary to pay in full that certain note from Optioner to Flint River National Bank, dated June
3, 2005, in the original principal amount of $570,263.50, which not4 is secured by the above
described property; or (b) if the Optionee elects to purchase the entirety of the property
described above, $1,000,000.00. In either event, the purchase price shall be payable as provided
in this agreement if optionee elects to exercise this option.

SECTION 4

Application of Consideration to Purchase Price

     If Optionee purchases the property described in this option, and under the terms and
conditions of this agreement the consideration paid for this option shall be applied to the
purchase price.

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SECTION 5

Exercise of Option

     Optionee may exercise this option by giving Optioner written notice, signed by Optionee,
before the time set for expiration. Within 30 days after receipt of such notice, Optioner shall
deliver to Optionee, against payment of the purchase price, a warranty deed to the property.
Tender of a bank certified or cashier’s check for the purchase price, less any amount already paid
by Optionee and to be credited to Optionee, shall constitute a sufficient tender.

SECTION 6

Title

     Title to the property shall be conveyed free and clear of all encumbrances except the
following:

	 	(1)	 	All easements whether visible or not, in writing or not, encroachments,
measurements, party walls or any other facts which a correct survey of the property
described herein would disclose.
	 
	 	(2)	 	Rights of tenants in possession, if any.
	 
	 	(3)	 	Any action by any municipal, county or other governmental entity or agency
(heretofore or hereafter taken) for the purpose of regulating the use, occupancy or
zoning of the property described above, or any building, structure or improvement
thereon.
	 
	 	(4)	 	The exact location of boundary lines, possible encroachments and other facts
which would be disclosed by an accurate survey and inspection of the property; possible
liens of architects, laborers, materialmen for improvement of the property, not filed
of record at the effective date of this Certificate of title; and rights, if any, of
persons who maybe in possession under claims not appearing of record.
	 
	 	(5)	 	Title to that portion of the above described property embraced within the
bounds of roads, highways, easements and rights-of-way.
	 
	 	(6)	 	Matters of record subsequent to the date of this Certificate of Title.
	 
	 	(7)	 	The rights of others in and to any steam running though the property or along
any of the property lines.
	 
	 	(8)	 	Any violation of consumer credit protection, truth-in-lending, or similar laws,
and the Real Estate Settlement Procedures Act of 1974, as amended.
	 
	 	(9)	 	Any bankruptcy proceedings or any orders of any court arising from said
proceedings directly or indirectly effecting said property.
	 
	 	(10)	 	Any and all effects of the proximity of the above described property to a tract
identified by the Georgia Environmental Protection Division as a Hazardous Site
	 
	 	(11)	 	Other Liens and encumbrances: (a) Right of way easement for road purposes to
Mitchell County, Georgia, dated September 23, 1981 and recorded at Deed book 229, Page
301 in the office of the Clerk of the Superior Court of Mitchell county, Georgia; (b)
Right of way easement for utility purposes to Georgia Power Company, dated December 19,
1967 and recorded at Deed book 147, Page 202 in the office of the Clerk of the Superior
Court of Mitchell County, Georgia; (c)

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	 	 	 	Right of way easement for utility purposes to Georgia Power Company, dated December
29, 1955 and recorded at Deed Book 105, Page 295 in the office of the Clerk of the
Superior Court of Mitchell county, Georgia; (d) Right of way easement for utility
purposes to Georgia Power company, dated December 29, 1955 and recorded at Deed Book
105, Page 296 in the office of the Clerk of the Superior court of Mitchell county,
Georgia; (e) Right of way grant for utility pipeline to South Georgia Natural Gas
Company, dated March 16, 1955 and recorded at Deed Book 101, Page 368 in the office
of the Clerk of the Superior Court of Mitchell County, Georgia; (f) Right of way
grant for utility pipeline to South Georgia Natural Gas Company, dated May 18, 1955
and recorded at Deed Book 101, Page 472 in the office of the Clerk of the Superior
court of Mitchell County, Georgia.
	 
	 	 	 	Any ad valorum taxes on the property, whether a lien or not, assessed or to be
assessed for the year in which this transaction is finally consummated shall be paid
by the Optionee.

     If at any time before the consummation of the purchase and sale under this option it appears
from laws, regulations, and/or ordinances, either national, state, or local, or for any other
reason, that Optionee is unable to obtain necessary consents and permits to construct, install, and
maintain buildings, driveways, approaches, and equipment in accordance with optionee’s plans and to
operate and carry on its business on or at the property, or that the property cannot for any reason
be used for Optionee’s business, then Optionee may terminate this option and be under no obligation
to complete the purchase.

SECTION 7

Failure to Exercise Option

     If Optionee does not exercise this option in accordance with its terms and within the option
period, this option and the rights of Optionee shall automatically and immediately terminate
without notice. In the event Optionee fails to exercise this option, Optioner shall retain the sum
paid as consideration for this option.

SECTION 8

Notices

     All notices provided for in this agreement shall be deemed to have been duly given if and when
deposited in the United States mail with proper and sufficient postage affixed, properly addressed
with regard to the party for whom intended at the party’s address listed below, or when delivered
personally to such party:

	 	 	 
	As to Optioner:

	 	Mitchell County Development Authority
	 

	 	C/o Marilyn Royal
	 

	 	P.O. Box 692
	 

	 	Camilla, GA 31730

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	As to Optionee:

	 	First United Ethanol, LLC
	 

	 	Murray Campbell
	 

	 	P.O. Box 386
	 

	 	Camilla, GA 31730

Section 9

Road Access, Water, and Sewer

     This option is granted by optioner and obtained by optionee with the understanding that the
property will have paved road access, and water and sewer services.

Section 10

Time Essence

     Time is of the essence of this option.

Section 11

Binding Effect

     This option shall be binding upon and inure to the benefit of the parties to it, and
respective heirs, successors, or assigns.

     In witness, the parties have caused their duly authorized agent to set their hands and seals
on behalf of their respective principals, at Camilla, Georgia, the date and year first above
written.

Signed, sealed and delivered

     in the presence of:

	 	 	 	 	 
	 

	 	/s/ Jimmy Davis
	 	(LS)
	 

	 	 	 	 
	 

	 	Jimmy Davis, Vice Chairman	 	 
	/s/ Marilyn Royal
 

	 	Mitchell county Development Authority 	 	 
	Witness
	 	 	 	 
	 
	 	 	 	 
	/s/ [Illegible]
 

	 	 	 	 
	Notary Public
	 	 	 	 
	Notary Public, Mitchell County, Georgia
	 	 	 	 
	My Commission Expires July 8, 2008.
	 	 	 	 
	 
	 	 	 	 
	Signed, sealed and delivered

     in the presence of:

	 	/s/ Murray Campbell
	 	(LS)
	 

	 	 	 	 
	 

	 	Murray Campbell, President	 	 
	 

	 	First United Ethanol LLC	 	 
	/s/ [Illegible]
 

	 	 	 	 
	Witness
	 	 	 	 

5

 

	 	 	 	 	 
	/s/ Marla C. Miner
 

	 	 
	 	 
	Notary Public
	 	 	 	 
	Notary Public, Mitchell County, Georgia
	 	 	 	 
	My Commission Expires July 11, 2006.
	 	 	 	 

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EXHIBIT “A”

Tract 1. 57,745 acres of land, more or less, on Lot 290 in the 10th Land
District of Mitchell County, Georgia, being all of a tract of 93.12 acres in said lot and district
acquired by Robert Culpepper, Jr. under foreclosure deed from James Jordan and Ethalee Jordan,
recorded in the Land Records of Mitchell County, Georgia, in Deed Book 91, page 247 and 248, EXCEPT
two tracts – one of 22 acres conveyed by Robert Culpepper, Jr. to Ross Edwin Nesmith, and the other
a tract of 13.375 acres conveyed by Robert Culpepper, Jr. On July 30, 1980, to his six children,
the tract of 57.745 being shown as Tract Two in deed from Robert Culpepper, Jr. to his six
children, dated December 20, 1980, and recorded in the Land Records of Mitchell County, Georgia in
Deed Book 236, page 466, 467, and 468, and such deed and description of Tract Two therein is by
reference expressly made a part of this description. The 57.745 acres herein described being
bounded on north partly by lands sold to Ross Edwin Nesmith and partly by land sold to Cagle’s on
the eat partly by lands of Busy Hicks, partly by lands of Surprise Maples, or his successors in
title, and partly by lands sold to Cagle’s on the west by lands of Robert Culpepper, Jr. separated
by road running north and south, and on the south by dirt road running east and west.

Tract 2 25.4 acres of land in Lot 310 in the 10th Land District of Mitchell
County, Georgia known as Gabe Cooper Place, bounded by north by county dirt road, on the east by
right-of-way of Seaboard Coastline Railroad Company, on the west by dirt road and lands of C. D.
May and Fowler Estate, on the south by lands now or formerly owned by Joe Gooden, being the same
lands conveyed by Robert Culpepper, Jr. to Helen C. Stacey, et al. In deed dated May 7, 1979, and
recorded in the Land Records of Mitchell County, Georgia, in Deed Book 215, page 644, and by
reference made a part hereof.

Tract 3. 35.115 acres of land in Lot 311 in the 10th Land District of Mitchell
County, Georgia, being bounded on north by lands of Mitchell County, Georgia, used as landfill, on
the east right-of-way of Seaboard Coastline Railroad, on south by dirt road running east and west,
and west by county dirt road running north and south and separating this tract from land now or
formerly owned by Fowler Estate. This was originally a 56.25 acre tract, from which 20 acres were
sold to the County on the north, and by 1.135 acres was conveyed to the County on the west for road
purposes.

Tract 4 149.19 acres of land, more or less, in Lot 311 in the 10th Land
District of Mitchell County, Georgia, more particularly described in deed from United States of
America for Farmers Home Administration, dated April 6, 1954 and recorded in Office of the Clerk of
the Superior Court of Mitchell County, Georgia in Deed Book 100, page 176 and 177, the description
therein being by referenced made a part hereof. Bounded on north by Nesmith lands, west by SCL
Railroad right-of-way, on south by public road, and on east by Tract 1 above, and the 22 acres
tract sold to Ross Nesmith.

The above four tracts constituting one body of land being 268 acres, more or less.

 

ADDENDUM TO

OPTION PURCHASE REAL ESTATE

     The Option dated December 6, 2005, by and between Mitchell County Development authority
(Optioner) and First United Ethanol, LLC (Optionee), is hereby amended to include the following:

Optionee shall, at reasonable times prior to the closing, have the privilege of
going upon the property with its agents and/or engineers and/ore representatives as
needed to inspect, examine, survey or make test borings, or other tests which
Optionee deems necessary in remodeling, engineering, planning and surveying the
property. All such entries by the Optionee shall not interfere with Optioner’s
occupancy and use of the property prior to the closing and nothing shall be done to
damage the subject property.

     Any adverse condition disclosed by any such inspection(s) shall be immediately reported to
Optioner by Optionee and shall not be disclosed by Optionee, its agents, officers, directors,
employees or contractors to anyone else unless such reporting is mandated by law.

     All other terms and conditions of the agreement remain the same.

     This
21st day of June, 2006.

	 	 	 	 	 
	Signed, seal and delivered
in the presence of:

	 	Mitchell County Development Authority
	 	 
	/s/ [Illegible]

	 	/s/ Charles Rooks	 	 
	 

	 	 	 	 
	Witness
	 	 	 	 
	 
	 	 	 	 
	/s/ [Illegible]
 

	 	 	 	 
	Notary Public
	 	 	 	 
	                                   My commission expires
	 	 	 	 
	                                   Nov 3, 2009
	 	 	 	 
	Signed, seal and delivered
in the presence of:

	 	First United Ethanol, LLC	 	 
	 
	 	 	 	 
	/s/ Leslie D. Alnidge

	 	/s/ Murray Campbell	 	 
	 

	 	 	 	 
	Witness
	 	 	 	 
	 
	 	 	 	 
	/s/ Dianne C. Johnson
 

	 	 	 	 
	Notary Public
	 	 	 	 
	 
	          [SEAL]
	 	 	 	 

 

MODIFICATION OF OPTION TO PURCHASE REAL ESTATE

     As of September 5, 2006, the Parties hereto, Mitchell County Development Authority and First
United Ethanol LLC, both desiring to modify the option to Purchase Real Estate, dated the
6th day of December, 2005, as set forth below, do in consideration of the mutual
promises herein contained, hereby modify same as follows:

	 	1.	 	Mitchell County Development Authority agrees to extend the period of the option
granted in said Option to Purchase Real Estate until October 31, 2006 at 5:00 p.m.
	 
	 	2.	 	First United Ethanol LLC releases from the operation of the said Option to
Purchase Real Estate any and all real estate or interest therein conveyed by Mitchell
County Development Authority to Mitchell County, Georgia for road right of way, utility
right of way or other public use.

     In witness, the parties have caused their duly authorized agent to set their hands and seals
on behalf of their respective principals, at Camilla, Georgia, the day and year first above
written.

	 	 	 	 	 
	Signed, sealed and delivered
in the presence of:
	 	 	 	 
	 

	 	/s/ Charles Rooks
	 	(LS)
	 

	 	 	 	 
	 

	 	Charles Rooks, Vice Chairman	 	 
	/s/ [Illegible]
 

	 	Mitchell County Development Authority 	 	 
	Witness
	 	 	 	 
	 
	 	 	 	 
	/s/ [Illegible]
 

	 	 	 	 
	Notary Public
	 	 	 	 
	MY COMMISSION EXPIRES
	 	 	 	 
	          July 8, 2010
	 	 	 	 
	 
	 
	Signed, sealed and delivered
in the presence of:

	 	/s/ Murray Campbell
	 	(LS)
	 

	 	 	 	 
	 

	 	Murray Campbell, President	 	 
	 

	 	First United Ethanol, LLC	 	 
	/s/ [Illegible]
 

	 	 	 	 
	Witness
	 	 	 	 
	 
	 	 	 	 
	/s/ [Illegible]
 

	 	 	 	 
	Notary Public
	 	 	 	 
	MY COMMISSION EXPIRES
	 	 	 	 
	          July 8, 2010exv10w18

 

Exhibit 10.18

     PROJECT DEVELOPMENT FEE AGREEMENT

THIS PROJECT DEVELOPMENT FEE AGREEMENT (“Agreement”) is entered into as of this
13th day of December, 2006 (“Effective Date”), by and between Spiceland
Wood Products, Inc., a corporation (“SWP”), and Cardinal Ethanol, LLC (“Company”), an Indiana
limited liability company.

     WHEREAS, the Company was organized for the purpose of developing, owning and operating a 100
million gallon dry mill ethanol plant in east central Indiana (the “Project” or “Ethanol Plant”);

     WHEREAS, SWP through its principal, Rob Davis, has provided project development services to
the Company in the past and intends to provide such services in the future;

     WHEREAS, the Company has agreed to pay a development fee to SWP in exchange for its efforts
to organize the Company and assist in development of the Ethanol Plant; and

     WHEREAS, the Company’s Board of Directors (the “Board”) desires to memorialize that agreement
and set forth the manner in which the development fee shall be distributed.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and
for other good and valuable consideration, the receipt of which is hereby acknowledged, the
parties hereby agree as follows:

1.      DEVELOPMENT SERVICES. Company hereby retains SWP for the purpose of providing
organizational and developmental services with respect to the Project (“Development Services”).
Development Services shall include all services performed on behalf of the Company by SWP to date
and all services performed on behalf of and at the reasonable request of the Company through the
termination of this Agreement. SWP’s duties shall include, but not be limited to, supervision of
site planning and preparation for construction of the Project. SWP shall apprise the Board of the
status of the Project and of any material events, and shall perform its duties at the direction of
the Board. However, SWP shall retain the sole right to control and direct the manner in which the
Developmental Services are to be performed. Development Services shall not include effecting or
attempting to effect purchases or sales of the Company’s securities.

2.      DEVELOPMENT FEE AND PAYMENT TERMS. In consideration for the Development Services to be
provided to Company, Company shall pay SWP a development fee equal to $26,000 (“Development Fee”).
One-half ($13,000) of the Development Fee shall be payable to SWP on December 20, 2006 and the
remaining half ($13,000) shall be payable to SWP on March 1, 2007.

3.      EXPENSES. Company shall reimburse SWP for all reasonable, ordinary and necessary
expenses incurred by SWP in performance of its duties hereunder, including without limitation,
reimbursement for hotel expenses, business meals, travel expenses, educational expenses, and
automobile mileage at a rate per mile as periodically set by the Internal Revenue Service.

4.      TERM AND TERMINATION OF AGREEMENT. The term of this Agreement shall commence as of the
Effective Date and shall terminate upon the earlier of any of the events

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enumerated below (“Termination Event”).

     (a) Payment in full of the Development Fee;

(b) Dissolution, bankruptcy or insolvency of the Company, or the inability or failure of the
Company generally to pay debts as they become due, or an assignment by the Company for the
benefit of creditors, or the commencement of any case or proceeding in respect of the
Company under any bankruptcy, insolvency or similar laws;

(c) Rob Davis’ voluntary relinquishment of his Board seat; and

(d) Mutual written agreement of the parties.

For purposes of this Agreement, death or disability shall not terminate this Agreement.

5.      INDEMNIFICATION. Company shall indemnify, defend against and advance to SWP all
expenses actually and reasonably incurred in connection with the defense of any threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative,
arbitrative or investigative (a “Proceeding”), in which SWP is made a party by reason of
performing services for Company or acting in any manner pursuant to this Agreement, except that
Company shall have no obligation to indemnify and defend SWP or its agents for its act or omission
that involves gross negligence, intentional misconduct or a known violation of the law. SWP shall
indemnify and defend Company and its employees, members, directors, officers and agents against
expenses actually and reasonably incurred in connection with the defense of any Proceeding in
which Company and/or its employees, members, directors, officers or agents are made a party by
reason of SWP committing an act or omission that involves gross negligence, intentional misconduct
or a known violation of the law.

6.      DEFAULT. In the event of the failure of either of the parties to comply with any of the
terms and provisions of this Agreement, or in the event either party has violated any of the
warranties and representations made herein by that party, then such party shall be deemed to be in
default hereunder and the other party shall be given written notice of such noncompliance and
shall give the defaulting party thirty (30) days from the date of such notice within which to
correct such noncompliance. If such default has not been corrected, or an arrangement satisfactory
to the complaining party has not been made by the end of the notice period, then the complaining
party may take whatever action is necessary, and exercise all remedies available in order to
protect the complaining party’s rights under the terms and conditions of this Agreement. The
parties agree that the remedies set forth in this Section 6 shall not be exclusive, but they shall
be cumulative with all other rights and remedies available, at law or in equity, to the parties.
In the event of any dispute between the parties resulting from this Agreement or any provisions
hereunder, the prevailing party in any such dispute shall be entitled to recover reasonable
attorneys’ fees and related costs and such other costs incurred therewith.

7.      SUCCESSORS AND ASSIGNS BOUND. This Agreement shall be binding upon the Company, SWP,
their respective heirs, executors, administrators, successors in interest or permitted assigns,
including without limitation, any partnership, corporation or other entity into which the Company
may be merged or by which it may be acquired (whether directly, indirectly or by operation of
law), or to which it may assign its rights under this Agreement.

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8.        RELATIONSHIP OF THE PARTIES. The parties understand that SWP is an independent
contractor with respect to the Company, and this Agreement shall not be construed or interpreted
as creating any other relationship, including, without limitation, that of principal-agent,
employer- employee, partnership or joint venture. Consequently, neither party shall have the
right or authority, express or implied, to assume or create any responsibility, obligation, or
liability on behalf of or in the name of the other party, or bind the other party is any respect.
The Company will not provide fringe benefits, including health insurance benefits, paid vacation,
or any other employee benefits for the benefit of SWP. SWP shall be responsible for all insurance
including, but not limited to, medical disability, workers compensation and unemployment
insurance. Notwithstanding the above, should the Company’s Board establish a board of directors’
compensation policy, Rob Davis, as a director of the Company, may receive reasonable compensation
for his services as a director and may be reimbursed for his expenses in attending Board meetings.
However, in no event shall SWP or Rob Davis receive compensation for services it performs as a
member on any committee established by the Board.

9.         TAXES. SWP shall be solely liable for, and shall indemnify and hold the Company
harmless from and against, all takes on any compensation earned as an independent contractor
hereunder, including federal and state income taxes, self-employment taxes, FICA and FUTA taxes,
etc.

10.      AUTHORITY. Each of the signatories hereto certifies that such party has all necessary
authority to execute this Agreement.

11.      AMENDMENTS. This Agreement sets forth the entire understanding of the parties and
supersedes any prior agreements, oral or written, as to the subject matter hereof. This Agreement
may be amended or modified by, and only by, a written instrument executed by the parties hereto.

12.      ASSIGNMENT. This Agreement shall not be assigned by any party hereto except as
permitted by its express terms or upon the written consent of the other party. Nothing in this
Agreement, express or implied, is intended to confer upon any other person any rights or remedies
under or by reason of this Agreement.

13.      SEVERABILITY. Any term or provision of this Agreement which is invalid or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms
and provisions of this Agreement, or affecting the validity or enforceability of any of the terms
or provisions of this Agreement in any other jurisdiction.

14.      WAIVER. The failure of any party hereto to insist in any one of more instances upon
performance of any term or condition of this Agreement shall not be construed as a waiver of
future performance of any such term, covenant or condition, but the obligation of such party with
respect thereto shall continue in full force and effect.

15.      CAPTIONS. The captions herein are inserted for convenience of reference only and shall
be ignored in the construction or interpretation hereof.

16.      NOTICES. Any notice required to be given hereunder shall be in writing and shall be

3

 

deemed to be sufficiently served by either party on the other party if such notice is delivered
personally or is sent by certified or first class mail addressed as follows:

	 	 	 	 	 
	

	 	To SWP:
	 	Spiceland Wood Products, Inc.
	 

	 	 	 	609 S. Pearl St.
	 

	 	 	 	P.O. Box 406
	 

	 	 	 	Spiceland, IN 47385
	 
	 	 	 	 
	 

	 	To Company:
	 	Cardinal Ethanol, LLC
	 

	 	 	 	Attention: Troy Prescott
	 

	 	 	 	2 OMCO Square, Suite 201

	 

	 	 	 	Winchester, IN 47394
	 
	 	 	 	 
	 

	 	Copy to:
	 	Brown, Winick, et al.
	 

	 	 	 	Attention: Mandy Hughes

	 

	 	 	 	666 Grand Avenue, Ste. 2000 Des
	 

	 	 	 	Moines, Iowa 50309

17.      GOVERNING LAW. This Agreement shall be governed and construed in accordance with the
law of the State of Indiana, without reference to its conflict of law rules. Each of the parties
hereto irrevocably submits to the jurisdiction of any state or federal court sitting in the State
of Indiana in any action or proceeding brought to enforce or otherwise arising out of or relating
to this Agreement.

18.      INTERPRETATION. The parties agree that each has had an opportunity to negotiate fully
the terms of this Agreement and that this Agreement shall not be interpreted in favor of or against
the party drafting the Agreement.

     IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date first above
written.

	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Spiceland Wood Products, Inc.	 	Cardinal Ethanol, LLC
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Robert J. Davis
	 	By:
	 	/s/ Troy Prescott	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	Its:

	 	President
	 	Its:
	 	President	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00115-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00115-of-00352.parquet"}]]