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EXHIBIT 10.26

ANGEL OAK MORTGAGE, INC.
EXECUTIVE SEVERANCE AND CHANGE IN CONTROL PLAN
(Effective June 21, 2021)
In order to secure the continued services of certain key management employees of Angel Oak Mortgage, Inc. (the “Company”) and to ensure their continued dedication to their assigned duties without distraction in circumstances arising from the possibility of certain terminations of employment and in the event of any threat or occurrence of a Change in Control of the Company, the Compensation Committee of the Board of Directors of the Company (the “Committee”) has adopted this Executive Severance Plan (as it may be amended pursuant to the terms hereof, this “Plan”).
SECTION 1.  Definitions.  For purposes of this Plan, the following terms shall have the meanings set forth below:
“Accrued Bonus” shall mean a Participant’s accrued, but unpaid as of a Participant’s Termination Date, annual cash bonus for any completed fiscal year of the Company preceding a Participant’s Termination Date.
“Affiliate(s)” shall mean, with respect to the Company, a Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the Company, including each subsidiary of the Company within the meaning of Section 424(f) of the Code.
“Annual Bonus” shall mean the Participant’s average cash performance bonus based on the amount of cash performance bonus, if any, paid for the three (3) most recent years, provided that, if Participant was not eligible to receive an annual cash performance bonus for at least three (3) years prior to termination, then the Annual Bonus shall be (i) if the Participant was eligible to receive a bonus for two (2) years prior to termination, the average cash performance bonus, if any, for the prior two (2) years; (ii) if the Participant was eligible to receive a bonus for only one (1) year prior to termination, the cash performance bonus, if any, paid for such year; and (iii) if Participant has not been employed long enough to be eligible to receive an annual bonus, then the Participant’s target annual cash performance bonus for the fiscal year in which the Qualifying Termination occurs. For the avoidance of doubt, Annual Bonus shall include annual cash bonus received by the Participant from the Company and all of its Affiliates.
“Beneficiary” shall mean the person or entity designated by Participant, by written instrument delivered to the Company, to receive the benefits payable under this Plan in the event of Participant’s death.  If Participant fails to designate a Beneficiary, or if no Beneficiary survives Participant, such death benefits shall be paid as follows:  (i) to Participant’s surviving spouse; (ii) if there is no surviving spouse, to Participant’s living descendants per stirpes; or (iii) if there is neither a surviving spouse nor descendants, to Participant’s duly appointed and qualified executor or personal representative.
“Cause” shall mean the definition of such term contained in a written employment agreement in effect between the Participant and the Company or an Affiliate or, if there is no such employment agreement in effect or if any such employment agreement does not define the term “Cause,” the term “Cause” shall mean a Participant’s (i) commission of a crime of moral turpitude or a felony that involves financial misconduct or moral turpitude or has resulted, or reasonably could be expected to result, in imprisonment of the Participant or serious economic injury to the Company or any of its Affiliates, 

(ii) dishonesty or willful commission or omission of any action that has caused, or reasonably could be expected to cause, demonstrable and serious economic injury to the Company or any of its Affiliates, or (iii) material breach of this Agreement or any other material agreement entered into between a Participant and the Company or any of its Affiliates, or the Company’s or any of its Affiliates’ written policies and procedures as may be implemented from time to time after notice and a reasonable opportunity to cure (if such breach can be cured).
“Change in Control” shall have the same meaning as such term is defined under the Equity Plan, or any successor thereto.
“CIC Qualifying Termination” shall mean a Qualifying Termination that occurs within twelve (12) months following the consummation of a Change in Control.
“CIC Severance Multiple” shall be the multiple specified as the “CIC Severance Multiple” in the Participation and Restrictive Covenant Agreement for a Participant.
“CIC Severance Period” shall be the period of time specified as the “CIC Severance Period” in the Participation and Restrictive Covenant Agreement for a Participant.
“Claimant” shall have the meaning set forth in Section 4(c).
“COBRA” shall mean the Consolidated Budget Reconciliation Act of 1985, as amended from time to time, and the regulations promulgated thereunder.
“COBRA Benefits” shall have the meaning set forth in Section 3(a)(v).
“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated thereunder.
“Cure Period” shall have the meaning set forth in the “Good Reason Process” definition.
“Effective Date” shall mean June 21, 2021.
“Employment” shall mean employment with the Company or any Affiliate of the Company.  A Participant’s Employment shall be deemed to have continued notwithstanding a transfer of employment between the Company and any of its Affiliates, or between any two Affiliates.
“Equity Plan” shall mean the Angel Oak Mortgage, Inc. 2021 Equity Incentive Plan, as may be amended from time to time, or any successor plan.
“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder.
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time, and the regulations promulgated thereunder.
“Excise Tax” shall have the meaning set forth in Section 3(d)(i).
“Full Payment” shall have the meaning set forth in Section 3(d)(i).
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“Good Reason” shall have the meaning set forth in any then applicable employment or other similar written agreement (including such similar term or concept, as determined by the Plan Administrator) between Participant and the Company or an Affiliate.  If there is no such written agreement or if such agreement does not define “Good Reason,” then “Good Reason” shall be deemed to exist if, and only if, without Participant’s written consent:  (i) there is a reduction of Participant’s then current Monthly Base Salary by 10% or more unless such reduction is part of a generalized salary reduction affecting similarly situated employees; (ii) there is a change in Participant’s position with the Company that materially reduces Participant’s duties, level of authority or responsibility; (iii) the Company or any successor materially breaches any employment or other material agreement between Participant and the Company or its Affiliates (if any); or (iv) the Company conditions Participant’s continued service with the Company or its Affiliates on Participant being transferred to a location that would increase Participant’s one-way commute by more than fifty (50) miles from Participant’s then principal residence.  In order to terminate due to Good Reason, Participant must comply with the Good Reason Process described herein. 
“Good Reason Process” shall mean that (i) Participant reasonably determines in good faith that a Good Reason condition has occurred, (ii) Participant notifies the Company in writing of the occurrence of the Good Reason condition within sixty (60) days of Participant having actual or constructive knowledge of the occurrence of such condition, (iii) Participant cooperates in good faith with the Company’s efforts at no cost to the Participant, for a period not less than thirty (30) days following such notice (the “Cure Period”), to remedy the condition, (iv) notwithstanding such efforts, the Good Reason condition continues to exist, and (v) Participant terminates Participant’s Employment within thirty (30) days after the expiration of the Cure Period.  For the avoidance of doubt, if the Company cures the Good Reason condition during the Cure Period, Good Reason shall be deemed not to have occurred.
“Monthly Base Salary” shall mean Participant’s monthly base salary at the rate in effect prior to any reduction for purposes of Good Reason, or on the date of a Qualifying Termination, whichever is higher; provided, however, that, with respect to a CIC Qualifying Termination, such rate shall in no event be less than the highest rate in effect for Participant at any time following the Effective Date and prior to the termination of the Plan in accordance with Section 8(l).  For the avoidance of doubt, Monthly Base Salary shall include base salary received by the Participant from the Company and all of its Affiliates.
“Monthly Severance Amount” shall mean the sum of (i) Participant’s Monthly Base Salary plus (ii) one-twelfth (1/12) of Participant’s Annual Bonus.
“Participant” shall mean any employee of the Company (or one of its Affiliates) selected by the Plan Administrator in accordance with Section 2 who has entered into a Participation and Restrictive Covenant Agreement and otherwise meets the requirements of Section 2.
“Participation and Restrictive Covenant Agreement” shall mean the written agreement evidencing participation under this Plan and the restrictive covenants being agreed to as a condition to participate in this Plan between the Company and the applicable employee.
“Payment” shall have the meaning set forth in Section 3(d)(i).
“Person” shall have the meaning ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d)(3).
“Plan Administrator” shall mean (i) the Committee with respect to any Participant who is subject to Section 16 of the Exchange Act and (ii) Committee or, if designated by the Committee, the Company’s 
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Chief Executive Officer or such other person with respect to any Participant who is not subject to Section 16 of the Exchange Act.
“Qualifying Termination” shall mean the Participant’s termination of Employment which constitutes a termination by the Company without Cause or a resignation by the Participant for Good Reason.
“Reduced Payment” shall have the meaning set forth in Section 3(d)(i).
“Retirement Plan” shall mean any qualified or nonqualified supplemental employee pension benefit plan, as defined in Section 3(2) of ERISA, currently or hereinafter made available by the Company or its Affiliates in which Participant is eligible to participate.
“Section 409A Payment” shall have the meaning set forth in Section 5(d).
“Severance Benefits” shall mean the severance benefits under Section 3(a).
“Severance Multiple” shall be the multiple specified as the “Severance Multiple” in the Participation and Restrictive Covenant Agreement for a Participant.
“Severance Payments” shall have the meaning set forth in Section 3(a)(i).
“Severance Period” shall be the period of time specified as the “Severance Period” in the Participation and Restrictive Covenant Agreement for a Participant.
“Termination Date” shall mean, with respect to any Participant, the effective date of such Participant’s termination of Employment, as determined in accordance with Section 5(d).
“Welfare Plan” shall mean any health, vision or dental plan, disability plan, survivor income plan or life insurance plan, as defined in Section 3(1) of ERISA, currently or hereafter made available by the Company or its Affiliates in which Participant is eligible to participate.
SECTION 2.  Eligibility.  The Plan Administrator shall from time to time, in its sole discretion, select and designate in writing, which of the Company’s (including any of its Affiliates) employees are eligible to participate in this Plan and such employee shall become a Participant under this Plan conditioned upon accepting and executing a Participation and Restrictive Covenant Agreement within 30 days after such agreement is delivered to such employee.  The Plan Administrator may, in its sole discretion, remove an employee from participation in the Plan, with such removal to be effective upon 12-months prior notice to the impacted employee.
SECTION 3.  Compensation, Benefits and Effect of Termination of Employment.
(a)  Effect of Qualifying Termination.  Subject to Section 3(c) and Section 3(d), upon a Participant’s Qualifying Termination, the Company shall provide Participant the payments and benefits set forth below (the “Severance Benefits”).  For the avoidance of doubt, a Participant shall not be entitled to benefits under this Plan if such Participant’s Employment terminates for any reason (including for Cause or a resignation without Good Reason and, except as provided in Section 3(e), due to death or disability) other than as specifically set forth in the Qualifying Termination definition or this Section 3(a).
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(i)  The Company shall pay to Participant an amount equal to the Severance Multiple times the Monthly Severance Amount or, in the event of a Participant’s CIC Qualifying Termination, the CIC Severance Multiple times the Monthly Severance Amount.  Such amount shall be payable over the Severance Period or CIC Severance Period, as applicable, in substantially equal installments in accordance with the Company’s regular payroll policies as if Participant’s employment had not ended (collectively, the “Severance Payments”).  Subject to compliance with Section 3(b) below, the first installment of the Severance Payments will be paid within 60 days following the Termination Date, with the first payment including such amounts as would have otherwise been paid during the period beginning on the Termination Date and ending on such payment date.
(ii)  The Company shall pay Participant any Accrued Bonus, with such Accrued Bonus payable in a single lump sum no later than the March 15th following the year in which such Accrued Bonus was earned.
(iii)  Participant shall receive any and all benefits accrued through the date of termination of Employment under any Retirement Plan, Welfare Plan or other plan or program in which Participant participates as of the Termination Date, with the amount, form and time of payment of such benefits determined by the terms of such Retirement Plan, Welfare Plan and other plan or program.
(iv)  If upon the Termination Date Participant holds any awards granted under the Equity Plan, including stock options, restricted stock, restricted stock units, performance shares, performance units, and any other stock-based award, (A) any then-unvested time-based equity awards shall vest and be settled in accordance with the terms of the applicable award agreement, and (B) (x) in the event of Participant’s Qualifying Termination, a pro-rated portion of any then-unvested performance-based equity awards shall vest, with such pro-rated portion to be equal to the number of shares subject to such award that would vest based on actual performance through the end of the applicable performance period, multiplied by a fraction, the numerator of which shall equal the number of days elapsed in the applicable performance period as of the Termination Date and the denominator of which shall equal the number of days in the applicable performance period, with such awards to be settled in accordance with the terms of the applicable award agreement; and (y) in the event of Participant’s CIC Qualifying Termination, any then-unvested performance-based equity awards shall vest based on actual performance through the end of the applicable performance period, with such awards to be settled in accordance with the terms of the applicable award agreement; provided, however, in the event outstanding equity awards held by the Participant are not assumed in connection with a Change in Control, such awards shall vest in full upon such Change in Control, with performance-based equity awards determined based on actual performance through the date of the Change in Control for performance measures relating to stock price performance (i.e., total shareholder return) and, for performance measures not related to stock price performance, based on the greater of (1) actual performance through the date of the Change in Control and (2) target performance.
(v)  If Participant timely elects COBRA continuation coverage, Participant shall pay and the Company shall reimburse Participant for such health insurance coverage at the same rate as it pays for health insurance coverage for its active employees (with Participant required to pay for any employee-paid portion of such coverage) for a number of months equal to the Severance Multiple or, in the event of a Participant’s CIC Qualifying Termination, for a number of months equal to the CIC Severance Multiple, in each case, reduced by the value of any similar benefits received by the 
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Participant under another employer’s plan (whether through the Participant or as a dependent) (such amounts to be referred to herein as the “COBRA Benefits”).
(vi)  During the Severance Period or, in the event of a Participant’s CIC Qualifying Termination, the CIC Severance Period, Participant shall not be entitled to reimbursement for fringe benefits, including without limitation, dues and expenses related to club memberships, automobile expenses, expenses for professional services and other similar perquisites.
(b)  Death; Disability.  
(i)  If Participant’s Employment terminates under circumstances described in Section 3(a), then upon Participant’s subsequent death, all unpaid amounts payable to Participant under Section 3(a)(i), (ii), (iv) or (v), if any, shall be paid to Participant’s Beneficiary.
(ii)  If Participant’s Employment terminates as a result of such Participant’s death or disability, (A) the Company shall pay Participant an amount equal to (1) the Participant’s Annual Bonus multiplied by (2) a fraction, the numerator of which is the number of days that occurred on or before the Termination Date in the calendar year that includes the Termination Date, and the denominator of which is the number of days in the calendar year that includes the Termination Date, with such amount payable in a single lump sum no later than the March 15th following the year in which the Termination Date occurs; and (B) the Participant’s equity awards shall vest pursuant to Section 3(a)(iv) as if the Participant had experienced a Qualifying Termination.
(c)  Release of Claims.  The obligations of the Company and its Affiliates under this Section 3 (except upon such Participant’s death) shall be subject to such Participant’s execution, within 45 days after the Termination Date (or such shorter period of time specified by the Company), of a general release and waiver substantially in a form prescribed by the Company, which has become irrevocable following any revocation period permitted by the Company.
(d)  Recoupment.  Notwithstanding any provisions in this Plan to the contrary, the Plan Administrator may, in its sole and absolute discretion, in the event of Participant’s material breach of a material obligation of Participant to the Company pursuant to any award or agreement between Participant and the Company, including a material breach of the Participation and Restrictive Covenant Agreement or a determination that an event constituting Cause has occurred, regardless of whether this determination happened prior to or following the Termination Date:  (i) terminate the right of such Participant to receive any payment under this Section 3, to the extent it has not been paid; and (ii) seek the recoupment of any payment paid to such Participant under this Section 3, including through exercise rights of set-off, forfeiture or cancellation, to the full extent permitted by law, with respect to any other awards, benefits or payments otherwise due Participant from the Company or any of its Affiliates, to the extent the Plan Administrator in its sole discretion deems appropriate after considering the relevant facts and circumstances.  Any termination and/or recoupment of a Participant’s benefits under this Plan shall be in addition and without prejudice to any other remedies that the Company might elect to assert.
(e)  Code Section 280G.
(i)  If any payment or benefit (including payments and benefits pursuant to this Plan) Participant would receive in connection with or as a result of a Change in Control from the Company or otherwise (the “Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this paragraph, be subject to the excise tax imposed by Section 4999 of the Code (the 
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“Excise Tax”), then the Company shall cause to be determined, before any amounts of the Payment are paid to Participant, which of the following two alternative forms of payment shall be paid to Participant:  (A) payment in full of the entire amount of the Payment (a “Full Payment”), or (B) payment of only a part of the Payment so that Participant receives the largest payment possible without the imposition of the Excise Tax (a “Reduced Payment”).  A Full Payment shall be made in the event that the amount received by Participant on a net after-tax basis is greater than what would be received by Participant on a net after-tax basis if the Reduced Payment were made, otherwise a Reduced Payment shall be made.  If a Reduced Payment is made, (i) the Payment shall be paid only to the extent permitted under the Reduced Payment alternative, and Participant shall have no rights to any additional payments and/or benefits constituting the Payment, and (ii) reduction in payments and/or benefits shall occur in the following order:  (A) reduction of cash payments (in the reverse chronological order in which such cash would otherwise be paid); (B) cancellation of accelerated vesting of equity awards other than stock options (in the reverse chronological order in which such equity awards would vest in the absence of a Change in Control); (C) cancellation of accelerated vesting of stock options (in the reverse chronological order in which such stock options would vest in the absence of a Change in Control); and (D) reduction of other benefits paid to Participant (in the reverse chronological order in which such benefits would otherwise be provided).
(ii)  The independent registered public accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date of the Change in Control, or a nationally recognized law firm selected by the Plan Administrator, shall make all determinations required to be made under Section 3(d)(i).  If the independent registered public accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the Change in Control, the Company shall appoint a nationally recognized law firm or independent registered public accounting firm to make the determinations required hereunder.  The Company shall bear all expenses with respect to the determinations by such independent registered public accounting firm or law firm required to be made hereunder.  Any good faith determinations of the accounting firm or law firm made hereunder shall be final, binding and conclusive upon the Company and Participant.
SECTION 4.  Administration of Plan; Claims Procedure.
(a)  General.  Except as specifically provided herein, this Plan shall be administered by the Plan Administrator.  The Plan Administrator may delegate any administrative duties, including, without limitation, duties with respect to the processing, review, investigation, approval and payment of benefits under this plan to designated individuals or committees.  The Plan Administrator shall be the “administrator” and a “named fiduciary” under this Plan for purposes of ERISA.
(b)  Interpretations and Variations.  The Plan Administrator shall have the duty and authority to interpret and construe, in its sole discretion, the terms of this Plan in regard to all questions of eligibility, the status and rights of Participants, and the manner, time and amount of any payment under this Plan.  The Plan Administrator or its representative shall decide any issues arising under this Plan, and the decision of the Plan Administrator shall be binding and conclusive on Participants and the Company.  Any variations from this Plan may be made only by the Plan Administrator in its sole discretion.
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(c)  Filing a Claim.  Although it is not normally necessary to file a claim in order to receive benefits under this Plan, if a Participant (the “Claimant”) feels he or she has been improperly denied benefits under this Plan, any claim for payment of such benefits shall be signed, dated and submitted to the Company in accordance with Section 8(a).  All claims relating to this Plan must be filed within 90 days following Participant’s Termination Date, unless the Plan Administrator otherwise specifies in writing.  The Plan Administrator shall then evaluate the claim and notify the Claimant of the approval or disapproval in accordance with the provisions of this Plan not later than 90 days after the Company’s receipt of such claim unless special circumstances require an extension of time for processing the claims.  If such an extension of time for processing is required, written notice of the extension shall be furnished to the Claimant prior to the termination of the initial 90-day period which shall specify the special circumstances requiring an extension and the date by which a final decision will be reached (which date shall not be later than 180 days after the date on which the claim was filed).  If the Claimant does not provide all the necessary information for the Plan Administrator to process the claim, the Plan Administrator may request additional information and set deadlines for the Claimant to provide that information.
(d)  Notice of Initial Determination.  The Claimant shall be given a written notice in which the Claimant shall be advised as to whether the claim is granted or denied, in whole or in part.  If a claim is denied, in whole or in part, the Claimant shall be given written notice which shall contain (i) the specific reasons for the denial, (ii) specific references to pertinent Plan provisions on which the denial is based, (iii) a description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is necessary and (iv) an explanation of this Plan’s appeal procedures, which shall also include a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following a denial of the claim upon review.
(e)  Right to Appeal.  If a claim for payment of benefits under this Plan made in accordance with the procedures specified in this Plan is denied, in whole or in part, the Claimant shall have the right to request that the Plan Administrator review the denial, provided that the Claimant files a written request for review with the Plan Administrator within 60 days after the date on which the Claimant received written notification of the denial.  The Claimant may review or receive copies, upon request and free of charge, any documents, records or other information “relevant” (within the meaning of Department of Labor Regulation 2560.503-1(m)(8)) to the Claimant’s claim.  The Claimant may also submit written comments, documents, records and other information relating to his or her claim.
(f)  Review of Appeal.  In deciding a Claimant’s appeal, the Plan Administrator shall take into account all comments, documents, records and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial review of the claim.  If the Claimant does not provide all the necessary information for the Plan Administrator to decide the appeal, the Plan Administrator may request additional information and set deadlines for the Claimant to provide that information.  Within 60 days after a request for review is received, the review shall be made and the Claimant shall be advised in writing of the decision on review, unless special circumstances require an extension of time for processing the review, in which case the Claimant shall be given a written notification within such initial 60-day period specifying the reasons for the extension and when such review shall be completed (provided that such review shall be completed within 120 days after the date on which the request for review was filed).
(g)  Notice of Appeal Determination.  The decision on review shall be forwarded to the Claimant in writing and, in the case of a denial, shall include (i) specific reasons for the decision, (ii) specific references to the pertinent Plan provisions upon which the decision is based, (iii) a statement 
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that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records or other information relevant to the Claimant’s claim and (iv) a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following a wholly or partially denied claim for benefits.  The Plan Administrator’s decision on review shall be final and binding on all persons for all purposes.  If a Claimant shall fail to file a request for review in accordance with the procedures herein outlined, such Claimant shall have no right to review and shall have no right to bring an action in any court, and the denial of the claim shall become final and binding on all persons for all purposes.  Any notice and decisions by the Plan Administrator under this Section 4 may be furnished electronically in accordance with Department of Labor Regulation 2520.104b-1(c)(i), (iii) and (iv).
(h)  Statute of Limitations.  No Claimant may bring any legal action to recover benefits under this Plan until he or she has exhausted the internal administrative claims and appeals process described above.  No legal action may be commenced at all, unless commenced no later than one year following the issuance of a final decision on the claim for benefits, or the expiration of the appeal decision period if no decision is issued.  This one-year statute of limitations on suits for all benefits available under this Plan shall apply in any forum where such legal action is initiated.
SECTION 5.  Section 409A Compliance; Changes in Law.
(a)  It is the intention of the Company that the provisions of this Plan comply with Section 409A of the Code, and all provisions of this Plan shall be construed and interpreted in a manner consistent with Section 409A of the Code.  In the event that the Company determines that any provision of this Plan does not comply with Section 409A of the Code or any such rules, regulations or guidance and that as a result any Participant may become subject to a tax under Section 409A of the Code, notwithstanding Section 8(l), the Company shall have the discretion to amend or modify such provision to avoid the application of such tax, and in no event shall any Participant’s consent be required for such amendment or modification.  Notwithstanding any provision of this Plan to the contrary, each Participant shall be solely responsible and liable for the satisfaction of all taxes and penalties that may arise in connection with amounts payable pursuant to this Plan (including any taxes arising under Section 409A of the Code), and the Company not shall have any obligation to indemnify or otherwise hold such Participant harmless from any or all of such taxes.
(b)  In the event that the Company determines that any provision of this Plan violates, or would result in any material liability (other than liabilities for the Severance Benefits) to the Company under, any law, regulation, rule or similar authority of any governmental agency the Company shall be entitled, notwithstanding Section 8(l), to amend or modify such provision as the Company determines in its discretion to be necessary or desirable to avoid such violation or liability, and in no event shall any Participant’s consent be required for such amendment or modification.
(c)  The payments under this Plan are designated as separate payments for purposes of the short-term deferral rule under Treasury Regulation Section 1.409A-1(b)(4), the exemption for involuntary terminations under separation pay plans under Treasury Regulation Section 1.409A-1(b)(9)(iii), and the exemption for medical expense reimbursements under Treasury Regulation Section 1.409A-1(b)(9)(v)(B).  As a result, (i) payments that are made on or before the 15th day of the third month of the calendar year following the year that includes Participant’s Termination Date, (ii) any additional payments that are made on or before the last day of the second calendar year following the year of Participant’s Termination Date and do not exceed the lesser of two times Participant’s annual rate of pay in the year prior to the Termination Date or two times the limit under Code Section 401(a)(17) then in effect, and (iii) continued 
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medical expense reimbursements during the applicable COBRA period, are intended to be exempt from the requirements of Section 409A of the Code.
(d)  To the extent any amounts under this Plan are payable by reference to a Participant’s termination of Employment, such term and similar terms shall be deemed to refer to such Participant’s “separation from service,” within the meaning of Section 409A of the Code.  Notwithstanding any other provision in this Plan, to the extent any payments hereunder constitute “nonqualified deferred compensation,” within the meaning of Section 409A of the Code (a “Section 409A Payment”), and Participant is a specified employee, within the meaning of Treasury Regulation Section 1.409A-1(i), as determined by the Company in accordance with any method permitted under Section 409A of the Code, as of the date of Participant’s separation from service, each such Section 409A Payment that is payable upon such Participant’s separation from service and would have been paid prior to the six-month anniversary of such Participant’s separation from service, shall be delayed until the earlier to occur of (i) the six-month anniversary of Participant’s separation from service and (ii) the date of Participant’s death.  Further, to the extent that any amount is a Section 409A Payment and such payment is conditioned upon Participant’s execution of a release or Participation and Restrictive Covenant Agreement and which is to be paid or provided during a designated period that begins in one taxable year and ends in a second taxable year, then such Section 409A Payment shall be paid or provided in the later of the two taxable years.
(e)  Any reimbursements payable to a Participant pursuant to this Plan or otherwise shall be paid to such Participant in no event later than the last day of the calendar year following the calendar year in which such Participant incurred the reimbursable expense.  Any amount of expenses eligible for reimbursement, or in-kind benefit provided, during a calendar year shall not affect the amount of expenses eligible for reimbursement, or in-kind benefit to be provided, during any other calendar year.  The right to any reimbursement or in-kind benefit pursuant to this Plan shall not be subject to liquidation or exchange for any other benefit.
SECTION 6.  Covenants.  Each Participant’s participation in this Plan is conditioned upon Participant’s execution of a Participation and Restrictive Covenant Agreement within thirty (30) days after such agreement is delivered to such Participant (or such later date as permitted by the Plan Administrator).  If a Participant breaches any of the covenants in the Participation and Restrictive Covenant Agreement, including any non-competition, non-solicitation, non-disparagement or confidentiality covenants contained therein, (i) Participant’s entitlement to Severance Benefits shall be null and void, (ii) all rights to receive or continue to receive Severance Benefits shall thereupon cease and (iii) Participant shall immediately repay to the Company all amounts theretofore paid to, and the value of all benefits theretofore received by, Participant.  The foregoing shall not limit any other rights or remedies the Company may have existing in its favor, including injunctive relief.
SECTION 7.  Offset; No Mitigation.
(a)  To the extent permitted by Section 409A of the Code, the amount of a Participant’s payments under this Plan shall be reduced to the extent necessary to defray amounts owed by Participant due to unused expense account balances, overpayment of salary, awards or bonuses, advances or loans.
(b)  In no event shall any Participant be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Participant under any of the provisions of this Plan and, such amounts shall not be reduced whether or not Participant obtains other employment, except as expressly provided in Sections 3(a)(v) and 3(c).
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SECTION 8.  Miscellaneous.
(a)  Notices.  All notices, requests, consents and other communications hereunder to any party shall be deemed to be sufficient if delivered in writing in person or by telecopy (or similar electronic means with a copy following by nationally recognized overnight courier) or sent by nationally-recognized overnight courier or first class registered or certified mail, return receipt requested, postage prepaid, addressed to such party at the address set forth below or at such other address as may hereafter be designated in writing by such party to the other parties.
If to the Company:    

Angel Oak Mortgage, Inc.
3344 Peachtree Road NE, Suite 1725
Atlanta, GA 30326
Attention:  General Counsel and Secretary
If to a Participant:    At the most recent address on file with the Company
or such other address or to the attention of such other person as the recipient party shall have specified by prior written notice to the sending party.  Any notice under this Plan shall be deemed to have been given when so delivered, sent or mailed.
(b)  Choice of Law.  This Plan shall be deemed to be made in Georgia, and, to the extent not preempted by ERISA or other federal law, the validity, interpretation, construction and performance of this plan in all respects shall be governed by the laws of Georgia without regard to its principles of conflicts of law.  
(c)  No Waiver.  No failure by the Company or a Participant at any time to give notice of any breach by the Company or a Participant, or to require compliance with, any condition or provision of this Plan shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.
(d)  Severability.  If a court of competent jurisdiction determines that any provision of this Plan is invalid or unenforceable, then the invalidity or unenforceability of that provision shall not affect the validity or enforceability of any other provision of this Plan, and all other provisions shall remain in full force and effect.
(e)  Withholding of Taxes and Other Employee Deductions.  The Company may withhold from any benefits and payments made pursuant to this Plan all federal, state, city and other taxes as may be required pursuant to any law or governmental regulation or ruling and all other normal employee deductions made with respect to the Company’s employees generally.
(f)  Headings.  The paragraph headings have been inserted for purposes of convenience and shall not be used for interpretive purposes.
(g)  Interpretations.  For purposes of this Plan, the words “include” and “including,” and variations thereof, shall not be deemed to be terms of limitation but rather shall be deemed to be followed by the words “without limitation”.  The term “or” is not exclusive.  The word “extent” in the phrase “to the extent” shall mean the degree to which a subject or other thing extends, and such phrase shall not 
11

mean simply “if.”  Wherever the context so requires, the masculine gender includes the feminine or neuter, and the singular number includes the plural and conversely.
(h)  Successors.  This Plan shall be binding upon and inure to the benefit of the Company and any successor of the Company, including without limitation any person, association, or entity which may hereafter acquire or succeed to all or substantially all of the business or assets of the Company by any means whether direct or indirect, by purchase, merger, consolidation, or otherwise and the Company shall require any such acquirer successor to assume this Plan and the obligations and liabilities contemplated thereunder, including, but not limited to the amendment and termination obligations contemplated under Section 8(l).  Participants’ rights, benefits and obligations under this Plan are personal and shall not be voluntarily or involuntarily assigned, alienated, or transferred, whether by operation of law or otherwise, without the prior written consent of the Company.
(i)  Non-Duplication.  The Severance Benefits provided under this Plan are not intended to result in any duplicative benefits to Participant and this Plan shall be administered accordingly.  Accordingly, the Plan Administrator, in good faith, shall exercise its discretion and to the extent permitted under applicable law, equitably offset against Participant’s severance benefits under this Plan against any other severance, termination, or similar benefits payable to Participant by the Company or amounts paid to comply with, or satisfy liability under, the Worker Adjustment and Retraining Notification Act or any other foreign, federal, state, or local law requiring payments in connection with any termination of Employment or workforce reduction, including, but not limited to, amounts paid in connection with paid leaves of absence, back pay, benefits, and other payments intended to satisfy such liability or alleged liability.  For the avoidance of doubt, this Plan shall replace any agreements entered into between the Company and the Participant providing the Participant with severance or related benefits and the Participant shall not be entitled to benefits under both this Plan and any other severance plan or policy maintained by the Company or its Affiliates and amounts payable under this Plan shall be reduced by any amounts received or payable under any such severance plan or policy.  To the extent that the Severance Benefits payable hereunder are deemed to be a substitute for a Section 409A Payment provided under another agreement with Participant, then the Severance Benefits payable hereunder shall be paid at the same time and in the same form as such substituted Section 409A Payment to the extent required to comply with Section 409A of the Code.
(j)  Deemed Resignations.  Any termination of a Participant’s Employment shall constitute an automatic resignation of such Participant as an officer of the Company and each Affiliate of the Company, an automatic resignation from the board of directors, if applicable, of the Company and each Affiliate of the Company and from the board of directors or similar governing body of any corporation, limited liability company or other entity in which the Company or any Affiliate holds an equity interest and with respect to which board or similar governing body such Participant serves as the Company’s or such Affiliate’s designee or other representative.
(k)  No Guarantee of Employment.  This Plan shall not be construed as creating any contract of Employment between the Company and its Affiliates, on the one hand, and any Participant, on the other hand, nor shall this Plan be construed as restricting in any way the rights of the Company or any of its Affiliates to terminate the Employment of any Participant at any time and for any reason subject, however, to any rights of a Participant under this Plan.
(l)  Amendment and Termination of this Plan.  Except as specifically provided in Section 5, the Committee may amend, modify or terminate this Plan at any time; provided, however, that (i) no such amendment, modification or termination will be effective unless each affected Participant has received 
12

written notice thereof at least twelve (12) months prior to such amendment, modification or termination becoming effective; (ii) no such amendment, modification or termination may materially impair the rights of a Participant whose Termination Date previously occurred; and (iii) a Participant’s right to receive payments or benefits with respect to a CIC Qualifying Termination shall not be adversely affected by an amendment or termination of this Plan that is made within six (6) months before or twelve (12) months after a Change in Control.  The failure of the Company or a Participant to insist upon strict adherence to any term of this Plan on any occasion shall not be considered as a waiver of the rights of the Company or such Participant or deprive the Company or such Participant of the right thereafter to insist upon strict adherence to that term or any other term of this Plan.  No failure or delay by the Company or any Participant in exercising any right or power hereunder will operate as a waiver thereof, nor will any single or partial exercise of any such right or power, or any abandonment of any steps to enforce such right or power, preclude any other or further exercise thereof or the exercise of any other right or power.  For the avoidance of doubt, a Participation’s participation in this Plan shall terminate upon the earliest to occur of (i) the date of termination of the Participant’s employment by the Company if no benefits are payable under the Plan, (ii) the date the Company satisfies its obligation, if any, to make payments and provide benefits to the Participant pursuant to the Plan, (iii) the removal of the Participant from participation in this Plan in accordance with Section 2, and (iv) termination of the Plan in accordance with this Section 8(l) prior to the date the Participant terminates employment with the Company.
SECTION 9.  Survival.  The provisions of this Plan, including Sections 3, Section 4, Section 5, Section 6, Section 7 and Section 8 shall survive and remain binding and enforceable, notwithstanding the expiration or termination of this Plan, the termination of a Participant’s Employment for any reason or any settlement of the financial rights and obligations arising from such Participant’s participation hereunder, to the extent necessary to preserve the intended benefits of such provisions.
* * * * * *
13

IN WITNESS WHEREOF, the Company has caused this Plan to be executed on its behalf, to be effective as of the Effective Date.
						
		ANGEL OAK MORTGAGE, INC.
/s/ Robert Williams    
Robert Williams
Chief Executive Officer and President

14Document

MORTGAGE
Recorder’s Cover Sheet
Preparer Information: 
Lathrop GPM LLP, c/o Scott Larison, 1010 West St. Germain Street, Suite 500, St. Cloud, MN 56301 (320) 252-4414

Taxpayer Information: 
Homeland Energy Solutions, LLC, 2779 Highway 24, Lawler, Iowa 52154

Return Document To: 
Compeer Financial
Aaron Knewtson
21088 Keswick Loop
Lakeville, MN 55044 

Grantors:
HOMELAND ENERGY SOLUTIONS, LLC
Grantees:
HOME FEDERAL SAVINGS BANK

Legal Description:  See Attached Exhibit A

Document or instrument number of previously recorded documents: 
Mortgage dated November 30, 2007, which was recorded in the Office of the Chickasaw County Recorder on December 6, 2007, as Fee Book 2007-2367, and which was subsequently amended by that certain Amended and Restated Mortgage dated December 30, 2008, which amendment was recorded in the Office of the Chickasaw County Recorder on January 30, 2009, as Fee Book 2009-0225, further amended by that certain Second  Amended and Restated Mortgage dated February 24, 2014, which was recorded in the Office of the Chickasaw County Recorder on March 3, 2014, as Fee Book 2014-0276, further amended by that certain Third Amended and Restated Mortgage dated June 28, 2017, which was recorded in the Office of the Chickasaw County Recorder on July 5, 2017, as Fee Book 2017-1059, and further amended by that certain Fourth Amended and Restated Mortgage dated November 6, 2020, which was recorded in the Office of the Chickasaw County Recorder on November 30, 2020, as Instrument No. 2020-2748.  

FIFTH AMENDED AND RESTATED
MORTGAGE
Open End 

    THIS FIFTH AMENDED AND RESTATED MORTGAGE encumbers real property, contains an after-acquired property clause and secures present and future loans and advances.

    PARTIES to this Mortgage are:

Mortgagor:         HOMELAND ENERGY SOLUTIONS, LLC
            an Iowa Limited Liability Company
            2779 Highway 24
            Lawler, Iowa 52154
 
Mortgagee:        HOME FEDERAL SAVINGS BANK 
            50 – 14TH AVENUE EAST, SUITE 100
            SARTELL, MN 56377
        
    NOTICE: This Mortgage secures credit in the amount up to One Hundred Million Dollars ($100,000,000.00) (the “Secured Indebtedness”).  Loans and advances up to this amount, together with the interest rates as set forth in the promissory notes are senior to indebtedness to other creditors under subsequently recorded or filed mortgages and liens.

This Mortgage constitutes a construction mortgage and a purchase money mortgage as defined in the Iowa Code.
    
RECITALS

    A.     Mortgagor and Mortgagee are parties to an Amended and Restated Master Loan Agreement dated June 29, 2017, as modified by that certain First Amendment to Amended and Restated Master Loan Agreement dated October 19, 2018, by that certain Second Amendment to Amended and Restated Master Loan Agreement dated November 6, 2020, and by that certain Third Amendment to Amended and Restated Master Loan Agreement of even date herewith (collectively, with all supplements, modifications and other amendments thereto, the “MLA”), which amended and restated that certain Master Loan Agreement dated as of November 30, 2007, as the same had been modified from time to time thereafter (the “Original MLA”). Capitalized terms used and not otherwise defined in this Mortgage shall have the meanings attributed to such terms in the MLA. 

    B.     Under the terms of the MLA and related Loan Documents, including without limitation certain Supplements and the Notes, Mortgagor has agreed to make certain Loans to Mortgagor in an aggregate amount at no time exceeding the amount of the Secured Indebtedness (the “Loans”).

    C.    The Loans are evidenced by a Second Amended and Restated Term Revolving Note in the principal amount of $50,000,000.00 dated November 6, 2020, and a Revolving Note in the principal amount of $50,000,000.00 of even date herewith (each with all modifications and amendments thereto, collectively, the “Notes”).

    D.    To secure payment and performance of Mortgagor’s obligations to Mortgagee under the Original MLA, supplements, notes, and the other loan documents, the Mortgagor granted to Mortgagee that certain Mortgage dated November 30, 2007, which was recorded in the Office of the Chickasaw County Recorder on December 6, 2007, as Fee Book 2007-2367, and which was subsequently amended by that certain Amended and Restated Mortgage dated December 30, 2008, which amendment was recorded in the Office of the Chickasaw County Recorder on January 30, 2009, as Fee Book 2009-0225, 
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further amended by that certain Second Amended and Restated Mortgage dated February 24, 2014, which was recorded in the Office of the Chickasaw County Recorder on March 3, 2014, as Fee Book 2014-0276, further amended by that certain Third Amended and Restated Mortgage dated June 28, 2017, which was recorded in the Office of the Chickasaw County Recorder on July 5, 2017, as Fee Book 2017-1059, and further amended by that certain Fourth Amended and Restated Mortgage dated November 6, 2020, which was recorded in the Office of the Chickasaw County Recorder on November 30_, 2020, as Instrument No. 2020-2748 (as amended, the “Original Mortgage”).

    E.     Mortgagor has requested that Lender increase the aggregate principal sum of the Loans by extending to the Mortgagor a revolving loan evidenced by the Revolving Note in the principal amount of $50,000,000.00 of even date herewith; and in connection therewith, the parties hereto desire to amend and restated the Original Mortgage in accordance with this Fifth Amended and Restated Mortgage (hereinafter, the “Mortgage”).  

    1. Grant of Mortgage and Security Interest.  Mortgagor hereby grants, pledges, sells, conveys and mortgages unto Mortgagee a security interest to Mortgagee in the following described property:

    a. Land and Buildings.  All of Mortgagor’s right, title and interest in and to the following described real estate situated in Chickasaw County, Iowa (the “Land”).

See Exhibit A, which is incorporated herein by this reference, for legal description

and all buildings, structures and improvements now standing or at any time hereafter constructed or placed upon the Land (the “Buildings”), including all hereditaments, easements, appurtenances, riparian rights, mineral rights, water rights, rights in and to the lands lying in streets, alleys and roads adjoining the land, estates and other rights and interests now or hereafter belonging to or in any way pertaining to the Land.
    
    b. Personal Property.  All fixtures and other personal property integrally belonging to, or hereafter becoming an integral part of the Land or Buildings, whether attached or detached, including equipment and all proceeds, products, increase, issue, accessions, attachments, accessories, parts, additions, repairs, replacements and substitutes of, to, and for the foregoing (the “Personal Property”).

    c. Revenues and Income.  All rents, issues, profits, leases, condemnation awards and insurance proceeds now or hereafter arising from the ownership, occupancy or use of the Land, Buildings and Personal Property, or any part thereof (the “Revenues and Income”).

    TO HAVE AND TO HOLD the Land, Buildings, Personal Property and Revenues and Income (collectively called the “Mortgaged Property”), together with all privileges, hereditaments thereunto now or hereafter belonging, or in any way appertaining and the products and proceeds thereof, unto Mortgagee, its successors and assigns.

    2. Obligations.  This Mortgage secures the following (hereinafter collectively referred to as the “Obligations”):

    a. The payment of the Loans made by Mortgagee to Mortgagor evidenced by the MLA, the Supplements, the Notes, and the other Loan Documents (as defined in the MLA), any renewals, extensions, modifications or refinancing thereof and any additional supplements, notes or other documents issued thereunder or in substitution therefor; and

    b. All other obligations of Mortgagor to Mortgagee, now existing or hereafter arising, whether direct or indirect, contingent or absolute and whether as maker or surety, including, but not 
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limited to, future advances and amounts advanced and expenses incurred by Mortgagee pursuant to this Mortgage or arising under the MLA or any other Loan Document.  THIS PARAGRAPH SHALL NOT CONSTITUTE A COMMITMENT TO MAKE ADDITIONAL LOANS IN ANY AMOUNT EXCEPT AS OTHERWISE PROVIDED IN THE MLA.

    3. Representations and Warranties of Mortgagor.  Mortgagor represents, warrants and covenants to Mortgagee that (i) Mortgagor holds good and marketable title to the Mortgaged Property and title in fee simple in the Land; (ii) Mortgagor has the right, power and authority to execute this Mortgage and to mortgage, and grant a security interest in the Mortgaged Property; (iii) the Mortgaged Property is free and clear of all liens and encumbrances, except for real estate taxes not yet delinquent, except for the Permitted Encumbrances set forth in the MLA and as set forth on Exhibit B attached hereto and except as otherwise expressly set forth herein; (iv) Mortgagor will warrant and defend title to the Mortgaged Property and the lien and priority of this Mortgage against all claims and demands of all persons, whether now existing or hereafter arising; (v) all Buildings are, or will be, located entirely within the boundaries of the Land; and (vi) Mortgagor is not acting, directly or indirectly, for or on behalf of any person, group, entity or nation named by any Executive Order of the United States Treasury Department as a terrorist, “Specially Designated National and Blocked Person” or any other banned or blocked person, entity, nation or transaction pursuant to any law, order, rule or regulation that is enforced or administered by the Office of Foreign Assets Control; and are not engaged in this transaction, directly or indirectly on behalf of, or instigating or facilitating this transaction, directly or indirectly on behalf of, any such person, group, entity or nation.  Mortgagor hereby agrees to defend, indemnify and hold harmless the Mortgagee from and against any and all claims, damages, losses, risks, liabilities and expenses (including attorney’s fees and costs) arising from or related to any breach of the foregoing representations, warranties and covenants.
    
4. Payment and Performance of the Obligations.  Mortgagor will pay all amounts payable under the Obligations in accordance with the terms of the Obligations when and as due and will timely perform all other obligations of Mortgagor under the Obligations.  The provisions of the Obligations are hereby incorporated by reference into this Mortgage as if fully set forth herein.

    5. Taxes.  Mortgagor shall pay each installment of all taxes and special assessments of every kind, now or hereafter levied against the Mortgaged Property before the same become delinquent, without notice or demand, and shall upon request deliver to Mortgagee proof of such payment within fifteen (15) days after the date in which such tax or assessment becomes delinquent.

    6. Liens.  Except for the Permitted Encumbrances, Mortgagor shall not create, incur or suffer to exist any lien, encumbrance, security interest or charge on the Mortgaged Property or any part thereof which might or could be held to be equal or prior to the lien of this Mortgage, other than the lien of current real estate taxes and installments of special assessments with respect to which no penalty is yet payable.  Mortgagor shall pay, when due, all lawful claims of persons supplying labor or materials to or in connection with the Mortgaged Property.

    7. Compliance with Laws.  Mortgagor shall comply with all present and future statutes, laws, rules, orders, regulations and ordinances affecting the Mortgaged Property, any part thereof or the use thereof.

    8. Permitted Contests.  Mortgagor shall not be required to (i) pay any tax, assessment or other charge referred to in paragraph 5 hereof, (ii) discharge or remove any lien, encumbrance or charge referred to in paragraph 6 hereof, or (iii) comply with any statute, law, rule, regulation or ordinance referred to in paragraph 7 hereof, so long as Mortgagor shall contest, in good faith, the existence, amount or the validity thereof, the amount of damages caused thereby or the extent of Mortgagor’s liability therefor, by appropriate proceedings which shall operate during the pendency thereof to prevent (A) the collection of, or other realization upon the tax, assessment, charge or lien, encumbrances or charge so contested, (B) the sale, forfeiture or loss of the Mortgaged Property or any part thereof, and (C) any 
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Homeland Energy Solutions, LLC – Home Federal Savings Bank

interference with the use or occupancy of the Mortgaged Property or any part thereof. Mortgagor shall give prompt written notice to Mortgagee of the commencement of any contest referred to in this paragraph 8.

    9. Care of Property.  Mortgagor shall take good care of the Mortgaged Property; shall keep the Buildings and Personal Property now or later placed upon the Mortgaged Property in good and reasonable repair and shall not injure, destroy or remove either the Buildings or Personal Property during the term of this Mortgage except dispositions of (i) obsolete or worn out Personal Property, (ii) Personal Property or Real Property not necessary for the operation of the business, or (iii) Personal Property or Real Property which is replaced with property of equivalent or greater value as the property which is disposed.    

    10. Insurance.  The Mortgagor shall obtain and keep in full force and effect during the term of this Mortgage at its sole cost and expense, the following policies of insurance:

a.    Property insurance, in broad form covering causes of loss customarily covered in the industry of Mortgagor’s business, including the cost of debris removal, together with a vandalism and malicious mischief endorsement, all in the amounts of not less than the full insurable value or full replacement cost, without deduction for depreciation, of the improvements on the Premises, whichever is greater, covering all buildings, structures, fixtures, personal property and other improvements now existing or hereafter erected or placed on the Premises, which insurance shall at all times be in an amount at least equal to the unpaid Secured Indebtedness at any given time.

b.    If the Mortgaged Premises are now or hereafter located in a flood plain as defined by the Federal Insurance Administration, the Mortgagor shall obtain flood insurance in the maximum obtainable amount.

c.    If steam boilers or similar equipment for the generation of steam are located in, on or about the Mortgaged Premises, the Mortgagor shall maintain insurance against loss or damage by explosion, rupture or bursting of such equipment and appurtenances thereto, without a coinsurance clause, in an amount satisfactory to the Mortgagee.

d.    Comprehensive general public liability insurance covering the legal liability of the Mortgagor against claims for bodily injury, death or property damage occurring on, in or about the Mortgaged Premises in such amounts and with such limits as the Mortgagee may reasonably require.

e.    Business interruption insurance in an amount at least equal to coverage over one year’s debt service.

All such insurance shall be written on forms and with companies satisfactory to the Mortgagee, shall name as the insured parties the Mortgagor and the Mortgagee as their interests may appear, shall be in amounts sufficient to prevent the Mortgagor from becoming a coinsurer of any loss thereunder, shall name the Mortgagee as a loss payee, shall bear a satisfactory mortgagee clause in favor of the Mortgagee, and shall contain an agreement of the insurer that the coverage shall not be terminated or materially modified without providing to the Mortgagee thirty (30) days’ prior written notice of such termination or modification.  All required policies of insurance or acceptable certificates thereof, together with evidence of the payment of current premiums therefor shall be delivered to the Mortgagee.  The Mortgagor shall, within thirty (30) days prior to the expiration of any such policy, deliver other original policies or certificates of the insurer evidencing the renewal of such insurance together with evidence of the payment of current premiums therefor.  In the event of a foreclosure of this Mortgage or any acquisition of the 
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Mortgaged Premises by the Mortgagee, all such policies and any proceeds payable therefrom, whether payable before or after a foreclosure sale, or during the period of redemption, if any, shall become the absolute property of the Mortgagee to be utilized at its discretion.  In the event of foreclosure or the failure to obtain and keep any required insurance, the Mortgagor empowers the Mortgagee to effect insurance upon the Mortgaged Premises at the Mortgagor’s expense and for the benefit of the Mortgagee in the amounts and types aforesaid for a period of time covering the time of redemption from a foreclosure sale, and if necessary therefore, to cancel any or all existing insurance policies.  The Mortgagor agrees to furnish the Mortgagee with copies of all inspection reports and insurance recommendations received by the Mortgagor from any insurer.

    11. Inspection.  Mortgagee, and its agents, shall have the right at all reasonable times to enter upon the Mortgaged Property for the purpose of inspecting the Mortgaged Property or any part thereof. Mortgagee shall, however, have no duty to make such inspection. Any inspection of the Mortgaged Property by Mortgagee shall be entirely for its benefit and Mortgagor shall in no way rely or claim reliance thereon.

    12. Protection of Mortgagee’s Security.  Subject to the rights of Mortgagor under paragraph 8 hereof, if Mortgagor fails to perform any of the covenants and agreements contained in this Mortgage or if any action or proceeding is commenced which affects the Mortgaged Property or the interest of the Mortgagee therein, or the title thereto, then Mortgagee, at Mortgagee’s option, may perform such covenants and agreements, defend against or investigate such action or proceeding, and take such other action as Mortgagee deems necessary to protect Mortgagee’s interest. Any amounts or expenses disbursed or incurred by Mortgagee in good faith pursuant to this paragraph 12 with interest thereon at the highest rate specified in the MLA, shall become an Obligation of Mortgagor secured by this Mortgage. Such amounts advanced or disbursed by Mortgagee hereunder shall be immediately due and payable by Mortgagor unless Mortgagor and Mortgagee agree in writing to other terms of repayment. Mortgagee shall, at its option, be subrogated to the lien of any mortgage or other lien discharged in whole or in part by the Obligations or by Mortgagee under the provisions hereof, and any such subrogation rights shall be additional and cumulative security for this Mortgage. Nothing contained in this paragraph shall require Mortgagee to incur any expense or do any act hereunder, and Mortgagee shall not be liable to Mortgagor for any damage or claims arising out of action taken by Mortgagee pursuant to this paragraph.

    13. Condemnation.  Mortgagor shall give Mortgagee prompt notice of any action, actual or threatened, in condemnation or eminent domain and hereby assign, transfer and set over to Mortgagee the entire proceeds of any award or claim for damages for all or any part of the Mortgaged Property taken or damaged under the power of eminent domain or condemnation. Mortgagee is hereby authorized to intervene in any such action in the names of Mortgagor, to compromise and settle any such action or claim, and to collect and receive from the condemning authorities and give proper receipts and acquittances for such proceeds. Any expenses incurred by Mortgagee in intervening in such action or compromising and settling such action or claim, or collecting such proceeds shall be reimbursed to Mortgagee first out of the proceeds. The remaining proceeds or any part thereof shall be applied to reduction of that portion of the Obligations then most remotely to be paid, whether due or not, or to the restoration or repair of the Mortgaged Property, the choice of application to be solely at the discretion of Mortgagee.

    14. Fixture Filing.  This Mortgage shall constitute a security agreement as defined in the Uniform Commercial Code and SHALL BE EFFECTIVE AS A FINANCING STATEMENT FILED AS A FIXTURE FILING which is to be filed in the real estate records of the County where the Mortgaged Premises are situated. The name of the record owner of said real estate is the Mortgagor set forth on page one of this Mortgage. Information concerning the security interest created by this Mortgage may be obtained from the Mortgagee, as secured party, at its address as set forth on page one of this Mortgage. The name and address of the Mortgagor, as debtor, and the name and address of the Mortgagee, as secured party, are as set forth on page one of this Mortgage. This Mortgage covers goods which are, or are to become, “fixtures” as defined in the Uniform Commercial Code. This Mortgage is sufficient as a 
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financing statement, and as a financing statement it covers goods which are, or are to become, fixtures on the Land. In addition, the Mortgagor shall execute and deliver to the Mortgagee, upon the Mortgagee’s request, any financing statements or amendments thereto or continuation statements thereto that the Mortgagee may require to perfect a security interest in said items or types of property. The Mortgagor shall pay all costs of filing such instruments. All references to the Uniform Commercial Code in this Mortgage shall mean the Uniform Commercial Code as in effect in the State of Iowa.

    15. Events of Default.  Each of the following occurrences shall constitute an event of default hereunder (“Event of Default”):

a.     Mortgagor shall default in the due observance or performance of or breach its agreement contained in paragraph 4 hereof or shall default in the due observance or performance of or breach of any other covenant, condition or agreement on its part to be observed or performed pursuant to the terms of this Mortgage beyond any cure period, if any.

b.     An Event of Default shall occur under the MLA, Supplements, Notes, or any other mortgage, assignment or other security document constituting a lien on the Mortgaged Property or any part thereof.

    16. Acceleration; Foreclosure, Receiver.  Upon the occurrence of any Event of Default and at any time thereafter while such Event of Default exists, Mortgagee may, at its option, after such notice as may be required by law, exercise one or more of the following rights and remedies (and any other rights and remedies available to it):

a.     Mortgagee may declare immediately due and payable all Obligations secured by this Mortgage, and the same shall thereupon be immediately due and payable, without further notice or demand.

b.     Mortgagee shall have and may exercise with respect to the Personal Property, all the rights and remedies accorded upon default to a secured party under the Iowa Uniform Commercial Code.  If notice to Mortgagor of intended disposition of such property is required by law in a particular instance, such notice shall be deemed commercially reasonable if given to Mortgagor at least ten (10) days prior to the date of intended disposition.

c.     Mortgagee may (and is hereby authorized and empowered to) foreclose this Mortgage in accordance with the law of the State of Iowa, and at any time after the commencement of an action in foreclosure, or during the period of redemption, the court having jurisdiction of the case shall at the request of Mortgagee appoint a receiver to take immediate possession of the Mortgaged Property and of the Revenues and Income accruing therefrom, and to rent or cultivate the same as he may deem best for the interest of all parties concerned, and such receiver shall be liable to account to Mortgagor only for the net profits, after application of rents, issues and profits upon the costs and expenses of the receivership and foreclosure and upon the Obligations.

d.      Mortgagee may employ a receiver to deal with the aforesaid matter, such receiver’s reasonable salary and remuneration for the account of the Mortgagor.  Such receiver shall be regarded as the agent of the Mortgagor and the Mortgagor shall be wholly responsible for the acts and omissions of such receiver, provided that such receiver is reasonably qualified to perform its duties as receiver, and provided that Mortgagor shall not be liable for receiver’s gross negligence or willful misconduct.

e.      Subject to the provisions of the terms of the Obligations, the Mortgagee shall have the power to dispose of any Mortgaged Property or any part thereof in accordance with the 
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law of the State of Iowa without the consent of the Mortgagor or other persons.  The Mortgagee shall have the power to execute all documents relating to the sale and lease of the Mortgaged Property and any loss arising shall not be borne by the Mortgagee.

f.      The Mortgagee can dispose of the Mortgaged Property or appoint a receiver to dispose of the Mortgaged Property in accordance with this Mortgage and, subject to the provisions of the Obligations can apply the monies received from the disposition of Mortgaged Property in the following order of priority:

    (1)  firstly, in payment of all reasonable costs in the disposition of the Mortgaged Property, including (but without limitation) the fees and remuneration of the receiver;

    (2)  secondly, in payment of all the custom duties and other taxes required by law in connection with the Mortgaged Property;

    (3)  thirdly, in payment of all necessary costs to maintain the property, including the cost of insurance and any other benefit to the property;

    (4)  fourthly, in payment of the balance of Mortgagor’s obligations to Mortgagee as defined in the Obligations; and

    (5) fifthly, in satisfaction of any other Secured Indebtedness; and the remaining balance, after the above deductions, shall be paid to the Mortgagor and other persons entitled to the above sum in full by the Mortgagee.  

    17. Redemption.  It is agreed that if this Mortgage covers less than ten (10) acres of land, and in the event of the foreclosure of this Mortgage and sale of the property by sheriff’s sale in such foreclosure proceedings, the time of one year for redemption from said sale provided by the statues of the State of Iowa shall be reduced to six (6) months provided the Mortgagee, in such action files an election to waive any deficiency judgment against Mortgagor which may arise out of the foreclosure proceedings; all to be consistent with the provisions of Chapter 628 of the Iowa Code. If the redemption period is so reduced, for the first three (3) months after sale such right of redemption shall be exclusive to the Mortgagor, and the time periods in Sections 628.5, 628.15 and 628.16 of the Iowa Code shall be reduced to four (4) months.

    It is further agreed that the period of redemption after a foreclosure of this Mortgage shall be reduced to sixty (60) days if all of the three following contingencies develop: (1) The real estate is less than ten (10) acres in size; (2) the Court finds affirmatively that the said real estate has been abandoned by the owners and those persons personally liable under this Mortgage at the time of such foreclosure; and (3) Mortgagee in such action files an election to waive any deficiency judgment against Mortgagor or their successors in interest in such action. If the redemption period is so reduced, Mortgagor or their successors in interest or the owner shall have the exclusive right to redeem for the first thirty (30) days after such sale, and the time provided for redemption by creditors as provided in Sections 628.5, 628.15 and 628.16 of the Iowa Code shall be reduced to forty (40) days. Entry of appearance by pleading or docket entry by or on behalf of Mortgagor shall be a presumption that the property is not abandoned. Any such redemption period shall be consistent with all of the provisions of Chapter 628 of the Iowa Code. This paragraph shall not be construed to limit or otherwise affect any other redemption provisions contained in Chapter 628 of the Iowa Code.

    18. Attorneys’ Fees.  Mortgagor shall pay on demand all costs and expenses incurred by Mortgagee in enforcing or protecting its rights and remedies hereunder, including, but not limited to, reasonable attorneys’ fees and legal expenses.
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    19. Forbearance not a Waiver, Rights and Remedies Cumulative.  No delay by Mortgagee in exercising any right or remedy provided herein or otherwise afforded by law or equity shall be deemed a waiver of or preclude the exercise of such right or remedy, and no waiver by Mortgagee of any particular provisions of this Mortgage shall be deemed effective unless in writing signed by Mortgagee, All such rights and remedies provided for herein or which Mortgagee or the holder of the Obligations may have otherwise, at law or in equity, shall be distinct, separate and cumulative and may be exercised concurrently, independently or successively in any order whatsoever, and as often as the occasion therefor arises.

    20. Notices.  All notices required to be given hereunder shall be in writing and deemed given when personally delivered or deposited in the United States mail, postage prepaid, sent certified or registered, addressed as follows:

        a. If to Mortgagor, to:            Homeland Energy Solutions, LLC
                            2779 Highway 24
                            Lawler, Iowa 52154
                            Telephone:  (563) 238-5555 
                            Fax:  (563) 238-5557     
                            Attention:  President

    
            With a copy to:            Brown Winick, Attorneys at Law
                            666 Grand Avenue
                            Suite 200 Ruan Center
                            Des Moines, IA  50309
                            Telephone:  (515) 242-2400
                            Fax:  (515) 323-8514
                            Attn. Thomas D. Johnson

        b. If to Mortgagee, to:            Compeer Financial 
21088 Keswick Loop
Lakeville, MN 55044
Telephone: (952) 997-4066
Attention: Aaron Knewtson

And

                            Home Federal Savings Bank    
    50 – 14th Avenue East, Suite 100
Sartell, MN 56377
    Telephone:  (320) 654-4021
    Facsimile:  (320) 252-6516
                            Attention:  Eric Oftedahl

    With copy to:    Lathrop GPM LLP
1010 West St. Germain Street
Suite 500
St. Cloud, MN 56301
Telephone: (320) 252-4414
Facsimile: (320) 252-4482
Attention: Scott Larison

or to such other address or person as hereafter designated in writing by the applicable party in the manner provided in this paragraph for the giving of notices.

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    21. Severability.  In the event any portion of this Mortgage shall, for any reason, be held to be invalid, illegal or unenforceable in whole or in part, the remaining provisions shall not be affected thereby and shall continue to be valid and enforceable and if, for any reason, a court finds that any provision of this Mortgage is invalid, illegal, or unenforceable as written, but that by limiting such provision it would become valid, legal and enforceable then such provision shall be deemed to be written, construed and enforced as so limited.

    22. Further Assurances.  At any time and from time to time until payment in full of the Obligations, Mortgagor will, at the request of Mortgagee, promptly execute and deliver to Mortgagee such additional instruments as may be reasonably required to further evidence the lien of this Mortgage and to further protect the security interest of Mortgagee with respect to the Mortgaged Property, including, but not limited to, additional security agreements, financing statements and continuation statements. Any expenses incurred by Mortgagee in connection with the recordation of any such instruments shall become additional Obligations of Mortgagor secured by this Mortgage.  Such amounts shall be immediately due and payable by Mortgagor to Mortgagee.

    23. Successors and Assigns bound; Number; Gender; Agents; Captions.  The rights, covenants and agreements contained herein shall be binding upon and inure to the benefit of the respective legal representatives, successors and assigns of the parties. Words and phrases contained herein, including acknowledgment hereof, shall be construed as in the singular or plural number, and as masculine, feminine or neuter gender according to the contexts. The captions and headings of the paragraphs of this Mortgage are for convenience only and are not to be used to interpret or define the provisions hereof.

    24. Governing Law.  This Mortgage shall be governed by and construed in accordance with the laws of the State of Iowa.

    25. Waiver of any Exemption.  The undersigned hereby waives all rights of exemption as to any of the Mortgaged Property.

    26. Acknowledgment of Receipt of Copies of Debt Instrument.  Mortgagor hereby acknowledges the receipt of a copy of this Mortgage together with a copy of the MLA and all Supplements secured hereby.

    27.  Mortgagor’s Acknowledgment of Remedies. SUBJECT TO THE TERMS OF THE MLA, UPON THE OCCURRENCE AND DURING THE CONTINUANCE OF AN EVENT OF DEFAULT, THE MORTGAGOR HEREBY CONSENTS AND AGREES TO THE FORECLOSURE AND SALE OF THE MORTGAGED PREMISES BY ACTION PURSUANT TO IOWA STATUTES CHAPTER 654 (OR PURSUANT TO ANY SIMILAR OR REPLACEMENT STATUTES HEREAFTER ENACTED). Notwithstanding the foregoing provision, the Mortgagor’s foregoing acknowledgment does not constitute a waiver of the Mortgagor’s defenses to the foreclosure. The Mortgagor further understands that upon the occurrence and during the continuance of an Event of Default, the Mortgagee may also elect its rights under the Uniform Commercial Code and take possession of the Personal Property (as defined in this Mortgage) and dispose of the same by sale or otherwise in one or more parcels provided that at least ten (10) days’ prior notice of such disposition must be given, all as provided for by the Uniform Commercial Code, as hereafter amended or by any similar or replacement statute hereafter enacted. THE MORTGAGOR ACKNOWLEDGES THAT IT IS REPRESENTED BY LEGAL COUNSEL; THAT BEFORE SIGNING THIS DOCUMENT THIS PARAGRAPH AND THE MORTGAGORS RIGHTS WERE FULLY EXPLAINED BY SUCH COUNSEL AND THAT THE MORTGAGOR UNDERSTANDS THE NATURE AND EXTENT OF THE RIGHTS WAIVED HEREBY AND THE EFFECT OF SUCH WAIVER.
    
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    28. Continued Priority.  Any agreement hereafter made by the Mortgagor and the Mortgagee pursuant to this Mortgage shall be superior to the rights of the holder of any intervening lien or encumbrance.

    29. Cumulative Rights.  Each right, power or remedy herein conferred upon the Mortgagee is cumulative and in addition to every other right, power or remedy, express or implied, now or hereafter arising, available to the Mortgagee, at law or in equity, or under the Uniform Commercial Code or other law, or under and other Loan Document, and each and every right, power and remedy herein set forth or otherwise so existing  may be exercised from time to time as often and is such order as may be deemed expedient by the Mortgagee and shall not be a waiver of the right of, power or remedy arising hereunder or arising otherwise shall impair any such right, power or remedy or the right of the Mortgagee to resort thereto at a later date or be construed to be a waiver of any Event of Default under this Mortgage.

[Remainder of page intentionally blank.  Signature page immediately follows.]

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Dated effective the 22nd day of July, 2021.

HOMELAND ENERGY SOLUTIONS, LLC
an Iowa limited liability company

By  /s/ Beth Eiler                
Beth Eiler
Its CFO and Interim CEO

STATE OF IOWA, COUNTY OF CHICKASAW

This instrument was acknowledged before me on the 16th day of July, 2021, by Beth Eiler as CFO and Interim CEO of HOMELAND ENERGY SOLUTIONS, LLC.

                            /s/ Katy Kuehn                    
                            Notary Public

[Signature page to Fifth Amended and Restated Mortgage]

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EXHIBIT A
Legal Description

Parcel 1:
Parcel A in the Southeast Quarter of Section 1 lying southeasterly of railroad in Township 95 North, Range 12 West of the 5th P.M., Chickasaw County, Iowa, as shown in Document No. 2007-0823, in the office of the Chickasaw County Recorder. LESS AND EXCEPT Parcel D in Parcel A of the survey of the Southeast Quarter of Section 1, Township 95 North, Range 12 West of the 5th P.M., Chickasaw County, Iowa, as shown in Document No. 2007-2395 in the office of the Chickasaw County Recorder.

AND

Parcel 2:
Parcel A in Section 1 lying northwesterly of railroad in Township 95 North, Range 12 West of the 5th P.M., Chickasaw County, Iowa, as shown in Document No. 2007-0823, in the office of the Chickasaw County Recorder.

AND

Parcel 3:
Parcel A in the Northwest Quarter of Section 12 lying northwesterly of railroad in Township 95 North, Range 12 West of the 5th P.M., Chickasaw County, Iowa, as shown in Document No. 2007-0823, in the office of the Chickasaw County Recorder.

AND

Parcel 4:
Parcel D in the Southwest Quarter of the Northwest Quarter and that part of the Northwest Quarter of the Southwest Quarter in Section 6 lying northwesterly of railroad in Township 95 North, Range 11 West of the 5th P.M., Chickasaw County, Iowa, as shown in Document No. 2007-0823, in the office of the Chickasaw County Recorder.

AND

Parcel 5:
Parcel E in the Southwest Quarter of Section 6, Township 95 North, Range 11 West of the 5th P.M., Chickasaw County, Iowa, as shown in Document No. 2007-1956, in the office of the Chickasaw County Recorder.

AND

Parcel 6:
Parcel B in the Fractional North 1/2 of the Fractional Northeast 1/4 of Section 1, Township 95 North, Range 12 West of the 5th Principal Meridian, Chickasaw County, Iowa, as shown in Document 2008-0781 and 2008-1845 in the office of the Chickasaw County Recorder.
 
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EXHIBIT B
PERMITTED ENCUMBRANCES

Terms and conditions of Assessment of Damages, in which a right of way is given to Railroad, dated 12/01/1868, filed of record 01/06/1871, in Book O, Page 588, and dated 09/15/1868, filed of record 01/06/1871, in Book O, Page 501, and dated 09/15/1868, filed of record 01/06/1871, in Book O, Page 499.

Easement for snow fences, in favor of Chicago, Milwaukee and St. Paul Railroad Company, as set forth in Easement, dated 10/16/1888, filed of record 10/18/1888, in Book 32, Page 574, and dated 10/15/1888, filed or record 10/18/1888, in Book 32, Page 577, and dated 11/04/1893, filed of record 11/14/1893, in Book 38 of Deeds, Page 326.

Easement in favor of State of Iowa, as set forth in Easement, dated 03/04/1939, filed of record 04/01/1939, in Book 69, Page 503. (p.o E1/2 SE1/4 S of RR)

Terms and conditions of Quiet Title as to Railroad, filed of record 03/19/1941, in Quiet Title Case No. 9905.

Terms and conditions of Affidavit and Resolution, filed of record 07/01/1957, in Book G, Page 518.

Terms and Conditions of Notice of Agreement, filed of record 04/15/1981, in Book N Misc., Page 280.

Easement for utility, in favor of Hawkeye Tri-County Electric Co-op, as set forth in Easement, filed of record 08/10/1981, in Book 124, Page 385.  

Terms and conditions of Fencing Agreement, dated 04/05/1982, filed of record 04/08/1982, in Book 1, Page 86.

Terms and conditions of Agreement and Easement, dated 03/15/2007, filed of record 03/23/2007, as Document No. 2007-0566. (S1⁄2 SW1⁄4 , Section 1)

Easement for utility, in favor of Hawkeye Tri-County Electric Co-op, as set forth in Right of Way Easement, dated 07/26/2007, filed of record 09/06/2007, as Document No. 2007-1781.  Amended by document dated 10/2/2008, filed 10/8/2008, as Document No. 2008-1960.

Subject to Roadways over the Westerly 33 feet of Parcel A and Iowa Highway No. 24 over the Southerly portion of Parcel A lying Southeasterly of the Railroad.

Subject to the rights of tenants, as tenants only, under unrecorded leases.

Terms and conditions of Survey by Daryl Eiffler, dated 02/12/2007, filed of record 02/14/2007, as Document No. 2007-0335.

Terms and conditions of Survey by Daryl Eiffler, dated 04/26/2007, filed of record 04/27/2007, as Document No. 2007-0823.

Terms and conditions of Survey by Lyle G. TeKippe, dated 02/26/1986, filed of record 02/26/1986, in Book 135, Page 407.

Terms and conditions of Survey by Paul R. Herold, dated 10/04/2007, filed of record 10/04/2007, as Document No. 2007-1956.

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Terms and conditions of Survey by Paul R. Herold, dated 10/15/2007, filed of record 10/15/2007, as Document No. 2007-2012.

Terms and conditions of Affidavit and Resolution, filed of record 07/01/1957, in Book G, Page 518.

Easement in favor of State of Iowa, as set forth in document dated 01/14/1939, filed of record 01/27/1939, in Book 69, Page 449 and dated 01/14/1940, filed of record 01/27/1940 in Book 69, Page 451.

Terms and conditions of Condemnation Proceedings, dated 07/21/1943, filed in Book 72 of Deed, Page 209.

Option Agreement regarding the 2 acres immediately East and adjacent to Parcel D in Parcel A in the Southeast Quarter of Section 1, Township 95 North, Range 12 west of the 5th P.M. as set out in document dated 12/11/2007, filed 2/5/2008, as Document No. 2008-0203.

Document from Army Corps of Engineers dated 2/2/2009, filed 2/2/2009, as Document No. 2009--0243.

Terms and conditions of Memorandum of Option (to purchase) by and between Dale Kout, et al, and
Homeland Energy Solutions, a Limited Liability Company of the State of Iowa, dated 5/18/2006, filed
7/26/2006, as Document No. 2006-1547.

Terms and conditions of Survey by Paul R. Herold, filed 4/24/2008, as Document No. 2008-0781.

Terms and conditions of Survey Affidavit by Paul R. Herold, filed 9/25/2008, as Document No. 2008-1845.

A mortgage to secure an original principal indebtedness of $100,000,000.00 and any other amounts or obligations secured thereby, recorded December 6, 2007 as Document No. 2007-2367 of Official Records, Dated: November 30, 2007, Mortgagor:  Homeland Energy Solutions, LLC, an Iowa Limited Liability Company, Mortgagee:  Home Federal Savings Bank.  The mortgage has been amended and restated by document dated December 30, 2008, and recorded January 30, 2009, Document No. 2009-0225.  The mortgage has been amended and restated by document dated February 24, 2014, and recorded March 3, 2014, Document No. 2014-0276.  The mortgage has been amended and restated by document dated June 28, 2017, and recorded July 5, 2017, Document No. 2017-1059.  The mortgage has been amended and restated by document dated November 6, 2020, and recorded November 30, 2020, Document No. 2020-2748.

Terms and conditions of Notice of Agreement by the Chickasaw Soil Conservation District filed
4/15/1981, in Book N, Page 280.

The terms and provisions contained in the document entitled "Memorandum of Understanding" recorded April 10, 2009 as Document No. 2009-0760 of Official Records.

The terms and provisions contained in the document entitled "Pipeline Easement by Owner" recorded August 24, 2009 as Document No. 2009-1674 of Official Records.

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