Document:

STATE
                OF NORTH CAROLINA

            	
              OPTION
                TO PURCHASE

            
	
              COUNTY
                OF HARNETT

            	
              REAL
                ESTATE

            

    

    

    THIS
      OPTION TO PURCHASE is made and entered into this the 6
      day
      of
August,
      2008, by and between Samuel
      P. Stephenson, unmarried
      c/o Joel Stephenson, Attorney in Fact, whose
      address is PO
      Box
      95
      Seaboard, NC
      27876,
hereinafter
      referred to as "Seller(s)";
      and
East
      Coast Ethanol, LLC, hereinafter
      referred to as
      "Buyer(s)".

     

    STATEMENT
      OF
      PURPOSE

     

    1. Seller
      is
      the owner in fee simple of that certain tract or parcel of land located in
      the
      County of Northampton,
      State
      of
      North Carolina, and
      is
      more
      particularly described herein as follows: 319.52
      +/-
      acres,
      Northampton County Pin No.
      4959-66-0416
      and
      is
      further described
      in attached
      Exhibit
      A.

     

    2. Buyer
      desires to purchase from Seller upon the terms and
      conditions
      in this Option, the said Land,
      together
      with all
      buildings,
      improvements
      and fixtures thereon, all privileges and appurtenances thereto
      and
      all
      rights and interests of Seller in adjacent or adjoining
      streets, roads or alleys (all of which are collectively referred
      to as the "Property".)

    

    NOW
      THEREFORE, in consideration of the mutual covenants contained herein,
      the payment of
      Ten
      Dollars
      ($10.00)
      and other valuable considerations
      paid by Buyer to Seller, the receipt of which is
      hereby
      acknowledged,
      Seller hereby grants and gives to Buyer, his heirs, successors,
      assigns or
      representatives
      the exclusive right and option to
      purchase
      the above described property upon the following terms and
      conditions.

     

    A.
      CONSIDERATION
      AND
      TERM.
      As
      consideration for this Option, Buyer shall
      pay
      Seller the sum of Twenty-Five Thousand and 00/100 Dollars ($25,000.00) on or
      before the effective date of this option.. This Option shall exist for a period
      of one hundred eighty (180) days following
      the Effective Date of this Option. Buyer shall be entitled to
      extend
      the term of
      this
      Option for a maximum of two (2) additional consecutive ninety (90) day periods
      on
      the
      same
terms
      as
      are
      contained herein
      upon payment by Buyer to Seller of the sum of Twelve Thousand and
      Five
      Hundred 00/100 Dollars ($12,500.00) per ninety (90)
      day
period
      prior to the expiration of the previous term, or any extension
      thereof.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    B. INSPECTIONS:
      Buyer,
      its agents or representatives, at Buyer's expense
      and at reasonable times during normal business hours, shall have
      the
      right to enter upon the Property for the purpose of inspecting,
      examining, performing soil boring and other testing, conducting timber cruises,
      and surveying the Property. Buyer shall conduct all such on-site inspections,
      examinations, soil boring and other
      testing, timber cruises and surveying of the Property in a good and
      workmanlike manner, and shall conduct same in a manner that does not
      unreasonably interfere with Seller's or any tenant's use and enjoyment
      of the Property. In that respect, Buyer shall make reasonable
      efforts to undertake onsite inspections outside of any tenant's business hours
      and shall give twenty four hours (24) prior notice,
      either verbal, faxed or written, to Seller and to those tenants
      who are disclosed to the Buyer of any entry onto any tenant's portion
      of the Property for the purpose of conducting inspections or other activities.
      Buyer assumes all responsibility for the acts of itself, its agents or
      representatives in exercising its rights under this Section B. and agrees to
      indemnify and hold Seller and tenant harmless
      from any damages resulting therefrom. This indemnification obligation of Buyer
      shall survive the termination of this Option, the Closing
      or other termination of this Agreement. Buyer shall, at Buyer's
      expense, promptly repair any damage to the Property caused by Buyer's
      entry and on-site inspections. Except as provided herein, Buyer
      shall have from the Effective Date through the end of the term of
      this
      Option, or any extension thereof, to perform the above inspections,
      examinations and testing.

     

    C. EXERCISE:
      At
      any
      time during the Option period, Buyer may exercise this
      Option or extend the duration as set forth in Section A above by written notice
      and payment of any additional funds for extension on or before
      midnight of the expiration of the then current option period, to
      Seller
      at the following address:

     

    
      	
              Optionor:
                

            	
              Samuel
                P. Stephenson, unmarried

            
	 	
              c/o
                Joel Stephenson, Attorney in Fact

            
	 	
              PO
                Box 95

            
	 	
              Seaboard,
                NC 27876

            
	 	
              Fax
                No:_________________________

            
	 	 
	
              Copy
                to:

            	
              Swain
                Stephenson, Agent for Seller

            
	 	
              Rochelle
                Realty & Auction Co. 

            
	 	
              PO
                Box 897

            
	 	
              Roanoke
                Rapids, NC 27870

            
	 	
              Fax
                No.: _________________________

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    D. PURCHASE
      PRICE: The
      purchase price for the Property ("Purchase Price")
      shall be Seven Thousand Five Hundred and 00/100 ($7500.00) per acre,
      with the final purchase price to be determined based upon a new survey,
      and shall be paid by Buyer to Seller in cash or by federal wire
      transfer at Closing. Should Buyer exercise and close on the
      above
      described property, Buyer shall receive a credit back against the
      purchase price of the property equal to amounts paid for the option
      and extensions thereto to be treated as earnest money (the "Earnest
      Money"), except in the case where Buyer defaults under this Option
      Agreement, in which case Seller shall be entitled to all amounts
      paid by Buyer prior to default.

     

    E. CONDITIONS:
      Buyer's
      obligations are in all respects conditioned upon
      the
      following:

     

    (i) All
      deeds
      of trust, liens and other charges against the Property
      must be paid and satisfied by Seller prior to or at Closing such that
      cancellation may be promptly obtained following Closing. Seller
      shall
      remain
      obligated to obtain any such cancellations

    following
      Closing.

     

    (ii)
      Title must be delivered at Closing by GENERAL WARRANTY DEED unless
      otherwise stated herein, and must be fee simple marketable and
      insurable title, free of all encumbrances except: ad valorem taxes
      for
      the current year (prorated through the date of Closing); utility
      easements, outstanding leases on the property and unviolated restrictive
      covenants that do not materially affect the value of the Property;
      and such other encumbrances as may be assumed or specifically
      approved by Buyer. The Property must have legal access to
      a
      public right of way.

     

    F. CLOSING:
      Closing
      shall
      occur on or before forty five (45) days after
      the
      exercise of the Option by Buyer to purchase the property ("Closing")
      by a lawyer selected by the Buyer and at such time and place
      mutually agreed upon by the parties.

     

    G. CLOSING
      DOCUMENTS:
      At
      Closing, Seller shall execute and deliver to Buyer
      the
      following documents:

     

    
      	
            	1.	
              The
                General Warranty Deed

            

    

     

    
      	 	
              2.

            	
              An
                affidavit in form and content acceptable to the Title Insurer
                that Seller is in undisputed possession of the Property
                and that there are no laborers', materialmen's, mechanics'
                or construction liens which are pending or which may
                be asserted against the
                Property.

            

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    H. CLOSING
      COSTS/PRORATIONS:
      Seller
      shall pay for the preparation of the
      Deed,
North
      Carolina
      excise stamp tax, Seller's ad valorem personal
      property taxes for
      the
      year
      of
      closing, any real estate commissions
      owed by Seller, and
      Seller's
      attorney's fees. Buyer shall pay
      for
      the Title Commitment, Survey, and any costs associated with the
      Tests
      or any loan(s) to Buyer
      and
      Buyer's attorney's fees. Ad valorem
      real property taxes applicable to the Property will
      be
      prorated
      as of the Closing. The Seller is
      entitled
      to rents for the year
      in
      which the closing shall occur, if any.

     

    I. REMEDIES:
      If
      Seller
      defaults under this Contract, then Buyer shall be
      entitled to exercise all remedies available to Buyer at law or in equity
      for such default. If
      Buyer
      defaults under this Contract, then Seller
      shall be entitled
      to receive the Earnest Money as liquidated damages
      as well as
      be
      entitled to
      exercise
      any
      and
      all
      remedies available
      to Seller at law or in equity for such default.

     

    J. SEVERABILITY:
      If
      any
term
      or
      provision of
      this
Contract
      is declared
      null, void or unenforceable by any court having jurisdiction over
      this
      Contract, then the remainder of this Contract, not so declared
      null, void,
      or
      unenforceable shall remain in
      full
      force and effect.

     

    K. EFFECTIVE
      DATE:
      This
      Option shall
      be
      effective upon the execution hereof
      by
both
      Buyer
      and
      Seller and, if executed on different dates,
      the
      Effective Date shall
      be
the
      later
      of such
      dates.

     

    L. NOTICE: Except
      as
      otherwise set out herein, any
      notice
      provided
      for or concerning this agreement shall be in writing
      and
      be
      deemed sufficiently given when sent by email, certified or registered mail,
      overnight delivery
      or facsimile
      transmission if sent to
      the
      respective address or fax number of each party and tenants whose names
      are
      disclosed to Buyer as set
      forth
      in
      this agreement. If written addresses and fax numbers of tenants of Seller are
      not provided to Seller
      and attached to the agreement then notice will
      be
      deemed provided
      to Tenant upon delivery to Seller.

     

    M.
      LEASES:
      It is
      known and has been known by the Buyer that the Seller has
      a
      current lease on the property with two years remaining on a five year
      leasehold term for the purpose of planting and harvesting certain crops.
      It
      has been discussed between the parties the issue of leasing the
      premise and planting crop during the term of the option. To that end
      the
      parties have hereto agreed as follows:

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    (i) Buyer
      agrees that if it causes damage to said crops through its activities
      on the Premises as set out in paragraph B or otherwise, or if
      the
      Tenant is unable to harvest its crops due to Buyer's activities on
      the
      premises, that the Buyer will be liable for those actual damages
      arising therefrom. The parties agree that the damages will be calculated
      on a per acre basis and shall not exceed the value of one hundred twenty five
      percent of the average yield per acre for that particular crop with respect
      to
      all farm numbers used by tenant in Northampton
      County for the crop year in which such damages occur. If the
      parties can't agree on the amount of acreage damaged or the amount of
      the
      damages done per acre then an arbitrator shall be selected in accordance
      with laws of the state of North Carolina who shall determine
      said damages on the basis as set out herein.

     

    (ii) In
      the
      event the Buyer elects to extend the option after the first
      one
      hundred eighty day period, the Seller shall cause the termination
      of the lease on the property and have executed a release of all claims the
      tenant may have against both the Buyer and Seller. 

     

    (iii) The
      Seller has informed the Buyer that should it close the sale of
      the
      property pursuant to the terms of the option and request the same
      that
      he would have all leases against the property terminated so that the Buyer
      would
      take title free and clear of all such leases. To that end, Seller shall
      terminate the leasehold with the Tenant and provide
      written notice thereof to Buyer thereof at least 72 hours prior
      to
      closing that such termination has occurred. Furthermore, Seller
      shall provide to Buyer a written release from Tenant for all claims
      it
      may have as against the Buyer, Seller or the property itself.
      Seller shall be responsible for any and all costs and damages resulting
      from such termination or releases. Buyer shall have the option
      to
      waive this requirement in whole or part and proceed to close.

     

    (iv)
      Since
      it
      is
contemplated
      that the property
      will
      be
      used for immediate
      industrial development
      by
      the
Buyer,
      the
      Seller
      agrees
      that
      he
      will
not
      relet
      the
      property or extend the terms of
      the
      current lease
      without the
      prior
      written
      consent
      of
      the
      Buyer
      after Buyer has given
      notice to exercise
      this option.

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    IN
      WITNESS WHEREOF,
      the
      parties
      hereunto
      set his
      hand
      or
      seal,
      or
if
      corporate, has
      caused
      this
      instrument
      to be signed in
      its
      corporate name
      by
      its duly authorized
      officers and
      its
seal
      to
      be
      hereunto affixed
      by authority of
      its
      Board
      of Directors, the
      day
      and
      year first
      above written. No winter crops will be planted without buyer's written
      permission

     

    
      	
              /s/
                Samuel P. Stephenson by DHP 6/8/08

            	 	 	
              SPS
                JRS 8/7/08

            	 
	
              /s/
                Joel P. Stephenson AIF

            	
              (Seal)

            	 	
              /s/
                D. Keith Parrish

            	
              (Seal)

            
	
              Samuel
                P. Stephenson, Seller

            	 	 	
              East
                Coast Ethanol, LLC, Buyer

            	 
	
              Date:
                08/07/08

            	 	 	
              By:
                D. Keith Parrish

            	 
	 	 	 	
              Title:
                Manager (Vice President)

            	 
	 	
              (Seal)

            	 	 	 
	
                                                                        ,
                Seller

            	 	 	 	 
	
              Date: ____________________________________

            	 	 	 	 

    

    

    North
      Carolina

    Northampton
      County

    

    I
      certify
      that the following person(s) personally appeared before me
      this
      day,
      each
      acknowledging to me
      that
      he
      or she voluntarily signed
      the
      foregoing
      document for the
      purpose stated
      therein
      and
      in
the
      capacity indicated:
      Samuel
      P.
Stephenson

    

    Date:
      8/7,
      2008.

    

    
      	
              (Official
                Seal)

            	
              /s/
                Kimberly D. Starke

            
	 	
              Notary
                Public

            
	 	 
	 	
              Kimberly
                D. Starke

            
	 	
              Notary's
                Printed or Typed Name

            

    

    

    My
      commission expires: 10/28/2011  

    

    North
      Carolina 

    Harnett
      County

    

    I
      certify
      that the following person(s) personally appeared before me
      this
      day, each acknowledging to me that he or she voluntarily signed
      the foregoing document for the purpose stated therein and in the
      capacity indicated: D. Keith Parrish, manager (Vice President).

    

    Date:
      Aug
      6,
      2008.

    

    
      	
              (Official
                Seal)

            	
              /s/
                June B. Warren

            
	 	
              Notary
                Public

            
	 	 
	 	
              June
                B. Warren

            
	 	
              Notary's
                Printed or Typed Name

            

    

    

    My
      commission expires: Dec
      14, 2008Unassociated Document

     

    
      	
              STATE
                OF NORTH CAROLINA

            	
              OPTION
                TO PURCHASE

            
	
              COUNTY
                OF NORTHAMPTON

            	
              REAL
                ESTATE

            

    

    

    THIS
      OPTION TO PURCHASE is made and entered into this the 6th
      day
      of
      July August, 2008, by and between Mr.
      C.R. Daniel, Jr. and spouse Mrs. Patsy S. Daniel, hereinafter
      referred to as "Seller(s)"; and East
      Coast Ethanol, LLC, hereinafter
      referred to as "Buyer(s)".

     

    STATEMENT
      OF PURPOSE

    1. Seller
      is
      the owner in fee simple of that certain tract or parcel
      of
      land
      located in the County of Northampton, State of North Carolina, and is more
      particularly described herein as follows: 94.06 +/-acres, Northampton County
      Pin
      No.
      4959-36-8536 and is further described in attached Exhibit A.

     

    2. Buyer
      desires to purchase from Seller upon the terms and conditions in this Option,
      the said Land, together with all buildings, improvements and fixtures thereon,
      all privileges and appurtenances thereto and all rights and interests of Seller
      in adjacent or adjoining streets, roads or alleys (all of which are collectively
      referred to as the "Property".)

    

    NOW
      THEREFORE, in consideration of the mutual covenants contained herein, the
      payment of Ten Dollars ($10.00) and other valuable considerations paid by Buyer
      to Seller, the receipt of which is hereby acknowledged, Seller hereby grants
      and
      gives to Buyer, his heirs, successors, assigns or representatives the exclusive
      right and option to purchase the above described property upon the following
      terms and conditions.

     

    A.
      CONSIDERATION
      AND TERM. As
      consideration for this Option, Buyer shall pay Seller the sum of Seven Thousand
      Five Hundred and 00/100 Dollars ($7,500.00) on or before the effective date
      of
      this option. This Option shall exist for a period of
      one
      hundred eighty (180) days following the Effective Date of this Option. Buyer
      shall be entitled to extend the term of this Option for a maximum of two (2)
      additional consecutive ninety (90) day periods on the same terms as are
      contained herein upon payment by Buyer to Seller of the sum of Four Thousand
      and
00/100
      Dollars ($4000.00) per ninety (90) day period prior to the expiration of the
      previous term, or any extension thereof.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    B. INSPECTIONS:
      Buyer,
      its agents or representatives, at Buyer's expense and at reasonable times during
      normal business hours, shall have the right to enter upon the Property for
      the
      purpose of inspecting, examining, performing soil boring and other testing,
      conducting timber cruises, and surveying the Property. Buyer shall conduct
      all
      such on-site inspections, examinations, soil boring and other testing, timber
      cruises and surveying of the Property in a good and workmanlike manner, and
      shall conduct same in a manner that does not unreasonably interfere with
      Seller's or any tenant's use and enjoyment of the Property. In that respect,
      Buyer shall make reasonable efforts to undertake onsite inspections outside
      of
      any tenant's business hours and shall give twenty four hours (24) prior notice,
      either verbal, faxed or written, to Seller and to those tenants who are
      disclosed to the Buyer of any entry onto any tenant's portion of the Property
      for the purpose of conducting inspections or other activities. Buyer assumes
      all
      responsibility for the acts of itself, its agents or representatives in
      exercising its rights under this Section B. and agrees to indemnify and hold
      Seller and tenant harmless from any damages resulting therefrom. This
      indemnification obligation of Buyer shall survive the termination of this
      Option, the Closing or other termination of this Agreement. Buyer shall, at
      Buyer's expense, promptly repair any damage to the Property caused by Buyer's
      entry and on-site inspections. Except as provided herein, Buyer shall have
      from
      the Effective Date through the end of the term of this Option, or any extension
      thereof, to perform the above inspections, examinations and
      testing.

     

    C. EXERCISE:
      At
      any
      time during the Option period, Buyer may exercise this Option or extend the
      duration as set forth in Section A above by written notice and payment of any
      additional funds for extension on or before midnight of the expiration of the
      then current option period, to Seller at the following address:

    

    
      	
              Optionor:
                

            	
              Mrs.
                Patsy S. Daniel

            
	 	
              7916
                Ashley Road

            
	 	
              Powell,
                TN 37849

            
	 	
              Fax
                No: 

            	
              /s/
                Patsy S. Daniel

            
	 	 
	
              Copy
                to:

            	
              Swain
                Stephenson, Agent for Seller

            
	 	
              Rochelle
                Realty & Auction Co.

            
	 	
              PO
                Box 897

            
	 	
              Roanoke
                Rapids, NC 27870

            
	 	
              Fax
                No.: 

            	 

    

     

    D. PURCHASE
      PRICE: The
      purchase price for the Property ("Purchase Price") shall be Seven Thousand
      Five
      Hundred and 00/100 ($7500.00) per acre, with the final purchase price to be
      determined based upon a new survey, and shall be paid by Buyer to Seller in
      cash
      or by federal wire transfer at Closing. Should Buyer exercise and close on
      the
      above described property, Buyer shall receive a credit back against the purchase
      price of the property equal to amounts paid for the option and
      extensions thereto
      to be treated as earnest money (the "Earnest
      Money"), except
      in
      the case
      where
      Buyer
      defaults
      under
      this
      Option
      Agreement, in which case Seller shall be entitled to all amounts paid
      by
      Buyer
      prior to default.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    E. CONDITIONS:
      Buyer's
obligations
      are
      in
all
      respects
      conditioned upon the
      following:

     

    (i) All
      deeds
      of
trust,
      liens and
      other
      charges against
      the
      Property must
      be
      paid
      and satisfied by Seller prior to
      or
at
      Closing such that cancellation may be promptly obtained
      following
      Closing. Seller shall remain
      obligated to obtain
      any
      such
      cancellations following Closing.

     

    (ii) Title
      must be
      delivered
      at Closing by GENERAL
      WARRANTY DEED
      unless otherwise stated herein, and
      must
be
      fee
simple
      marketable and
      insurable
      title, free
      of
all
      encumbrances except: ad valorem
      taxes
      for
the
      current
      year {prorated through the date of Closing); utility
      easements,
      outstanding leases
      on
      the
property
      and unviolated
      restrictive
      covenants that
      do
not
      materially affect the value of the Property; and
      such
other
      encumbrances as
      may be
assumed
      or
      specifically
      approved by Buyer.
      The
      Property must have legal
      access
      to
      a
      public
right
      of
      way.

     

    F. CLOSING:
      Closing
      shall occur
      on
or
      before
forty
      five (45) days
      after the
      exercise
      of
      the
Option
      by
      Buyer to purchase the property
      ("Closing")
      by
      a
      lawyer
      selected by
      the
      Buyer
and
      at
      such
      time and
      place
      mutually agreed upon by the parties.

     

    G. CLOSING
      DOCUMENTS:
      At
      Closing, Seller shall execute and deliver to Buyer the following
      documents:

     

    1. The
      General Warranty
      Deed

     

    2. An
      affidavit
      in
      form
      and content acceptable to the
      Title
      Insurer that Seller is in undisputed possession of
      the
      Property and that there are no laborers', materialmen's, mechanics' or
      construction liens which are pending or which may be asserted against the
Property.

     

    H. CLOSING
      COSTS/PRORATIONS: Seller
      shall pay for the preparation of the Deed, North Carolina excise stamp tax,
      Seller's ad valorem personal property taxes for
      the
year
      of
      closing, any real estate commissions owed by Seller, and Seller's attorney's
      fees.
      Buyer
      shall pay for
      the
      Title
      Commitment, Survey, and any costs associated with the Tests or any loan(s)
      to
      Buyer and Buyer's attorney's fees. Ad
      valorem real property taxes applicable to the Property will be prorated as
      of
      the Closing. The Seller is entitled to rents for the year in which the
      closing
      shall occur, if any.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    I. REMEDIES:
      If
      Seller
      defaults under this Contract, then Buyer shall be entitled
      to
      exercise all remedies available to Buyer at law or in equity for
      such
      default. If Buyer defaults
      under
      this Contract, then Seller shall be entitled to receive the Earnest Money as
      liquidated damages as well as be entitled to exercise any and all
      remedies
      available
      to
      Seller
      at law or in equity for
      such
      default.

     

    J. SEVERABILITY:
      If any
term
      or
      provision of this Contract is declared null, void or unenforceable by any court
      having jurisdiction over this Contract, then the
      remainder
      of this
      Contract,
      not
      so
      declared null, void, or unenforceable
      shall
      remain in full force
      and
      effect.

     

    K. EFFECTIVE
      DATE:
      This
      Option shall be effective upon the execution hereof by both Buyer and Seller
      and, if executed on different dates, the Effective Date shall be the later
      of
      such dates.

     

    L. NOTICE: Except
      as
      otherwise set out herein, any notice provided for or
      concerning
      this agreement shall
      be
      in
      writing and be deemed sufficiently given when sent by email, certified or
      registered mail, overnight delivery or facsimile transmission if sent to
the
      respective
      address or fax number of each
      party
      and
tenants
      whose
      names
      are
      disclosed to Buyer as set forth
      in
      this
      agreement. If
      written
      addresses and fax numbers of tenants of Seller are not provided to Seller and
      attached to the agreement then notice will be deemed provided
      to Tenant upon delivery to Seller.

     

    M.
       LEASES:
      It is known and has been known by the Buyer that the Seller
      has
      a
      current
      lease on the property for the purpose of planting
      and
      harvesting
      certain
      crops. It
      has
      been
      discussed between
      the
      parties
      the issue
      of
      leasing the premise and planting crop during the term of the
      option.
      To that
      end
      the
      parties have
      hereto
      agreed as follows:

     

    (i) Buyer
      agrees
      that if it
      causes
      damage to said crops
      through
      its activities on the
      Premises
      as set
      out
      in
      paragraph B or
      otherwise,
      or if
      the
Tenant
      is
      unable to
      harvest
      its crops due to Buyer's activities on the premises, that
      the
      Buyer
      will be liable for those
      actual
      damages arising therefrom.
      The
      parties agree
      that
      the
      damages
      will be calculated
      on
      a per
      acre basis and shall
      not
      exceed the
      value
      of one hundred twenty
      five
      percent
      of the average yield per acre
      for
that
      particular crop with respect to all farm numbers used by tenant in
      Northampton
      County for the crop year in which such damages occur. If
      the
      parties can't
      agree on
      the
      amount of
      acreage damaged
      or the amount of the
      damages
      done
      per
      acre
      then an arbitrator shall be selected in accordance with laws
      of
      the
state
      of
      North
      Carolina who shall determine said damages on the basis as set
      out
      herein.

     

    (ii) In
      the
      event
      the Buyer elects to extend the option after the first one
      hundred
      eighty
      day
      period, the Seller
      shall cause
      the
termination
      of
      the
      lease
      on
      the property and have executed a release
      of all
      claims the tenant may have against both the Buyer
      and
      Seller. 

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (iii)
      The
      Seller has informed the
      Buyer
      that should it close the
      sale
of
      the
      property pursuant
      to
      the
      terms
      of
      the
      option and
      request the same that
      he
      would
      have
      all
      leases against the property terminated so that
      the
Buyer
      would take title
      free
      and
      clear of all such leases. To that end, Seller shall terminate the leasehold
      with
the
      Tenant
      and
      provide written
      notice thereof
      to
      Buyer
thereof
      at
      least
      72
      hours
      prior
      to
      closing that such
      termination has occurred. Furthermore,
      Seller shall provide to
      Buyer
a
      written
      release
      from
      Tenant
      for
      all
      claims
      it
      may have as against the Buyer, Seller or the property itself. Seller shall
      be
responsible
      for any
      and
      all costs and damages
      resulting
      from
      such
      termination or
      releases. Buyer
      shall have
      the
      option
      to
waive
      this
      requirement in whole or
      part
      and
      proceed to
      close.

     

    (iv) Since
      it
      is
contemplated
      that
      the
      property will be
      used
      for immediate industrial development
      by
      the
Buyer,
      the
      Seller
      agrees
      that he will not
      relet
the
      property
      or
      extend
the
      terms
      of the current lease
      without the prior written consent of
      the
      Buyer
after
      Buyer
      has
given
      notice
      to
      exercise this option.

    

    IN
      WITNESS WHEREOF,
      the
      parties
      hereunto
      set his
      hand
      or
      seal,
      or
      if corporate, has
      caused
      this
      instrument
      to be signed in
      its
      corporate name by its duly authorized
      officers and
      its
seal
      to
      be
      hereunto affixed by authority of
      its
      Board
      of Directors, the
      day
      and
      year first above written. No winter crops will be planted without buyer's
      written permission. DKP 8/6/08

    

    
      	
              /s/
                C.R. Daniel, Jr.

            	
              (Seal)

            	 	
              /s/
                D. Keith Parrish

            	
              (Seal)

            
	
              Mr.
                C.R. Daniel, JR. Seller

            	 	 	
              East
                Coast Ethanol, LLC, Buyer

            	 
	
              Date:
                8-11-08

            	 	 	
              By:
                D. Keith Parrish

            	 
	 	 	 	
              Title:
                Manager (Vice President)

            	 
	
              /s/
                Mrs. Patsy S. Daniel

            	
              (Seal)

            	 	
              /s/
                Lois Ropsanna Luttrell

            	 
	 	 	 	
              Notary

            	 
	 	 	 	
              August
                19, 2008

            	 
	 	 	 	
              Date

            	 
	 	 	 	
              July
                13, 2009

            	 
	 	 	 	
              My
                Commission Expires

            	 

    

    

    North
      Carolina

    Northampton
      County

    

    I
      certify
      that the personally
      appeared
      before
      me
      this day, each
      acknowledging
      to me
      that
      he
      or she
      voluntarily
      signed the foregoing document for
      the
purpose
      stated therein and
      in
      the
      capacity indicated:
      Mr. C.R. Daniel,
      Jr.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Date:
      August
      8,
      2008.

    

    
      	
              (Official
                Seal)

            	
              /s/
                Lois Rosanna Luttrell

            
	 	
              Notary
                Public

            
	 	 
	 	
              Lois
                Rosanna Luttrell

            
	 	
              Notary's
                Printed or Typed Name

            

    

    

    My
      commission expires: July
      13,
      2009 

    

    North
      Carolina

    Northampton
      County

    

    I
      certify
      that the personally
      appeared
      before
      me
      this day, each
      acknowledging
      to me
      that
      he
      or she
      voluntarily
      signed the foregoing document for
      the
purpose
      stated therein and
      in
      the
      capacity indicated:
      Mrs. Patsy S. Daniel 

    

    Date:8-19,
      2008.

    

    
      	
              (Official
                Seal)

            	
              /s/
                Lois Rosanna Luttrell

            
	 	
              Notary
                Public

            
	 	 
	 	
              Lois
                Rosanna Luttrell

            
	 	
              Notary's
                Printed or Typed Name

            

    

    

    My
      commission expires: July
      13,
      2009 

    

    

    North
      Carolina

    Harnett
      County

    

    I
      certify
      that the personally
      appeared
      before
      me
      this day, each
      acknowledging
      to me
      that
      he
      or she
      voluntarily
      signed the foregoing document for
      the
purpose
      stated therein and
      in
      the
      capacity indicated:
      D. Keith Parrish, manager (Vice President). 

    

    Date:
      August
      6,
      2008.

    

    
      	
              (Official
                Seal)

            	
              /s/
                June B. Warren

            
	 	
              Notary
                Public

            
	 	 
	 	
              June
                B Warren

            
	 	
              Notary's
                Printed or Typed Name

            

    

    

    My
      commission expires: Dec
      14,
      2008

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}]]