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Exhibit 10.2    
    

	PD: $30.50	 	Reg	    

	 	 	Index	    

	 	 	G. Index	    

	WHEN RECORDED RETURN TO:	State of Nebraska, County of Fillmore	RE Cards	    

	Michael J. Green	Filed for Record On April 27 2005	C. Map	    

	Regency West 5	At 4:11 O'Clock P M And Record in	MF	    

	4500 Westown Parkway, Suite 277	Book 48 Of Misc On Page 391	Xerox	    

	West Des Moines, Iowa 50266	Carol Vejraska County Clerk	Paged	    

	

PREPARER

INFORMATION	

Michael J. Green	

4500 Westown Pkwy., Ste. 277	

West Des Moines, IA	

(515) 242-2431
	 	

	 	Individual's Name	Street Address	City	Phone
	    
 SPACE ABOVE THIS LINE FOR RECORDER

REAL ESTATE OPTION AGREEMENT  

        THIS AGREEMENT is made this 26th day of April, 2005, by and between Doris Gwen Ogden, (hereinafter referred to as "Optionor") and Advanced BioEnergy, LLC,
a Delaware limited liability company (hereinafter referred to as "Optionee"). 

W I T N E S S E T H:  

        WHEREAS, Optionor is the owner of real estate described in full at paragraph 1 below and is desirous of securing a future purchaser of said real property
under defined terms; and 

        WHEREAS,
Optionee desires to acquire said property from Optionor in accordance with the terms and conditions set forth hereafter. 

        IN
CONSIDERATION of the covenants and promises contained hereafter, it is agreed: 

	1.
	PREMISES:
That Optionor hereby grants to Optionee the exclusive option to purchase real property, together with all improvements thereon, including, but not limited to, the "old
farmhouse" on the property, in Fillmore County, Nebraska, more specifically described as follows:

	

	Southeast
quarter of Section 36-8-3, approximately 148 acres, Fillmore County, Nebraska.

	2.
	OPTION
CONSIDERATION: As consideration for the option grant provided in paragraph 1 above, Optionee agrees to pay to Optionor at the time of the execution of this Option
Agreement the sum of $10,000.00. The parties agree that there is valid and sufficient consideration for this Agreement based on this sum, the mutual 

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	3.
	obligations
herein contained and other good and valuable consideration. In addition, Optionor agrees not to enter into any other Purchase, Lease or Agreement of any kind with any other
party relating to the subject property while this Option Agreement is in place.

	4.
	TERM:
This option shall commence on the date of the execution of this Option Agreement and continue to the 1st day of August, 2006, at 12:00 midnight at which time it expires
and is null and void if not exercised.

	5.
	PURCHASE
TERMS: Pursuant to the terms of this option, Optionor agrees to sell and Optionee agrees to purchase the above-described real property with improvements thereon under the
following terms and conditions:

	a.
	PURCHASE
PRICE: The purchase price shall be: $740,000.00, calculated at $6,000.00 per acre for the Western 74 acres and $4,000.00 per acre for the Eastern 74 acres.

	

	The
Optionee agrees to pay in cash at closing the relevant amount as set forth above. Optionee shall be credited against said purchase price with the full
amount paid in cash as the option consideration hereunder.

	b.
	ABSTRACT:
Optionor shall promptly after receipt of notice of exercise of option provide a title commitment showing title to be marketable in accordance with this Agreement, the land
title laws of the State of Nebraska and the Nebraska Title Standards of the Nebraska State Bar Association. If closing is delayed due to Optionor's inability to provide marketable title, then Optionee
may rescind this Agreement after giving 14 days written notice to the other party and the broker if any. Cost of title insurance split one-half to the Optionor and one-half to the Optionee.

	c.
	WARRANTY
DEED: At closing, upon receipt of the full purchase price set forth above, Optionor shall execute and deliver to Optionee an appropriate Warranty Deed, Declaration of Value
and Hazard Statement for recording by Optionee.

	d.
	TAXES:
Optionor shall pay all real estate taxes prorated to the date of closing. If the amount of any such tax to be prorated cannot be ascertained, proration shall be computed on the
amount for the preceding year.

	e.
	SPECIAL
ASSESSMENTS: The Optionor shall pay all special assessments which are a lien and due and payable on said property and can be paid as of the date of closing.

	f.
	EMINENT
DOMAIN: In the event the property or any part thereof is taken or threatened to be taken pursuant to eminent domain after the notice of exercise of the above option, but prior
to closing, the Optionee shall have the right at its 

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2

 

	

	election
to cancel and terminate this agreement or to complete the purchase as set forth above with the Optionee being entitled to receive all condemnations
proceeding against the real property.

	g.
	CLOSING:
Closing shall be held on a date agreeable to the parties not later than 90 days from the date of the notice of demand to close.

	h.
	DEFAULT:
In the event Optionor has fulfilled all of its obligations hereunder and all conditions precedent and concurrent to closing for which it is responsible and Optionee fails to
fulfill its obligations hereunder and continues to fail and refuses to fulfill its obligations hereunder for more than 30 days after receipt of written notice of such default from Optionor may
either: 1) terminate this Agreement in which event it shall be entitled to retain the option money deposits and any other monies paid hereunder and such termination and retainage shall be the
sole remedy and damages available to the Optionee; or 2) pursue any legal and/or equitable remedy available to it. In the event Optionee fulfills all of its obligations hereunder and meets all
conditions precedent and concurrent to closing for which it is responsible and Optionor is unable, fails or refuses to meet its obligations hereunder for more than 30 days after receipt of
written notice of such default, Optionee may either: 1) terminate this Agreement in which event it shall be entitled to receive refund of all of its option money deposits and any other monies
paid hereunder and such termination and refund shall be the sole remedy and damages available to the Optionee; or 2) pursue any legal and/or equitable remedy available to it.

	i.
	PERSONAL
PROPERTY: Optionor understands and agrees that Optionee shall have the right under the Purchase Agreement to retain the well, pump, engine, gearbox, water rights, pivot and
any other equipment necessary to get water out of the ground on the subject property.

	j.
	CROP
DAMAGE: In the event that Optionee's due diligence and/or closing and conveyance of the Property to Optionee shall occur after Optionor plants crops, but before harvest of those
crops, the parties hereto mutually agree that Optionor shall have the right, upon notice to the Optionee and at the Optionee's convenience, to harvest any crops not destroyed by the Optionee in the
process of its due diligence and/or its constructing of the ethanol plant and related improvements thereto. The Optionee shall have no duty to preserve any of such crops, and the Optionor accepts as
liquidated damages (in lieu of any and all other damages) an amount equal to 120% of the University of Nebraska estimated per acre crop input cost for Fillmore County, Nebraska for the applicable crop
year multiplied by the number of acres, or fractional acres, of crop destroyed on the Property by the Optionee prior to the harvest of such crop acres by the Optionor. The number of such acres
destroyed shall be measured by a third-party as the parties hereto may mutually identify. 

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3

 

	5.
	RECORDING
OF OPTION: The parties hereto agree that this Option Agreement shall be recorded.

	6.
	INSPECTION
RIGHTS: Optionee shall, during the term of this Option Agreement, have the unrestricted rights to enter upon the subject property for purposes of performing any and all due
diligence necessary to Optionee's determination to purchase the subject property including, but not limited to, the taking of soil samples. Optionee understands and agrees that during the term of this
Option Agreement Optionor shall have the full and unrestricted right to plant irrigated corn or soybeans on the subject property. Should Optionee, as a part of its inspection, damage any of the
growing crops on the subject property, Optionee shall be responsible for the payment of the fair market value thereof to Optionor.

	7.
	NOTICES:
Any notice, demand or other document which either party is required or may desire to give or deliver to or make upon the other party shall be given in writing and served
either personally or given by prepaid United States certified mail, return receipt requested, and addressed to the following addresses: 

	If to Optionor:	Doris Gwen Ogden

c/o Thomas P. Boyer

Farmers State Bank

P.O. Box 16

Fairmont, NE 68354
	

If to Optionee:	

Advanced BioEnergy, LLC

c/o Brown, Winick, Graves, Gross, Baskerville

and Schoenebaum, P.L.C.

Attn: William E. Hanigan

666 Grand Avenue, Suite 2000

Des Moines, Iowa 50309-2510

	

	Either
party hereto may designate a different address for itself, or additional persons to whom copies thereof are to be sent, by notice similarly given.

	8.
	REAL
ESTATE BROKERS: The parties hereto represent that, absent specific disclosure in writing, no real estate brokers have been employed, utilized or relied upon by either party as a
result of the grant of this option or the real estate sale contemplated therein.

	9.
	TIME:
Time is of the essence as to the performance of all of the terms and conditions of this Agreement.

	10.
	ATTORNEY
FEES: Any action required of the Optionor hereunder to enforce its rights to this Agreement shall entitle the Optionor to the recovery of its reasonable attorney fees, costs
and expenses incurred and necessary to the enforcement of said 

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4

 

	

	rights.

	11.
	GENERAL:
This Agreement shall be deemed to have been made and shall be construed and interpreted in accordance with the laws of the State of Nebraska. This Agreement shall be binding
upon and inure to the benefit of the respective parties hereto and their successors and assigns. The captions and titles herein are for reference only and are not to be considered a part of this
Agreement or in the interpretation hereof. This Agreement shall not be valid until signed by both parties. The phrase "execution and delivery hereof," as used above, shall be the date the last party
hereto signs this Agreement and serves it upon the other party in the same manner as set forth for notices. Time is of the essence. 

        IN
WITNESS WHEREOF, said parties hereto subscribe their names. 

	OPTIONOR:	 	OPTIONEE:
	 	 	 	ADVANCED BIOENERGY, LLC
	

By	

/s/  DORIS GWEN OGDEN      
 Doris Gwen Ogden, a widow	
 	

By	

/s/  REVIS L. STEPHENSON III      
 Revis L. Stephenson III, Chairman

	

STATE OF	

Nebraska	
 	

)
	 	 	 	)SS:
	COUNTY OF	Fillmore	 	)

        On this 26th day of April, 2005, before me, the undersigned, a Notary Public in and for the State of Nebraska, personally appeared Doris Gwen Ogden to me known to
be the identical person named in and who executed the within and foregoing instrument and acknowledged that he executed the same as his voluntary act and deed. 

	[NOTARY SEAL]	/s/  JEAN ENGLE      
 Notary Public in and for the State of NE

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5

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Exhibit 10.2QuickLinks
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Exhibit 10.4    
    

	PD: $30.50	 	Reg	    

	 	 	Index	    

	 	 	G. Index	    

	WHEN RECORDED RETURN TO:	State of Nebraska, County of Fillmore	RE Cards	    

	Michael J. Green	Filed for Record On April 27 2005	C. Map	    

	Regency West 5	At 4:11 O'Clock P M And Record in	MF	    

	4500 Westown Parkway, Suite 277	Book 48 Of Misc On Page 391	Xerox	    

	West Des Moines, Iowa 50266	Carol Vejraska County Clerk	Paged	    

	

PREPARER

INFORMATION	

Michael J. Green	

4500 Westown Pkwy., Ste. 277	

West Des Moines, IA	

(515) 242-2431
	 	

	 	Individual's Name	Street Address	City	Phone
	    
 SPACE ABOVE THIS LINE FOR RECORDER

REAL ESTATE OPTION AGREEMENT  

        THIS AGREEMENT is made this 13th day of April, 2005, by and between L & K Land, Inc., a Nebraska corporation, (hereinafter referred to as
"Optionor") and Advanced BioEnergy, LLC, a Delaware limited liability company (hereinafter referred to as "Optionee"). 

W I T N E S S E T H:  

        WHEREAS, Optionor is the owner of real estate described in full at paragraph 1 below and is desirous of securing a future purchaser of said real property
under defined terms; and 

        WHEREAS,
Optionee desires to acquire said property from Optionor in accordance with the terms and conditions set forth hereafter. 

        IN
CONSIDERATION of the covenants and promises contained hereafter, it is agreed: 

	1.
	PREMISES:
That Optionor hereby grants to Optionee the exclusive option to purchase real property, together with all improvements thereon, if any, in Fillmore County, Nebraska, more
specifically described as follows:

	

	North
half of the Northeast quarter of Section 26-8-3, approximately 103 acres, Fillmore County, Nebraska.

	2.
	OPTION
CONSIDERATION: As consideration for the option grant provided in paragraph 1 above, Optionee agrees to pay to Optionor at the time of the execution of this Option
Agreement the sum of $5,000.00. The parties agree that there is valid and sufficient consideration for this Agreement based on this sum, the mutual obligations herein contained and other good and
valuable consideration. In addition, Optionor 

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	agrees
not to enter into any other Purchase, Lease or Agreement of any kind with any other party relating to the subject property while this Option
Agreement is in place.

	3.
	TERM:
This option shall commence on the date of the execution of this Option Agreement and continue to the 1st day of August, 2006, at 12:00 midnight at which time it expires
and is null and void if not exercised.

	4.
	PURCHASE
TERMS: Pursuant to the terms of this option, Optionor agrees to sell and Optionee agrees to purchase the above-described real property with improvements thereon under the
following terms and conditions:

	a.
	PURCHASE
PRICE: The purchase price shall be: $566,500.00.

	

	The
Optionee agrees to pay in cash at closing the relevant amount as set forth above. Optionee shall be credited against said purchase price with the full
amount paid in cash as the option consideration hereunder.

	b.
	ABSTRACT:
Optionor shall promptly after receipt of notice of exercise of option provide a title commitment showing title to be marketable in accordance with this Agreement, the land
title laws of the State of Nebraska and the Nebraska Title Standards of the Nebraska State Bar Association. If closing is delayed due to Optionor's inability to provide marketable title, then Optionee
may rescind this Agreement after giving 14 days written notice to the other party and the broker if any. Cost of title insurance split one-half to the Optionor and one-half to the Optionee.

	c.
	WARRANTY
DEED: At closing, upon receipt of the full purchase price set forth above, Optionor shall execute and deliver to Optionee an appropriate Warranty Deed, Declaration of Value
and Hazard Statement for recording by Optionee.

	d.
	TAXES:
Optionor shall pay all real estate taxes prorated to the date of closing. If the amount of any such tax to be prorated cannot be ascertained, proration shall be computed on the
amount for the preceding year.

	e.
	SPECIAL
ASSESSMENTS: The Optionor shall pay all special assessments which are a lien and due and payable on said property and can be paid as of the date of closing.

	f.
	EMINENT
DOMAIN: In the event the property or any part thereof is taken or threatened to be taken pursuant to eminent domain after the notice of exercise of the above option, but prior
to closing, the Optionee shall have the right at its election to cancel and terminate this agreement or to complete the purchase as set forth above with the Optionee being entitled to receive all
condemnations proceeding against the real property. 

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2

 

	g.
	CLOSING:
Closing shall be held on a date agreeable to the parties not later than 90 days from the date of the notice of demand to close.

	h.
	DEFAULT:
In the event Optionor has fulfilled all of its obligations hereunder and all conditions precedent and concurrent to closing for which it is responsible and Optionee fails to
fulfill its obligations hereunder and continues to fail and refuses to fulfill its obligations hereunder for more than 30 days after receipt of written notice of such default from Optionor may
either: 1) terminate this Agreement in which event it shall be entitled to retain the option money deposits and any other monies paid hereunder and such termination and retainage shall be the
sole remedy and damages available to the Optionee; or 2) pursue any legal and/or equitable remedy available to it. In the event Optionee fulfills all of its obligations hereunder and meets all
conditions precedent and concurrent to closing for which it is responsible and Optionor is unable, fails or refuses to meet its obligations hereunder for more than 30 days after receipt of written
notice of such default, Optionee may either: 1) terminate this Agreement in which event it shall be entitled to receive refund of all of its option money deposits and any other monies paid
hereunder and such termination and refund shall be the sole remedy and damages available to the Optionee; or 2) pursue any legal and/or equitable remedy available to it.

	i.
	PERSONAL
PROPERTY: Optionor understands and agrees that Optionee shall have the right under the Purchase Agreement to retain the well, pump, engine, gearbox, water rights and any other
equipment necessary to get water out of the ground on the subject property. Optionee further agrees that Optionor shall have the right to retain the pivot located on the property and shall have a
reasonable time period for removal of the same at Optionor's expense.

	j.
	CROP
DAMAGE: In the event that Optionee's due diligence and/or closing and conveyance of the Property to Optionee shall occur after Optionor plants crops, but before harvest of those
crops, the parties hereto mutually agree that Optionor shall have the right, upon notice to the Optionee and at the Optionee's convenience, to harvest any crops not destroyed by the Optionee in the
process of its due diligence and/or its constructing of the ethanol plant and related improvements thereto. The Optionee shall have no duty to preserve any of such crops, and the Optionor accepts as
liquidated damages (in lieu of any and all other damages) an amount equal to 120% of the University of Nebraska estimated per acre crop input cost for Fillmore County, Nebraska for the applicable crop
year multiplied by the number of acres, or fractional acres, of crop destroyed on the Property by the Optionee prior to the harvest of such crop acres by the Optionor. The number of such acres
destroyed shall be measured by a third-party as the parties hereto may mutually identify.

	5.
	RECORDING
OF OPTION: The parties hereto agree that this Option Agreement shall be recorded. 

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3

 

	6.
	INSPECTION
RIGHTS: Optionee shall, during the term of this Option Agreement, have the unrestricted rights to enter upon the subject property for purposes of performing any and all due
diligence necessary to Optionee's determination to purchase the subject property including, but not limited to, the taking of soil samples. Optionee understands and agrees that during the term of this
Option Agreement Optionor shall have the full and unrestricted right to plant irrigated corn or soybeans on the subject property. Should Optionee, as a part of its inspection, damage any of the
growing crops on the subject property, Optionee shall be responsible for the payment of the fair market value thereof to Optionor.

	7.
	NOTICES:
Any notice, demand or other document which either party is required or may desire to give or deliver to or make upon the other party shall be given in writing and served
either personally or given by prepaid United States certified mail, return receipt requested, and addressed to the following addresses: 

	If to Optionor:	L & K Land, Inc.

c/o Stanley L. Schepers

745 Turtle Beach

Marquette, Nebraska 68854
	

If to Optionee:	

Advanced BioEnergy, LLC

c/o Brown, Winick, Graves, Gross, Baskerville

and Schoenebaum, P.L.C.

Attn: William E. Hanigan

666 Grand Avenue, Suite 2000

Des Moines, Iowa 50309-2510

	

	Either
party hereto may designate a different address for itself, or additional persons to whom copies thereof are to be sent, by notice similarly given.

	8.
	REAL
ESTATE BROKERS: The parties hereto represent that, absent specific disclosure in writing, no real estate brokers have been employed, utilized or relied upon by either party as a
result of the grant of this option or the real estate sale contemplated therein.

	9.
	TIME:
Time is of the essence as to the performance of all of the terms and conditions of this Agreement.

	10.
	ATTORNEY
FEES: Any action required of the Optionor hereunder to enforce its rights to this Agreement shall entitle the Optionor to the recovery of its reasonable attorney fees, costs
and expenses incurred and necessary to the enforcement of said rights. 

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- 4/6 

4

 

	11.
	GENERAL:
This Agreement shall be deemed to have been made and shall be construed and interpreted in accordance with the laws of the State of Nebraska. This Agreement shall be binding
upon and inure to the benefit of the respective parties hereto and their successors and assigns. The captions and titles herein are for reference only and are not to be considered a part of this
Agreement or in the interpretation hereof. This Agreement shall not be valid until signed by both parties. The phrase "execution and delivery hereof," as used above, shall be the date the last party
hereto signs this Agreement and serves it upon the other party in the same manner as set forth for notices. Time is of the essence. 

        IN
WITNESS WHEREOF, said parties hereto subscribe their names. 

	OPTIONOR:	 	OPTIONEE:
	L & K LAND, INC.	 	ADVANCED BIOENERGY, LLC
	

By	

/s/  STANLEY L. SCHEPERS, PRESIDENT      
 Stanley L. Schepers, President	
 	

By	

/s/  REVIS L. STEPHENSON III      
 Revis L. Stephenson III, Chairman
	

By	

/s/  KATHRYN J. SCHEPERS, SECRETARY      
 Kathryn J. Schepers, Secretary	
 	

 	

 

	

STATE OF	

Nebraska	
 	

)
	 	 	 	)SS:
	COUNTY OF	Menrick	 	)

        On this 13th day of April, 2005, before me, the undersigned, a Notary Public in and for said County and State, personally appeared Stanley L. Schepers and
Kathryn J. Schepers, to me personally known, who, being by me duly sworn, did say that they are the President and Secretary, respectively, of said corporation executing the within and foregoing
instrument; that said instrument was signed on behalf of said corporation by authority of its Board of Directors; and that the said President and Secretary as such officers acknowledged the execution
of said instrument to be the voluntary act and deed of said corporation, by it and by them voluntarily executed. 

	[NOTARY SEAL]	/s/  INA COTNER      
 Notary Public in and for the State of Iowa

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5

 

	

STATE OF	

Minnesota	
 	

)
	 	 	 	)SS:
	COUNTY OF	Hennepin	 	)

        On this 26th day of April, 2005, before me, the undersigned, a Notary Public in and for the State of Minnesota, personally appeared Revis L.
Stephenson III to me personally known, who being by me duly sworn, did say that he is the Chairman of Advanced BioEnergy, LLC, a limited liability company, executing the within and
foregoing instrument; that no seal has been procured by the said limited liability company; that said instrument was signed on behalf of the limited liability company by authority of its members; and
that Revis L. Stephenson III, as Chairman, acknowledged the execution of the foregoing instrument to be the voluntary act and deed of the limited liability company, by it and by him
voluntarily executed. 

	[NOTARY SEAL]	/s/  MARIE DEVOE WHITE      
 Notary Public in and for the State of MN

391 - 6/6 

6

QuickLinks

Exhibit 10.4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]