Document:

PREPARED
      BY AND UPON

    RECORDATION
      RETURN TO:

    Bryan
      Cave LLP

    1200
      Main Street, Suite 3500

    Kansas
      City, Missouri 64105

    Attention:
      Dennis M. Alt

     

      
        

      

    

    (space
      above reserved for Recorder’s use)

     

    MISSOURI
      LEASEHOLD DEED OF TRUST,

    ASSIGNMENT
      OF RENTS AND SECURITY AGREEMENT

     

    SHOW
      ME ETHANOL, LLC,

    a
      Missouri limited liability company,

    as
      Grantor

     

    to

     

    THOMAS
      F. KREAMER,

    as
      Trustee

     

    for
      the benefit of

     

    STATE
      BANK OF SLATER,

     

    as
      Grantee (Agent)

     

    Dated
      as of June 5, 2008

    

      
        	
                Location:

              	
                Carroll
                  County, Missouri

              
	
                Grantee’s

              	 
	
                Address:

              	
                201
                  West Maple Street, Slater, MO 65349, Attention: William L.
                  Summers

              
	
                Legal

              	 
	
                Description:

              	
                See
                  Exhibit A attached
                  hereto

              

      

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    THIS
      AGREEMENT SECURES AMONG OTHER THINGS FUTURE ADVANCES AND OBLIGATIONS AND IS
      TO
      BE GOVERNED BY THE PROVISIONS OF SECTION 443.055 OF THE MISSOURI REVISED
      STATUTES. THE TOTAL PRINCIPAL AMOUNT OF OBLIGATIONS THAT MAY BE SECURED
      HEREUNDER IS $3,590,000.

     

    MISSOURI
      LEASEHOLD DEED OF TRUST,

    ASSIGNMENT
      OF RENTS AND

    SECURITY
      AGREEMENT

     

    THIS
      MISSOURI LEASEHOLD DEED OF TRUST, ASSIGNMENT OF RENTS AND SECURITY AGREEMENT
      (“Deed
      of Trust”)
      is
      made and executed as of the second day of June, 2008, by SHOW
      ME ETHANOL, LLC,
      a
      Missouri limited liability company, whose address is 807 West Main, P.O. Box
      158, Richmond, Missouri 64085 (“Grantor”),
      THOMAS
      F. KREAMER,
      a
      Missouri resident, with an address of c/o Bryan Cave LLP, 1200 Main Street,
      Suite 3500, Kansas City, Missouri 64105 (the
      “Trustee”),
      for
      the benefit of STATE
      BANK OF SLATER,
      with an
      address of 201 West Maple Street, Slater, MO 65349, Attention: William L.
      Summers, as agent (in such capacities and together with any successors in such
      capacities, “Agent”)
      for
      the lending institutions (collectively, whether one or more, the “Lender”),
      from
      time to time a party to the Loan and Security Agreement (as defined
      below).

     

    A. Debt.
      Grantor
      has executed various 9% Subordinated Secured Promissory Notes Due June 4, 2010
      (collectively, whether one or more, the “Note”)
      evidencing an aggregate loan in the amount of $3,590,000.00 by the Lender to
      Grantor, pursuant to the terms contained in that certain Loan and Security
      Agreement, dated June 5, 2008 (“Loan
      and Security Agreement”).
      Each
      Note is more fully described on Exhibit
      B
      attached
      hereto and incorporated herein. A condition to such loan is the granting of
      this
      Deed of Trust by Grantor as security for the obligations of Grantor under the
      Note. The Note, this Deed of Trust, the Loan and Security Agreement and all
      other instruments and documents evidencing, securing or relating to the
      indebtedness evidenced by the Note are referred to herein as the “Loan
      Documents.”
The
      execution and delivery of the Note, this Deed of Trust and the other Loan
      Documents to which Grantor is a party is a condition precedent to Lender making
      the loans to Grantor evidenced by the Note.

     

    B. Grant.
      Grantor, in consideration of the debt and trust herein described, and the sum
      of
      Ten Dollars ($10.00) and other good and valuable consideration to it paid by
      the
      Lender and Agent, the receipt and sufficiency of which are hereby acknowledged,
      does by these presents GRANT,
      BARGAIN AND SELL, CONVEY AND CONFIRM unto
      the
      Trustee all of Grantor’s right, title and interest in that certain leasehold
      estate which is evidenced by that certain Lease Agreement, by and between
      Carroll County, Missouri, a third class township and political subdivision
      of
      the State of Missouri, as grantor/lessor thereunder, and Grantor, as
      grantee/lessee thereunder, (collectively, the “Lease”),
      which
      affects the property located in Carroll County, Missouri, whether now owned
      or
      acquired in the future, and described on Exhibit
      A
      attached
      to and incorporated into this Deed of Trust by this reference, for the use
      and
      benefit of Agent.

     

    TOGETHER
      WITH all
      the
      improvements now or in the future erected on the property, and all tenements,
      hereditaments and appurtenances belonging or appertaining to such property
      and
      improvements, all fixtures, furnishings, equipment, appliances, machinery and
      other personal property now or in the future located on or used in connection
      with such property and all easements, leases, rents, profits, insurance and
      condemnation proceeds, royalties, mineral, oil and gas rights and profits,
      water
      rights and water stock now or in the future becoming a part of or relating
      to
      such property, and all replacements, substitutions, additions to and proceeds
      and products of the foregoing. All of the property, real, personal or mixed,
      described in this paragraph is referred to in this Deed of Trust as the
“Mortgaged
      Property.”

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    C. TO
      HAVE AND TO HOLD the
      Mortgaged Property unto the Trustee, and its successors and assigns, in
      accordance with the provisions contained herein, for the use and benefit of
      Agent.

     

    D. NOW,
      THEREFORE,
      if
      Grantor pays and performs its obligations under the Note and the other Loan
      Documents and complies with each and every agreement, condition and covenant
      contained and set forth in this Deed of Trust, the Note and all related
      documents, then this Deed of Trust will be released, without warranty, at the
      request and cost of Grantor.

     

    E. Secured
      Obligations.
      This
      Deed of Trust secures to Agent: (a) the repayment of all obligations evidenced
      by the Note, including interest; (b) the payment of all other sums now or in
      the
      future advanced by Lender and Agent under the Note, this Deed of Trust or the
      other Loan Documents, and the performance of all future obligations of Grantor
      to Lender and Agent under the Loan Documents, provided that at no time will
      the
      total principal amount secured by this Deed of Trust, not including sums
      advanced to protect the security of this Deed of Trust, or for any other
      purposes specified in Section 443.055 of the Revised Statutes of Missouri,
      as
      amended, exceed the principal sum stated on the face of this Deed of Trust;
      and
      (c) the payment and performance of Grantor’s other covenants, agreements and
      obligations under the Note, this Deed of Trust and under the other Loan
      Documents (all referred to as the “Secured
      Obligations”).

     

    F. Representations,
      Covenants and Warranties.
      Grantor
      represents, covenants, and warrants:

     

    (a) that
      the
      Lease is in full force and effect and has not been modified or amended in any
      manner whatsoever;

     

    (b) that
      there are no defaults under the Lease, and no event has occurred, that, with
      the
      giving of notice, the passage of time, or both, would constitute a default
      under
      the Lease;

     

    (c) that
      all
      rents, additional rents, and other sums due and payable under the Lease have
      been paid in full to the extent they were payable before the date of this Deed
      of Trust;

     

    (d) that
      neither Grantor nor the landlord under the Lease has commenced any action or
      given or received any notice for the purpose of terminating the
      Lease;

     

    (e) that
      the
      interest of the tenant under the Lease is vested in the Grantor;

     

    (f) the
      quiet
      and peaceful possession of Lender and Agent; 

     

    (g) that
      the
      Grantor will defend the leasehold estate created by the Lease for the entire
      remainder of the term set forth in the Lease, against all and every person
      or
      persons lawfully claiming, or who may claim the same or any part of the Lease,
      subject only to the payment of the rents reserved in the Lease and to the
      performance and observance of all the terms, covenants, conditions and
      warranties of the Lease, subject in each case to the permitted encumbrances
      (the
“Permitted
      Encumbrances”)
      set
      forth on Exhibit
      B.

    
      
        
        

      

      
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    G. Assignment
      of Leases and Rents.
      Grantor
      hereby assigns to Agent all leases and other agreements, written or oral, now
      in
      existence or hereafter arising for the use or occupancy of all or any portion
      of
      the Mortgaged Property, and all the rents, issues, and profits of all or any
      part of the Mortgaged Property and all funds received by Grantor for any use,
      sale, or lease of all or any part of the Mortgaged Property, as further security
      for the payment and performance of the Secured Obligations, and Grantor grants
      to Agent the right to enter upon and to take possession of the Mortgaged
      Property and every part thereof for the purpose of collecting the same and
      to
      let the Mortgaged Property or any part thereof, and to apply the rents, issues,
      and profits, after payment of all necessary charges and expenses, on account
      of
      the Loan Documents. This assignment and grant will continue in effect until
      this
      Deed of Trust is released. Notwithstanding the foregoing, Grantor will have
      the
      right, under a license now granted by Agent to Grantor, to collect and receive
      said rents, issues, and profits until the occurrence of an Event of Default
      (as
      defined below); and Grantor agrees to use such rents, issues, and profits in
      payment of principal, interest and other obligations becoming due under the
      Loan
      Documents and in payment of taxes, assessments, sewer rates, water rents, and
      carrying charges becoming due against the Mortgaged Property, but such right
      of
      Grantor will be revoked automatically upon the occurrence of an Event of
      Default. Grantor will not, without the written consent of Agent, receive or
      collect rent from any tenant of all or any part of the Mortgaged Property for
      a
      period of more than one month in advance, and if an Event of Default occurs,
      Grantor will pay monthly in advance to Agent, or to any receiver appointed
      to
      collect such rents, issues, and profits, the higher of the fair and reasonable
      rental value or the rent reserved in any written lease for the use and
      occupation of the Mortgaged Property or of such part of the Mortgaged Property
      as may be in the possession of Grantor, and upon default in any such payment
      will, at the option of Agent, vacate and surrender the possession of the
      Mortgaged Property to Agent or to such receiver, and if Grantor fails to do
      so,
      Grantor may be evicted by summary proceedings. Upon demand, Grantor will execute
      and deliver to Agent such further assignments and other documents and
      instruments as Agent may deem advisable to carry out or evidence the assignment
      set forth in this section.

     

    H. Security
      Agreement.
      This
      Deed of Trust, in addition to being a lien on real estate, also is a security
      agreement by and between Grantor, as debtor, and Agent, as secured party, with
      respect to all of the Mortgaged Property which is personal property (the
“Personal
      Property”),
      and
      this Deed of Trust creates and grants to Agent a first lien and security
      interest in all Personal Property (subject only to the Permitted Encumbrances)
      until the Secured Obligations are paid in full. Grantor hereby grants to Agent
      a
      security interest in all of the Personal Property as security for the payment
      and performance of the Secured Obligations. Upon the occurrence of any Event
      of
      Default, Agent will have all the rights and remedies of a secured party under
      the Uniform Commercial Code and any other applicable laws. This Deed of Trust
      will also constitute a Uniform Commercial Code financing statement for purposes
      of perfecting Agent’s interest in the Personal Property and fixtures described
      herein.

     

    GRANTOR
      AND AGENT FURTHER COVENANT AND AGREE AS FOLLOWS:

     

    1. Payment
      and Performance of Obligations.
      Grantor
      must promptly pay and perform when due all of the Secured
      Obligations.

     

    2. Claims
      Against Mortgaged Property.
      Grantor
      will pay, from time to time when the same become due, all claims and demands
      of
      mechanics, materialmen, laborers, and others which, if unpaid, might result
      in,
      or permit the creation of, a lien on all or any part of the Mortgaged Property,
      whether prior or subordinate to this Deed of Trust, or on the revenues, rents,
      issues, income, and profits arising from the Mortgaged Property, and in general
      will do or cause to be done everything necessary so that the priority of this
      Deed of Trust will be fully preserved, at the cost of Grantor, without expense
      to Lender or Agent. Agent at its option may be subrogated for further security
      to the lien of any prior encumbrance, mechanic’s lien, or vendor’s lien on the
      Mortgaged Property paid out of the proceeds of the Note, even though the same
      be
      released of record.

     

    3. Reserved.

    
      
        
        

      

      
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    4. Preservation
      and Maintenance of Mortgaged Property.
      Grantor
      covenants and agrees not to permit or commit any waste on or of the Mortgaged
      Property and to maintain the Mortgaged Property at all times in a state of
      good
      repair and condition; to comply with, or cause to be complied with, all
      statutes, ordinances, and requirements of any governmental or other authority
      relating to the Mortgaged Property; and to do or permit to be done to the
      Mortgaged Property nothing that will alter or change the use and character
      of
      the Mortgaged Property or in any way impair or weaken the security of this
      Deed
      of Trust or otherwise diminish the value of the Mortgaged Property. In case
      of
      the refusal, neglect, or inability of Grantor to repair and maintain the
      Mortgaged Property, Agent may, at its option, make such repairs or cause repairs
      to be made, and advance money to do so.

     

    5. Taxes
      and Public Charges.
      Grantor
      will pay and discharge, before delinquency, all taxes (including real and
      personal property taxes and income, franchise, withholding, profits, and gross
      receipts taxes); all general and special assessments, levies, permits,
      inspection, and license fees; all water and sewer rents and charges; and all
      other public charges, whether of a like or different nature, imposed upon or
      assessed against Grantor or all or any part of the Mortgaged Property or upon
      the revenues, rents, issues, income, and profits of the Mortgaged Property
      or
      arising in respect of the occupancy, use, or possession of the Mortgaged
      Property. Grantor will, upon the request of Agent, deliver to Agent receipts
      evidencing the payment of all such taxes, assessments, and other public
      charges.

     

    6. Insurance.

     

    (a) Grantor
      agrees to maintain in force at all times (i) comprehensive, general liability
      insurance, including premises, operations, and products liability, with limits
      and deductibles satisfactory to Agent; and (ii) “all risk” property insurance,
      including, without limitation, fire, windstorm, explosion, such other risks
      usually insured against by owners of like properties, and such other coverages
      as Agent may from time to time require on the Mortgaged Property, in an amount
      equal to the full replacement cost of the portion of the Mortgaged Property
      constituting improvements and Personal Property and must be sufficient to
      prevent the application of coinsurance provisions, and with only such
      deductibles as Agent may approve. If any of the Mortgaged Property is designated
      as a flood prone or a flood risk area, as defined by the Flood Disaster
      Protection Act of 1973, as amended, Grantor will maintain flood insurance in
      an
      amount and with such deductibles to be determined by Agent from time to time,
      and also must comply with any additional requirements of the National Flood
      Insurance Program as set forth in said Act. Grantor must maintain in force
      at
      all times workers’ compensation insurance respecting all employees of Grantor as
      required by law.

     

    (b) All
      such
      insurance must be written by companies, on forms and with endorsements all
      satisfactory to Agent, all with satisfactory loss-payable and standard
      non-contribution mortgagee clauses attached in favor of Agent (or, in case
      of a
      foreclosure sale, in favor of the owner of the certificate of sale). Grantor
      must promptly deliver to Agent a certificate of insurance on all policies and
      endorsements, and all renewals. All such policies must provide for, among other
      things, thirty (30) days’ prior written notice to Agent of their expiration or
      any cancellation or modification. Not less than ten (10) days prior to the
      expiration of any such policy, a certified copy of an appropriate renewal policy
      must be delivered to Agent.

     

    7. Escrows.
      Upon an
      Event of Default, Agent may require that a sum equal to 1/12th
      of the
      total estimated amount of the current year’s taxes and assessments against the
      Mortgaged Property and estimated insurance premiums for insurance coverages
      required to be provided by Grantor be paid monthly in advance to Agent on the
      first day of each month. If the fund created by such payments exceeds the actual
      amount of taxes, assessments and premiums, the excess will be credited to
      Grantor and applied to future taxes, assessments and premiums, or to interest
      or
      principal, as Agent may elect. The waiving of such monthly payments at any
      time
      will not bar Agent from later requiring Grantor to make such payments. No
      interest will be paid by Agent on any of such funds. The funds provided for
      in
      this Section are solely for the added protection of Agent and entail no
      responsibility on Agent’s part beyond the allowing of due credit, without
      interest, for the sums actually received by it. Upon any assignment of this
      Deed
      of Trust by Agent, any funds on hand will be turned over to the assignee and
      any
      responsibility of Agent with respect to such funds will
      terminate.

    
      
        
        

      

      
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    8. Condemnation.
      If all
      or any part of the Mortgaged Property is taken or damaged by the exercise of
      the
      power of eminent domain, Grantor may contest the same in good faith so long
      as
      Grantor is not in default under any of the Loan Documents, but the award for
      any
      property so taken is hereby assigned to Agent, and Agent, upon such award
      becoming final, is authorized, in the name of Grantor or Agent, as appropriate,
      to execute and deliver acquittances for, and release of, any such award and
      to
      collect and apply the proceeds, after the payment of all of Agent’s and Lender’s
      expenses in connection with such proceedings (including attorneys’ fees), to the
      payment of the Secured Obligations (such application to be in such order as
      Agent may elect), and the remainder, if any, will be paid to
      Grantor.

     

    9. Casualty
      Loss.
      If any
      of the Mortgaged Property is destroyed or damaged by fire or any other cause,
      whether insured or uninsured, and if such damage is Substantial Damage, Grantor
      will, at Agent’s option, either (i) restore or rebuild the damaged Mortgaged
      Property or (ii) apply any insurance or other proceeds to the payment of the
      Secured Obligations. If any damage occurs that is not Substantial Damage,
      Grantor must promptly restore or rebuild the damaged Mortgaged Property so
      that
      it is at least of equal value and substantially the same character as prior
      to
      the damage or destruction. If Agent elects to require Grantor to rebuild the
      damaged Mortgaged Property or if such damage is not Substantial Damage, then
      Agent will make any insurance or other proceeds that have been paid to Agent
      available to Grantor in accordance with such reasonable disbursement procedures
      as Agent may impose. Any surplus that remains out of the insurance proceeds
      after payment of such cost of rebuilding or restoration may, at the option
      of
      Agent, (i) be applied on account of the Secured Obligations or such portion
      as
      Agent will determine, in such order of maturity as Agent may determine, but
      without any change in the amount of the monthly payments due under the Note,
      or
      (ii) be paid to Grantor. If the Mortgaged Property is acquired by Agent or,
      as
      the result of a foreclosure, by anyone else, Grantor’s right to any insurance
      policies and proceeds resulting from damage to the Mortgaged Property prior
      to
      the acquisition will pass to Agent or the other party, as the case may
      be.

     

    10. Protection
      of Agent’s Security.
      Agent
      may, at its option, and without waiving its right to accelerate the Secured
      Obligations and to foreclose this Deed of Trust, pay either before or after
      default any or all of those certain obligations required by the terms of this
      Deed of Trust to be paid by Grantor for the protection of the Deed of Trust
      security or for the collection of any of the Secured Obligations or may bring
      or
      intervene in any legal proceeding for the protection of the Deed of Trust
      security. All sums so advanced, paid or expended by Agent or Lender (including,
      to the extent permitted by law, attorneys’ fees and expenses) will become part
      of the Secured Obligations, and will bear interest from the date thereof at
      the
      interest rates set forth in the Note, and become an integral part of the Secured
      Obligations, subject in all respects to the terms, conditions, and covenants
      of
      the Loan Documents, as fully and to the same extent as though a part of the
      original indebtedness evidenced by the Note and secured by this Deed of Trust,
      except that such sums will be repaid to Agent upon demand.

     

    11. Inspection.
      Agent
      or its agent may enter upon and inspect the Mortgaged Property at reasonable
      times upon reasonable notice.

     

    12. Grantor
      Not Released; Forbearance by Agent Not a Waiver.
      Extension of the time for payment of the sums secured by this Deed of Trust
      granted by Agent to Grantor or any successor in interest will not operate to
      release Grantor or Grantor’s successors in interest from liability under this
      Deed of Trust. Agent will not be required to commence proceedings against any
      successor in interest or refuse to extend time for payment of the sums secured
      by this Deed of Trust by reason of any demand made by the original Grantor
      or
      Grantor’s successors in interest. Any forbearance by Agent in exercising any
      right or remedy will not be a waiver of or preclude the exercise of any right
      or
      remedy.

    
      
        
        

      

      
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    13. Loan
      Charges.
      In no
      event will the total of all amounts payable under the Loan Documents, whether
      of
      interest or of other charges which may or might be characterized as interest,
      exceed the maximum rate or amount permitted to be charged under applicable
      law.
      If Agent receives any payment that is or would be in excess of the interest
      or
      other charge permitted to be charged under applicable law, the portion of the
      payment which is in excess of the permissible amount will have been, and will
      be
      deemed to have been, a payment in reduction of the principal balance of the
      Note, or, if such portions exceed the unpaid principal balances, the excess
      will
      be refunded to Grantor.

     

    14. Reserved.

     

    15. Notices.
      All
      notices or other communications required or permitted to be given pursuant
      to
      the provisions of this Deed of Trust will be deemed to have been duly given
      or
      made: if by hand, immediately upon delivery; if by telex, immediately upon
      confirmation of receipt; if by express mail or any other public, semi-public,
      or
      private overnight delivery service, one (1) day after dispatch; and if mailed
      by
      certified mail, postage prepaid and return receipt requested, three (3) days
      after deposit in the mail. All such notices and communications will be given
      to
      the parties at their respective addresses set forth in this Deed of Trust,
      or to
      such other addresses as either party may designate by notice in accordance
      with
      the terms of this section.

     

    16. Governing
      Law; Severability; Conformity.
      This
      Deed of Trust will be governed by the law of Missouri (the “State”).
      In
      the event that any provision or clause of the Loan Documents conflicts with
      applicable law, such conflict will not affect other provisions of the Loan
      Documents which can be given effect without the conflicting provision. To this
      end, the provisions of the Loan Documents are declared to be severable. To
      the
      extent Missouri law may now or hereafter impose requirements or set limitations
      on Lender’s or Agent’s rights under the Loan Documents, the Loan Documents will
      be conformed to comply in all respects to the law as it may from time to time
      be
      amended.

     

    17. Events
      of Default.
      Each of
      the following will constitute an “Event of Default” under this Deed of Trust:
      (a) failure of Grantor to make any payment of principal or interest or any
      other
      amount due under the Loan Documents, when the same become due and payable,
      whether at maturity, or by acceleration as provided in the Loan Documents;
      (b)
      failure of Grantor to make any payment when due (including any applicable notice
      or grace periods) in accordance with the terms of any prior or subordinate
      mortgage or deed of trust or the notes secured thereby, or failure to perform
      any of the other terms, covenants and conditions of any prior or subordinate
      mortgage or deed of trust, or the notes secured thereby, on or before the date
      for such performance (including any applicable cure or grace periods); (c)
      failure of Grantor to observe or perform any nonmonetary covenant or agreement
      contained in the Loan Documents; (d) failure of Grantor to observe or perform
      any other obligation to, or covenant or agreement with Agent on or before the
      date for such performance (including any applicable cure or grace periods);
      (e)
      appointment of a receiver, trustee or liquidator (or other similar official)
      of
      Grantor or of the Mortgaged Property or any portion thereof in any proceeding
      or
      by any federal or state officer or agency and such appointee is not discharged
      within sixty (60) days after such appointment or Grantor’s consent to such
      appointment; (f) Grantor files a petition in bankruptcy or for reorganization
      or
      for an arrangement under state law, now or hereafter in effect, or Grantor
      makes
      an assignment for the benefit of its creditors, or admits in writing its
      inability to pay its debts generally as they become due, or suspends payment
      of
      obligations or takes any action in furtherance of any of the foregoing; (g)
      a
      petition or claim of involuntary bankruptcy is filed against Grantor under
      the
      Bankruptcy Code or any similar federal or state law, now or hereafter in effect,
      and (1) Grantor consents to such filing, or (2) fails to obtain a final order
      dismissing such petition or claim within thirty (30) days after the such filing;
      or (h) Grantor gives any notice pursuant to Section 443.055 of the Revised
      Statutes of Missouri, as amended, or otherwise by which Grantor elects to
      terminate the operation of this Deed of Trust as security for future advances
      or
      future obligations made or incurred after the date Agent receives such notice,
      or Grantor takes any other action for the purpose of limiting or attempting
      to
      limit the operation of this Deed of Trust as such security. Grantor
      acknowledges, represents and warrants that this Deed of Trust is collateral
      for
      a loan given in a business transaction, as contemplated by Section 443.055(10)
      of the Revised Statutes of Missouri, as amended.

    
      
        
        

      

      
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    18. Remedies.
      At any
      time after an Event of Default has occurred, the whole of the obligations set
      forth in the Loan and Security Agreement and the other Secured Obligations
      will
      become due at Agent’s option immediately or at any time thereafter at the
      continuing option of Agent, and this Deed of Trust will remain in force, and
      Agent may exercise any right, power or remedy permitted to it by law or by
      contract, and in particular, without limiting the generality of the foregoing,
      Agent will have the absolute right, at its option, to pursue one or more of
      the
      following remedies:

     

    (a) Agent
      will be entitled, immediately or thereafter, without notice or demand, to the
      extent permitted by the laws of the State, (i) to institute suit to enforce
      the
      rights of Agent and (ii) to enforce, at Agent’s continuing option, payment of
      all Secured Obligations by action to foreclose this Deed of Trust, either or
      both, concurrently or otherwise; and one action or suit will not abate or be
      a
      bar to or waiver of the Agent’s right to institute or maintain the other,
      provided that Agent will have only one payment and satisfaction of the Secured
      Obligations. 

     

    (b) Agent
      will have the right from time to time to take action to recover any sums,
      whether interest, principal or any installment of either, or any other sums
      required to be paid under the Loan Documents, as the same become due, without
      regard to whether or not the principal sum secured or any other Secured
      Obligations will be due, and without prejudice to the right of Agent thereafter
      to bring an action of foreclosure, or any other action, or commence foreclosure
      proceedings under the power of sale, for a default or Event of Default by
      Grantor existing at the time such earlier action was commenced.

     

    (c) The
      Trustee may proceed to sell all or any part of the Mortgaged Property, at public
      vendue, to the highest bidder, at the customary place in the county in which
      the
      Mortgaged Property is located, for cash, first giving the public notice required
      by law of the time, terms and place of sale, and of the property to be sold;
      and
      upon such sale will execute and deliver a deed of conveyance of the property
      sold to the purchaser or purchasers of the property, and any statement or
      recital of fact in such deed in relation to the nonpayment of indebtedness
      hereby secured, existence of the indebtedness so secured, notice of
      advertisement, sale, receipt of money, and the happening of any of the events
      by
      which any successor trustee became successor as herein provided, will be prima
      facie evidence of the truth of such statement or recital; and the Trustee will
      receive the proceeds of such sale, and the Trustee covenants faithfully to
      perform the trust herein created. Until a sale is held hereunder, the Trustee
      hereby lets the Mortgaged Property to Grantor upon the following terms and
      conditions: Grantor, and any and all persons claiming or possessing the
      Mortgaged Property, and any part thereof, by, through, or under it will pay
      rent
      therefor at the rate of one cent per month, payable monthly upon demand and
      will
      surrender peaceable possession of the Mortgaged Property and any and every
      part
      thereof to the Trustee, any of its successors or assigns, or purchasers thereof,
      without notice or demand therefor, upon the occurrence of any Event of
      Default.

     

    (d) Any
      court
      of competent jurisdiction may, at any time or times, either before or after
      a
      foreclosure sale, without notice and without requiring bond, without regard
      to
      the solvency or insolvency of any person liable for payment of the Secured
      Obligations, and without regard to whether Agent has exercised or is exercising
      any other available remedy, appoint, as a matter of strict right and as an
      admitted equity, a receiver for the benefit of Agent, with power to collect
      the
      rents, issues, and profits of the Mortgaged Property, due and to become due.
      These provisions for the appointment of a receiver and assignment of rents
      are
      an express condition upon which the loan to Grantor and the financial
      accommodations to Grantor have been made. The receiver, out of such rents,
      issues, and profits when collected, may pay all attorneys’ fees and expenses;
      may pay all costs and operating expenses incurred in the management and
      operation of the Mortgaged Property; may pay and secure the release of prior
      or
      coordinate liens, if any; may pay taxes, assessments, water and other utility
      charges, and insurance premiums, then due or thereafter accruing; may make
      and
      pay for any repairs to the Mortgaged Property deemed advisable to Agent; and
      may
      pay all or any part of the Secured Obligations then due and payable, or other
      sums secured hereby or any deficiency decree entered in any foreclosure
      proceedings or otherwise as Agent may direct, all in such order of application
      as Agent may direct.

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    (e) Agent
      will have all the rights and remedies of a secured party under the Uniform
      Commercial Code and any other applicable laws. Agent may appoint or delegate
      any
      one or more persons as agent to perform any act or acts necessary or incident
      to
      any sale held by Agent, including the sending of notices and the conduct of
      the
      sale, but in the name and on behalf of Agent. Further, Agent may proceed as
      set
      forth in Section 9-604 of the Uniform Commercial Code which provides that if
      a
      security agreement covers both real and personal property, as is the case
      herein, Agent may proceed against only the personal property or proceed against
      both the real and personal property in accordance with the rights and remedies
      in respect of the real property, in which case the provisions of the Uniform
      Commercial Code do not apply. Agent is hereby authorized to direct the Trustee
      to foreclose the personal property in accordance with the real property rights
      and remedies as set forth herein.

     

    (f) Agent
      may
      exercise any and all other remedies available at law or in equity.

     

    19. Substitute
      Trustee.
      Agent,
      at its option, may from time to time remove Trustee and appoint a successor
      trustee to any Trustee appointed hereunder by an instrument recorded in the
      county in which this Deed of Trust is recorded. Without conveyance of the
      Mortgaged Property, the successor trustee will succeed to all the title, power
      and duties conferred upon Trustee herein and by applicable law.

     

    20. Lender
      in Possession.
      Upon
      any default with respect to the Secured Obligations or upon abandonment of
      the
      Mortgaged Property by Grantor, Agent (in person, by agent or by judicially
      appointed receiver) will be entitled, at Agent’s option, to enter upon, take
      possession of and manage the Mortgaged Property and to collect the rents of
      the
      Mortgaged Property, including those past due. Any rents collected by Agent
      or
      the receiver will be applied first to payment of the costs of management of
      the
      Mortgaged Property and collection of rents, including, but not limited to,
      receiver’s fees, premiums on receiver’s bonds and reasonable attorneys’ fees,
      and then to the Secured Obligations.

     

    21. Costs
      and Expenses.
      Grantor
      agrees to pay all fees and charges incurred in the procuring and making of
      this
      Deed of Trust or in the perfection of the lien and security interests created
      by
      this Deed of Trust. Grantor further agrees to pay each and all of the costs,
      charges and expenses, including, to the extent permitted by law, attorneys’ fees
      and abstract and title insurance costs, reasonably incurred or paid at any
      time
      by Agent because of the failure of Grantor to perform, comply with, and abide
      by
      each and every of the agreements, conditions, and covenants of any of the Loan
      Documents.

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    22. Waivers.
      To the
      extent permitted by law, Grantor agrees not at any time to insist upon, plead,
      claim or take any benefit or advantage, in any way whatsoever, whether now
      or in
      the future, of any of the following: (a) any law providing for the valuation
      or
      appraisal of all or any part of the Mortgaged Property prior to or after any
      sale or sales made pursuant to this Deed of Trust, or pursuant to the decree,
      judgment, or order of any court of competent jurisdiction; or (b) any right
      under any statute to redeem all or any part of the property so sold. Grantor
      wholly waives, for Grantor and those who claim under Grantor (a) all rights
      and
      periods of redemption provided under Missouri law, and (b) all right to have
      the
      Mortgaged Property or any other assets which secure the Secured Obligations
      marshaled upon any foreclosure under this Deed of Trust.

     

    23. Successors
      and Assigns; Joint and Several Liability.
      The
      covenants and agreements of this Deed of Trust will benefit the Agent and
      Agent’s successors and assigns. Grantor’s covenants and agreements are joint and
      several.

     

    (Remainder
      of this page intentionally left blank)

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    BY
      SIGNING BELOW,
      Grantor
      accepts and agrees to the terms and covenants contained in this Deed of
      Trust.

     

    
      	
              GRANTOR:

            
	 
	
              SHOW
                ME ETHANOL, LLC,

            
	
              a
                Missouri limited liability company

            
	 
	
              By:
                

            	 
	
              Name:
                

            	 
	
              Title:

            	 

    

     

    ACKNOWLEDGMENT

     

    STATE
      OF
      ____________ )

    )
      ss.

    COUNTY
      OF
      __________ )

     

    On
      this,
      the _____ day of __________________ in the year 2008, before me,
      ____________________, a Notary Public in and for said state, personally appeared
      _____________________, Manager of Show Me Ethanol, LLC, a Missouri limited
      liability company, known to me to be the person who executed the within
      instrument in behalf of said limited liability company and acknowledged to
      me
      that he/she executed the same for the purposes therein stated.

     

    IN
      WITNESS WHEREOF, I have hereunto set my hand and affixed my notorial seat at
      my
      office in ______________________________, ________________________, the day
      and
      year last above written.

     

    
      	 
	 
	
              Notary
                Public in and for

            
	
              said
                County and State

            

    

     

    My
      commission expires:

     

    
      
        

      

    

    (The
      Notary Public must type or print his/her name immediately beneath his/her
      signature)

    
      
        
        

      

      
        S-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      A

     

    The
      following real estate located in Carroll County, Missouri:

     

    That
      portion of the North half of Section 35, Township 53 North of the base line,
      Range 23 West of the Fifth Principal Meridian, Carroll County, Missouri,
      described as follows: Beginning at a point on the East line of the Northwest
      Quarter in said Section 35 that is North 01°50’28”
      East, 70.82 feet from the center of said Section 35, said point being on the
      Northerly right of way line of Missouri Highway 24; thence Westerly along a
      curve to the right, having a radius of 1597.02 feet, though a central angle
      of
      12°15’59”,
      an arc length of 341.90 feet along said R.O.W. line; thence North 87°48’53”
      West, 43.20 feet along said R.O.W. line; thence North 02°11’07”
      East, 5.00 feet along said R.O.W. line; thence North 87°48’53”
      West, 99.87 feet along said R.O.W. line; thence North 00°28’54”
      West, 482.81 feet; thence South 83°30’24”
      West, 677.88 feet; thence North 07°56’29”
      West, 255.90 feet; thence North 81°47’56”
      East, 346.62 feet; thence North 49°30’21”
      East, 62.47 feet; thence North 13°53’07”
      East, 378.24 feet; thence North 23°25’30”
      East, 129.10 feet; thence North 07°49’59”
      West, 208.97 feet; thence South 74°43’16”
      East, 333.68 feet; thence South 76°58’57”
      East, 108.16 feet; thence North 89°54’09”
      East, 169.98 feet; thence North 75°36’56”
      East, 302.17 feet; thence South 47°13’25”
      East, 294.66 feet; thence South 15°58’29”
      West, 876.92 feet; thence North 77°34’13”
      West, 164.41 feet to the West line of the Northeast Quarter in said Section
      35;
      thence South 01°50’28”
      West, 384.70 feet along said West line and along said East line to the point
      of
      beginning.

    
      
        
        

      

      
        A-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      B

     

    DESCRIPTION
      OF NOTES

     

    
      	1.	
              9%
                Subordinated Secured Promissory Notes Due June 1 2010, dated June
                2, 2008,
                executed by Show Me Ethanol, LLC, a Missouri limited liability company
                to
                the following Lenders in the following
                amounts:

            

    

    

      
        	
                Akeman
                  Farms, Inc.

              	 	
                $

              	
                20,000

              	 
	
                Baum
                  Living Trust

              	 	
                $

              	
                40,000

              	 
	
                Robert
                  and Dorothy Bell

              	 	
                $

              	
                30,000

              	 
	
                Michael
                  and Carolyn Boland

              	 	
                $

              	
                20,000

              	 
	
                Rex
                  and Brenda Buhrmester

              	 	
                $

              	
                20,000

              	 
	
                Central
                  Missouri BioFuels, LLC

              	 	
                $

              	
                75,000

              	 
	
                Harold
                  F. Clark

              	 	
                $

              	
                30,000

              	 
	
                David
                  and Karen Durham

              	 	
                $

              	
                50,000

              	 
	
                Henry
                  W. Durham

              	 	
                $

              	
                100,000

              	 
	
                James
                  A. and Beverly J. Edwards

              	 	
                $

              	
                30,000

              	 
	
                Gary
                  L. and Mary L. Ewert

              	 	
                $

              	
                40,000

              	 
	
                George
                  Famuliner

              	 	
                $

              	
                50,000

              	 
	
                James
                  and Sandra Famuliner

              	 	
                $

              	
                50,000

              	 
	
                Octavia
                  R. Famuliner Trust

              	 	
                $

              	
                40,000

              	 
	
                Farmers
                  Grain Terminal, LLC

              	 	
                $

              	
                500,000

              	 
	
                Walker
                  C. Fletcher Trust

              	 	
                $

              	
                250,000

              	 
	
                Gill
                  Enterprises, Inc.

              	 	
                $

              	
                25,000

              	 
	
                Gill
                  Family Investments, LP

              	 	
                $

              	
                25,000

              	 
	
                Viola
                  M. Heil

              	 	
                $

              	
                20,000

              	 
	
                Ralph
                  and Mary Louise Henke, LP

              	 	
                $

              	
                50,000

              	 
	
                Stephen
                  L. Hopper

              	 	
                $

              	
                20,000

              	 
	
                Jefferson
                  City Oil Co.

              	 	
                $

              	
                300,000

              	 
	
                Mike
                  Kehoe

              	 	
                $

              	
                20,000

              	 
	
                JW
                  and Patricia Kipping

              	 	
                $

              	
                50,000

              	 
	
                Mary
                  Kipping Revocable Trust

              	 	
                $

              	
                40,000

              	 
	
                Korff
                  Farms Inc.

              	 	
                $

              	
                30,000

              	 
	
                Stanley
                  and Suzanne Kruse

              	 	
                $

              	
                25,000

              	 
	
                Dale
                  R. Ludwig

              	 	
                $

              	
                20,000

              	 
	
                Joseph
                  A. McCormick

              	 	
                $

              	
                125,000

              	 
	
                Merlin
                  Clark Farms, Inc.

              	 	
                $

              	
                30,000

              	 
	
                Brenda
                  Popp

              	 	
                $

              	
                20,000

              	 
	
                Robert
                  Quinn

              	 	
                $

              	
                25,000

              	 
	
                Ray
                  Carroll County Grain Growers, Inc.

              	 	
                $

              	
                1,000,000

              	 
	
                Ray
                  Land and Loan Company

              	 	
                $

              	
                100,000

              	 
	
                Riley
                  Brothers, LLC

              	 	
                $

              	
                150,000

              	 
	
                John
                  and Carolyn Thompson

              	 	
                $

              	
                25,000

              	 
	
                John
                  and Linda Urich

              	 	
                $

              	
                25,000

              	 
	
                Rudolph
                  Veit

              	 	
                $

              	
                20,000

              	 
	
                Karen
                  Venable Revocable Trust

              	 	
                $

              	
                100,000

              	 

      

    

    
      
        
        

      

      
        B-1

        
          

        

      

      
        
        

      

    

    EXHIBIT
      C

     

    PERMITTED
      ENCUMBRANCES

     

    
      	
              1.

            	
              General
                taxes for State/County for the year 2008 and all subsequent years,
                and
                special assessments due or payable
                therewith.

            

    

     

    
      	
              2.

            	
              Lease
                Agreement, between Carroll County, Missouri, as lessor, and Show
                Me
                Ethanol, LLC, as lessee, as evidenced by a Memorandum of
                Lease.

            

    

     

    
      	
              3.

            	
              Deed
                of Trust and Security Agreement, by Show Me Ethanol, LLC, to Husch
                Trustee, Inc., a trustee for FCS Financial, PCA, as administrative
                agent,
                dated March 1, 2007, filed March 19, 2007, in Book 720, Page 957,
                in the
                Recorder’s Office located in Carroll County, Missouri (“Record’s
                Office”).

            

    

     

    
      	
              4.

            	
              Assignment
                of Leases and Rents, by Show Me Ethanol, LLC, to FCS Financial, PCA,
                as
                administrative agent, filed March 19, 2007, in Book 720, Page 984
                in the
                Record’s Office.

            

    

     

    
      	
              5.

            	
              Other
                encumbrances as provided in the title
                commitment.

            

    

     

    
      
        
        

      

      
        B-2INTERCREDITOR/SUBORDINATION
      AGREEMENT

     

    THIS
      INTERCREDITOR/SUBORDINATION AGREEMENT (the “Agreement”), dated as of June 5,
      2008, by and among FCS
      Financial, PCA
      (“Lender”); the persons loaning funds to Borrower pursuant to the Purchase
      Agreement; a list of which is attached hereto as Exhibit A (each a “Subordinate
      Creditor” and collectively, “Subordinate Creditors”); and Show
      Me Ethanol, LLC
      (“Borrower”).

     

    ARTICLE
      I

    DEFINITIONS

     

    SECTION
      1.01. Definitions.
      As used
      herein, the following terms shall have the meanings specified below:

     

    “Agent”
      shall mean State Bank of Slater or such other agent serving as Agent under
      the
      Subordinated Loan Documents on behalf of all Subordinate Creditors.

     

    “Collateral”
      has the meaning specified in the Senior Loan Documents between Borrower and
      Lender. 

     

    “Default”
      shall mean any Event of Default specified in the Senior Loan Documents or under
      the Subordinated Loan Documents, or any other event that, with the giving of
      notice or lapse of time or both, would constitute an Event of Default under
      the
      Senior Loan Documents or the Subordinated Loan Documents.

     

    “Leasehold
      Deed of Trust” shall mean that Missouri Leasehold Deed of Trust, Assignment of
      Rents and Security Agreement by and among the trustee named therein and Borrower
      as Grantor.

     

    “Lender”
      shall mean FCS Financial, PCA, and any other holder from time to time of the
      Senior Debt.

     

    “Insolvency
      Event” shall have the meaning given to such term in Section 3.02(a) this
      Agreement.

     

    “Notes”
      shall mean all notes of Borrower payable to Lender evidencing all or part of
      the
      Senior Debt, and any amendments, modifications, renewals or extensions thereof.
      

     

    “Promissory
      Notes” shall mean the 9% subordinated secured notes issued by Borrower on the
      date hereof.

     

    “Purchase
      Agreement” shall mean that Purchase Agreement by and among Borrower as
      Promissory Note issuer and the individuals listed on Exhibit A hereto, dated
      the
      date hereof.

     

    “Senior
      Debt” shall mean all obligations of Borrower to Lender now or hereafter existing
      under the Senior Loan Documents, whether for principal or interest (including
      interest accruing after the occurrence of an Insolvency Event), and whether
      or
      not the same is allowed as a claim, prepayment premium, fees, expenses or
      otherwise.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Senior
      Loan Agreements” shall mean that certain Construction and Term Loan Agreement by
      and among Borrower, Lender, as administrative agent, and the Banks named
      therein, dated as of March 1, 2007 and that certain Revolving Credit Agreement
      by and between Borrower and Lender dated November 6, 2007.

     

    “Senior
      Loan Documents” shall mean the Senior Loan Agreements, the Note, the Deed of
      Trust, and all other instruments and documents executed and delivered by
      Borrower, as amended from time to time, and any renewal and extensions thereof,
      with respect to the Senior Debt.

     

    “Subordinate
      Loan Agreement” shall mean that certain Loan and Security Agreement by and among
      Subordinate Creditors and Borrower, dated the same date as of this
      Agreement;

     

    “Subordinate
      Loan Documents” shall mean the Subordinate Loan Agreement, Promissory Notes, the
      Leasehold Deed of Trust and the Purchase Agreement, and all other instruments
      and documents executed and delivered by Borrower, as amended from time to time,
      and any renewal and extensions thereof, with respect to the Subordinated
      Debt.

     

    “Subordinated
      Debt” shall mean all obligations of Borrower to the Subordinate Creditors, due
      to loans or other extensions of credit by the Subordinate Creditor to Borrower,
      however arising or created, whether now existing or hereafter arising, and
      whether represented by promissory notes of Borrower or shown on the books and
      records of the Borrower.

     

    ARTICLE
      II

    REPRESENTATIONS
      OF SUBORDINATE CREDITOR

     

    SECTION
      2.01. Representations
      and Warranties.
      Subordinate Creditors hereby represent and warrant to Lender as follows:

     

    (a)
      Attached hereto as Exhibit A, and made a part hereof by this reference, is
      a
      full and complete list of the Subordinate Creditors, each of which as of the
      date of this Agreement is a holder of the Borrower’s issued 9% subordinated
      secured Promissory Notes. There are no existing agreements or understandings
      relating to the Subordinated Debt between Borrower and the Subordinate Creditors
      that are not fully and accurately described in the Subordinate Loan
      Documents.

     

    (b)
      This
      Agreement has been duly executed and delivered by the Subordinate Creditors,
      and
      is the valid and binding obligation of each Subordinate Creditor, enforceable
      against it in accordance with its terms.

     

    (c)
      Except for Subordinate Creditor’s membership interest in Borrower, the
      Subordinate Creditor does not currently hold any notes, evidences of
      indebtedness or shares of preferred stock, nor does it claim any right (whether
      or not contingent) to payment of money from Borrower, other than the
      Subordinated Debt.

     

    (d)
      By
      execution of the Purchase Agreement, Subordinate Creditors have each approved
      and agreed to be bound by the terms of this Agreement and each has authorized
      the Agent to execute this Agreement on behalf of the Subordinate Creditors.
      

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    ARTICLE
      III

    SUBORDINATION
      TO SENIOR DEBT

     

    SECTION
      3.01. Subordination.
      

     

    (a)
      General.
      Except
      as provided herein, Subordinate Creditor agrees and covenants that the
      Subordinated Debt is and shall be subordinate in right of payment to the prior
      payment in full of the Senior Debt. The Senior Debt shall not be deemed to
      have
      been paid in full until Lender shall have received indefeasible payment of
      the
      Senior Debt.

     

    (b)
      Permitted
      Payments.
      Except
      as otherwise provided in this Article III, prior to the occurrence of a Default
      (of which Agent and Subordinate Creditors have been provided written notice),
      the Subordinate Creditor shall only be entitled to receive interest payments
      on
      the Subordinated Debt in accordance with the terms of the Subordinate Loan
      Documents. Additionally, nothing in this Agreement shall be construed to
      prohibit Borrower's ability to make pre-payments on the Subordinated Debt from
      additional capital contributions made to Borrower after the date hereof;
provided,
      however,
      Borrower shall not be allowed to make prepayments from working capital or cash
      flow without the express written consent of Lender.

     

    SECTION
      3.02. Priority
      and Payment Over of Proceeds in Certain Events.

     

    (a)
      Insolvency
      or Dissolution of Borrower.
      Upon
      any payment or distribution of all or any of the assets or securities of
      Borrower of any kind or character, whether in cash, property or securities,
      upon
      any dissolution, winding up, liquidation, reorganization, arrangement,
      adjustment, protection, relief or composition of Borrower or its debts, whether
      voluntary or involuntary or in bankruptcy, insolvency, receivership,
      arrangement, reorganization, relief or other proceedings, or upon an assignment
      for the benefit of creditors or any other marshalling of the assets and
      liabilities of Borrower or otherwise (any such event being an “Insolvency
      Event”), all Senior Debt shall first be indefeasibly paid in full before the
      Subordinate Creditor shall be entitled to receive any payment of the
      Subordinated Debt. Upon the occurrence of any Insolvency Event, any payment
      or
      distribution of assets or securities of Borrower of any kind or character,
      whether in cash, property or securities, to which Subordinate Creditor would
      be
      entitled, except for the provisions of this Article III, shall be made by
      Borrower or by any receiver, trustee in bankruptcy, liquidating trustee, agent
      or other person making such payment or distribution, directly to Lender for
      application (in the case of cash) to or as collateral (in the case of non-cash
      property or securities) for the payment or prepayment in full, first, of all
      Senior Debt after giving effect to any concurrent payment or distribution to
      Lender on the Senior Debt.

     

    (b)
      Default
      under Senior Loan Agreements.
      No
      direct or indirect payment of the Subordinated Debt shall be made by Borrower
      or
      received by a Subordinate Creditor if, at the time of such payment, there exists
      any Default (of which Subordinate Creditor has been provided notice through
      Agent or otherwise prior to any such payment) and such Default shall not have
      been cured or waived in writing by Lender or the benefits of this sentence
      waived in writing by Lender. Lender shall notify Agent (on behalf of the
      Subordinate Creditors) in writing of any default under the Senior Loan
      Documents. Notwithstanding the foregoing, Subordinate Creditor (or
      the
      Agent acting on behalf of Subordinate Creditors) shall be entitled to receive
      and retain any payments that Subordinate Creditor (or the Agent acting on behalf
      of Subordinate Creditors) has received in payment of the Subordinate Debt
      pursuant to the terms of the Agreement or by consent of Lender prior to the
      receipt by Agent of the foregoing written notice from Lender.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    (c)
      Demand
      for or Acceleration of Payment of Subordinated Debt.
      In the
      event that the Subordinated Debt is declared due and payable or the maturity
      thereof is accelerated for any reason, then and in such event, Lender shall
      be
      entitled to receive payment in full of all amounts due or to become due on
      the
      Senior Debt (whether or not a Default or event of default has occurred
      thereunder or such Senior Debt is, or has been declared to be, due and payable
      prior to the date on which it otherwise would have become due and payable)
      before Subordinate Creditor shall be entitled to receive any payment of the
      Subordinated Debt. Notwithstanding the foregoing, Subordinate Creditor (or
      the
      Agent acting on behalf of Subordinate Creditors) shall be entitled to receive
      and retain any payments that Subordinate Creditor (or the Agent acting on behalf
      of Subordinate Creditors) has received in payment of the Subordinate Debt
      pursuant to the terms of the Agreement or by consent of Lender prior to the
      receipt by Agent of the foregoing written notice from Lender. 

     

    (d)
      Certain
      Payments Held in Trust.
      In the
      event that, notwithstanding the foregoing provisions prohibiting such payment
      or
      distribution, Subordinate Creditor shall have received any payment or
      distribution in respect of the Subordinated Debt contrary to such provisions,
      then and in such event such payment or distribution shall be received and held
      in trust for Lender and shall be paid over or delivered to Lender for
      application (in the case of cash) to or as collateral (in the case of non-cash
      property or securities) for the payment or prepayment, first, of all Senior
      Debt
      in full after giving effect to any concurrent payment or distribution to Lender
      in respect of the Senior Debt.

     

    SECTION
      3.03. Suspension
      of Remedies.
      Except
      as provided in Sections 3.02(a) or (b), and during any period of payment
      subordination provided for in Section 3.02(a) or (b), Subordinate Creditor
      shall
      not (i) ask, demand, or sue for any payment, distribution or any other remedy
      in
      respect of the Subordinated Debt, or (ii) commence, or join with any other
      creditor (other than Lender) in commencing, any Insolvency Event.

     

    SECTION
      3.04. Rights
      of Lender Not to be Impaired.
      No
      right of Lender to enforce subordination as herein provided shall at any time
      in
      any way be prejudiced or impaired by any act or failure to act in good faith
      by
      Lender, or by any noncompliance by Borrower, with the terms and provisions
      and
      covenants herein, regardless of any knowledge thereof Lender may have or
      otherwise be charged with. The provisions of this Article III are intended
      to be
      for the benefit of, and shall be enforceable directly by, Lender.

     

    SECTION
      3.05. Cross
      Default between Senior Loan Documents and Subordinate Loan
      Documents.
      Lender
      shall provide in the Senior Loan Documents that a default in the Subordinate
      Loan Documents will create a default under the Senior Loan Documents.
      Subordinate Creditor shall provide in the Subordinate Loan Documents that a
      default in the Senior Loan Documents will create a default under the Subordinate
      Loan Documents.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    SECTION
      3.06. Further
      Assurances.
      Subordinate Creditor will take reasonable steps to mark its books of account
      in
      such a manner as shall be effective to give proper notice of the effect of
      this
      Subordination Agreement, and will, in the case of any Subordinated Debt which
      is
      evidenced by any instrument, upon Lender’s reasonable request cause such
      Subordinated Debt to be evidenced by an appropriate instrument or instruments
      endorsed with a legend evidencing this Agreement. Subordinate Creditor will,
      at
      its reasonable expense and at any time and from time to time, promptly execute
      and deliver all further instruments and documents, and take all further action,
      that may be necessary or desirable, or that Lender may reasonably request,
      in
      order to protect any right or interest granted or purported to be granted hereby
      or to enable Lender to exercise and enforce its rights and remedies
      hereunder.

     

    SECTION
      3.07. Miscellaneous.

     

    (a)
      All
      rights and interests of Lender under this Article III, and all agreements and
      obligations of the Subordinate Creditor under this Article III, shall remain
      in
      full force and effect irrespective of: 

     

    (i)
      any
      lack of validity or enforceability of any Senior Loan Document, and Note or
      any
      other agreement or instrument relating thereto or to any other Senior
      Debt;

     

    (ii)
      any
      change in the time, manner or place of payment of, or in any other term of,
      all
      or any of the Senior Debt, or any other amendment or waiver of or any consent
      to
      departure from any Senior Loan Document any Note or any other agreement or
      instrument relating thereto or to the Senior Debt;

     

    (iii)
      any
      exchange, release or non-perfection of any collateral, or any release or
      amendment or waiver of or consent to departure from any guaranty, for all or
      any
      of the Senior Debt; or

     

    (iv)
      any
      other circumstance that might otherwise constitute a defense available to,
      or a
      discharge of, Borrower or a subordinated creditor.

     

    (b)
      The
      provisions of this Article III shall continue to be effective or be reinstated,
      as the case may be, if at any time any payment of any of the Senior Debt is
      rescinded or must otherwise be returned by Lender, as the case may be, upon
      the
      insolvency, bankruptcy or reorganization of Borrower or otherwise, all as though
      such payment had not been made.

     

    (c)
      Except for any notice of default issued by Lender concerning the Senior Loan
      Documents and those other notices to be provided under Section 3.01(b) and
      Section 3.02(b) and (c) above, the Subordinate Creditor hereby waives
      promptness, diligence, notice of acceptance and any other notice with respect
      to
      any of the Senior Debt and this Article III and any requirement that Lender
      protect, secure, perfect or insure any security interest or lien or any property
      subject thereto or exhaust any right or take any action against Borrower or
      any
      other person or entity or any Collateral. 

     

    (d)
      No
      failure on the part of Lender to exercise, and no delay in exercising, any
      right
      hereunder shall operate as a waiver thereof; nor shall any single or partial
      exercise of any right
      hereunder preclude any other or further exercise thereof or the exercise of
      any
      other right. The remedies herein provided are cumulative and not exclusive
      of
      any remedies provided by law.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (e)
      The
      provisions of this Article III constitute a continuing agreement and shall
      (i)
      remain in full force and effect until the Senior Debt shall have been
      indefeasibly paid in full, (ii) be binding upon Subordinate Creditor and his
      heirs, personal representatives, successors and assigns, and (iii) inure to
      the
      benefit of and be enforceable by Lender and its successors, transferees and
      assigns. Without limiting the generality of the foregoing clause (iii), Lender
      may assign or otherwise transfer any Note or portion thereof held by it, or
      grant any participation in any of its rights or obligations under the Loan
      Documents, to any other person or entity, and such other person or entity shall
      thereupon become vested with all the rights in respect thereof granted to Lender
      herein or otherwise. 

     

    ARTICLE
      IV

    COVENANTS

     

    SECTION
      4.01. Covenants
      of Subordinate Creditor.
      Subordinate Creditor covenants and agrees with Lender that, unless Lender shall
      otherwise agree in writing, prior to the termination of the Senior Loan
      Documents and payment in full of the Senior Debt:

     

    (a)
      Subordinate Creditor will not cancel or otherwise discharge any of the
      Subordinated Debt (except upon payment as permitted by Article
      III).

     

    (b)
      Subordinate Creditor will not sell, assign, pledge, encumber or otherwise
      dispose of any of the Subordinated Debt held by him unless such sale,
      assignment, pledge, encumbrance or disposition is made expressly subject to
      this
      Agreement.

     

    (c)
      Subordinate Creditor will not permit the terms of any of the Subordinated Debt
      held by it to be amended or modified in such a manner as to have any adverse
      effect upon the rights or interests of Lender hereunder.

     

    (d)
      Except for the Subordinate Loan Documents, Subordinate Creditor will not secure
      the payment of any Subordinated Debt or any other obligation of Borrower to
      Subordinate Creditor, or obtain a lien, security interest or other charge or
      encumbrance of any nature whatsoever against Borrower's property, whether now
      owned or hereafter acquired.

     

    ARTICLE
      V

    MISCELLANEOUS

     

    SECTION
      5.01. Amendments,
      etc.
      No
      amendment of any provision of this Agreement shall in any event be effective
      unless the same shall be in writing and signed by Lender and Subordinate
      Creditor.

     

    SECTION
      5.02. Waiver.
      Any
      waiver of a right provided under this Agreement or a breach of this Agreement
      must be express and written. The waiver by either of the Lender or Subordinate
      Creditor of any breach of any provision hereof by the other Party shall not
      be
construed
      to be a waiver of any succeeding breach of such provision or a waiver of the
      provision itself. Selection by Lender or Subordinate Creditor of a specific
      remedy does not constitute, and shall not be interpreted to constitute, a waiver
      of any other remedy of such party, and failure to select a specific remedy
      does
      not constitute, and shall not be interpreted to constitute, a waiver of such
      remedy. Lender’s or Subordinate Creditor’s failure at any time to enforce any of
      the terms, provisions or conditions of this Agreement shall not constitute
      or be
      construed as a waiver of the same and any single or partial exercise by such
      party of any right under this Agreement shall not preclude any further or other
      exercise of the same or any other right.

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    SECTION
      5.03 Expenses.
      In the
      event of any action by either the Lender or the Subordinate Creditor to enforce
      any provision of this Agreement, or on account of any default under or breach
      of
      this Agreement, the prevailing party, as determined by a court of competent
      jurisdiction, in such action will be entitled to recover, in addition to all
      other relief, from the other party all legal fees incurred by the prevailing
      party, in connection with such action (including, but not limited to, any appeal
      thereof).

     

    SECTION
      5.04. Addresses
      for Notices.
      All
      notices and other communications provided for under this Agreement shall be
      in
      writing and mailed, faxed, or delivered at the addresses set forth below, or
      at
      such other address as such party may specify by written notice to the other
      parties hereto:

     

    
      
        	
                If
                  to the Borrower:

              	
                Show
                  Me Ethanol, LLC

              
	 	
                807
                  West Main

              
	 	
                Post
                  Office Box 158

              
	 	
                Richmond,
                  Missouri 64085

              
	 	
                Attention:
                  Greg Thomas

              
	 	
                Telephone:
                  (816) 776-2291

              
	 	
                Facsimile:
                  (816) 766-3213

              
	 	 
	
                With
                  a copy to:

              	
                Bryan
                  Cave LLP

              
	 	
                3500
                  One Kansas City Place

              
	 	
                1200
                  Main Street

              
	 	
                Kansas
                  City, MO 64105

              
	 	
                Attention:
                  Dennis Alt

              
	 	
                Telephone:
                  (816) 374-3200

              
	 	
                Facsimile:
                  (816) 374-3300

              
	 	 
	
                If
                  to Subordinate Creditors:

              	
                State
                  Bank of Slater

              
	
                (through
                  Agent)

              	
                201
                  West Maple Street

              
	 	
                Slater,
                  MO 65349

              
	 	
                Telephone:
                  660-529-2222

              
	 	
                Facsimile:660-529-2660

              
	 	
                Attention:
                  William “Bud” Summers

              

      

       

    

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
              If
                to the Lender:

            	
              FCS
                Financial, PCA

            
	 	
              Capital
                Markets Group

            
	 	
              Three
                City Place Drive, Suite 870

            
	 	
              St.
                Louis, MO 63141

            
	 	
              Telephone:
                314-432-4278

            
	 	
              Facsimile:
                314-567-4678

            
	 	
              Attention:
                Lee Fuchs

            
	 	 
	
              With
                a copy to:

            	
              Husch
                Blackwell Sanders LLP

            
	 	
              1949
                E. Sunshine St., Suite 2-300

            
	 	
              Springfield,
                MO 65804

            
	 	
              Telephone:
                (417) 862-6246

            
	 	
              Facsimile:
                (417) 862-6948

            
	 	
              Attention:
                Gary A. Powell

            

    

     

    Subordinated
      Creditors hereby acknowledge and agree that any notice sent to Agent serves
      as
      notice to each and every Subordinate Creditor.

     

    SECTION
      5.05. Governing
      Law.
      This
      Agreement shall be governed by, and construed in accordance with, federal law,
      and to the extent applicable, the internal laws of the State of
      Missouri.

     

    SECTION
      5.06. Execution
      / Acknowledgement of Agent.
      This
      Agreement shall be deemed executed and accepted by each Subordinate Creditor
      by
      its execution of the Purchase Agreement containing this document as an
      Exhibit thereto
      and shall be executed on behalf of the Subordinate Creditors by execution by
      the
      Agent. Senior Lender, Borrower and each Subordinate Creditor acknowledge and
      agree that Agent is executing this Agreement on behalf of Subordinate Creditors,
      solely as the agent for Subordinate Creators and not in its individual capacity.
      Senior Lender, Borrower and Subordinate Creditors acknowledge and agree that
      Agent may act as agent for the Subordinate Creditors in connection with
      collection and enforcement of the Subordinate Debt, the signing of instruments
      on behalf of Subordinate Creditors, the filing and acting on Subordinate
      Creditors behalf in connection with litigation and bankruptcy matters, and
      otherwise, all in accordance with the Subordinate Loan Documents. 

     

    [Signature
      page follows]

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    IN
      WITNESS WHEREOF, the Subordinate Creditor, Lender and Borrower have caused
      this
      Agreement to be duly executed and delivered by their respective officers
      thereunto duly authorized as of the date first above written.

     

    
      	 	
              FCS
                FINANCIAL, PCA

            
	 	 
	 	
              By:
                

            	    

	 	
              Name:

            	  

	 	
              Title:

            	      
              

    

    “Lender”

    

    
      	 	
              STATE
                BANK OF SLATER

            
	 	 
	 	
              By:
                

            	   

	 	
              Name:

            	   

	 	
              Title:

            	  

    

    

    On
      behalf
      of the “Subordinate Creditors”

     

    
      	 	
              SHOW
                ME ETHANOL, LLC

            
	 	 
	 	
              By:
                

            	   

	 	
              Name:

            	   

	 	
              Title:

            	    

    

    “Borrower”

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    EXHIBIT
      “A”

     

    LIST
      OF SUBORDINATED CREDITORS UPON CLOSING

     

    
      	
              Akeman
                Farms, Inc.

            	 	
              $

            	
              20,000

            	 
	
              Baum
                Living Trust

            	 	
              $

            	
              40,000

            	 
	
              Robert
                and Dorothy Bell

            	 	
              $

            	
              30,000

            	 
	
              Michael
                and Carolyn Boland

            	 	
              $

            	
              20,000

            	 
	
              Rex
                and Brenda Buhrmester

            	 	
              $

            	
              20,000

            	 
	
              Central
                Missouri BioFuels, LLC

            	 	
              $

            	
              75,000

            	 
	
              Harold
                F. Clark

            	 	
              $

            	
              30,000

            	 
	
              David
                and Karen Durham

            	 	
              $

            	
              50,000

            	 
	
              Henry
                W. Durham

            	 	
              $

            	
              100,000

            	 
	
              James
                A. and Beverly J. Edwards

            	 	
              $

            	
              30,000

            	 
	
              Gary
                L. and Mary L. Ewert

            	 	
              $

            	
              40,000

            	 
	
              George
                Famuliner

            	 	
              $

            	
              50,000

            	 
	
              James
                and Sandra Famuliner

            	 	
              $

            	
              50,000

            	 
	
              Octavia
                R. Famuliner Trust

            	 	
              $

            	
              40,000

            	 
	
              Farmers
                Grain Terminal, LLC

            	 	
              $

            	
              500,000

            	 
	
              Walker
                C. Fletcher Trust

            	 	
              $

            	
              250,000

            	 
	
              Gill
                Enterprises, Inc.

            	 	
              $

            	
              25,000

            	 
	
              Gill
                Family Investments, LP

            	 	
              $

            	
              25,000

            	 
	
              Viola
                M. Heil

            	 	
              $

            	
              20,000

            	 
	
              Ralph
                and Mary Louise Henke, LP

            	 	
              $

            	
              50,000

            	 
	
              Stephen
                L. Hopper

            	 	
              $

            	
              20,000

            	 
	
              Jefferson
                City Oil Co.

            	 	
              $

            	
              300,000

            	 
	
              Mike
                Kehoe

            	 	
              $

            	
              20,000

            	 
	
              JW
                and Patricia Kipping

            	 	
              $

            	
              50,000

            	 
	
              Mary
                Kipping Revocable Trust

            	 	
              $

            	
              40,000

            	 
	
              Korff
                Farms Inc. 

            	 	
              $

            	
              30,000

            	 
	
              Stanley
                and Suzanne Kruse

            	 	
              $

            	
              25,000

            	 
	
              Dale
                R. Ludwig

            	 	
              $

            	
              20,000

            	 
	
              Joseph
                A. McCormick

            	 	
              $

            	
              125,000

            	 
	
              Merlin
                Clark Farms, Inc.

            	 	
              $

            	
              30,000

            	 
	
              Brenda
                Popp

            	 	
              $

            	
              20,000

            	 
	
              Robert
                Quinn

            	 	
              $

            	
              25,000

            	 
	
              Ray
                Carroll County Grain Growers, Inc.

            	 	
              $

            	
              1,000,000

            	 
	
              Ray
                Land and Loan Company

            	 	
              $

            	
              100,000

            	 
	
              Riley
                Brothers, LLC

            	 	
              $

            	
              150,000

            	 
	
              John
                and Carolyn Thompson

            	 	
              $

            	
              25,000

            	 
	
              John
                and Linda Urich

            	 	
              $

            	
              25,000

            	 
	
              Rudolph
                Veit

            	 	
              $

            	
              20,000

            	 
	
              Karen
                Venable Revocable Trust

            	 	
              $

            	
              100,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00143-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00143-of-00352.parquet"}]]