Document:

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               MONROE TAX INCREMENTAL FINANCE DISTRICT NUMBER FIVE
                       PURCHASE AND DEVELOPMENT AGREEMENT
                            BADGER STATE ETHANOL, LLC

     THIS AGREEMENT entered into as of October 11, 2000, between Badger State
Ethanol, LLC [the "Purchaser"] and the City of Monroe, a municipality organized
under the laws of the State of Wisconsin [the "City"].

                                    RECITALS

     WHEREAS, the City has designated the following described property as
property which is suitable for industrial development [the "Realty"]:

     That part of Government Lots 1 and 2 of Section 4, and Government Lot 4 of
     Section 3, Town 1 North, Range 7 East, Town of Clarno, Green County,
     Wisconsin, bounded and described as follows:

     PARCEL 1:

     Commencing at the N1/4 corner of Section 4, said point being the point of
     beginning of this description; thence N89DEG.50'16"E along the North line
     of Section 4, 2645.62'; thence S1DEG.38'26"W, 487.49'; thence
     Southeasterly 238.32', along the arc of a curve to the left whose radius
     is 440.00' and whose chord bears S13DEG.52'35"E, 235.42'; thence
     S11DEG.25'21"W, 85.80'; thence S53DEG.51'35"W, 687.60'; thence
     S50DEG.49'05"W, 212.04'; thence Southwesterly 20.53', along the arc of a
     curve to the left whose radius is 559.73' and whose chord bears
     S49DEG.46'03"W, 20.53'; thence Northwesterly 1238.00', along the arc of a
     curve to the right whose radius is 5622.49' and whose chord bears
     N85DEG.11'58.5"W, 1235.50'; thence N78DEG.53'30"W, 707.51'; thence
     N0DEG.32'18"W, 1105.53' to the point of beginning.

     PARCEL 2:

     Commencing at the N1/4 corner of Section 4; thence N89DEG.50'16"E,
     2769.55'; thence N89DEG.55'38"E, 295.94'; thence Southwesterly 583.97',
     along the arc of a curve to the left whose radius is 1957.60' and whose
     chord bears S7DEG.30'26"W, 581.81'; thence S4DEG.36'26"W, 3.38' to the
     point of beginning; thence S4DEG.36'26"W, 157.50'; thence Southwesterly
     739.07', along the arc of a curve to the right whose radius is 666.25' and
     whose chord bears S36DEG.23'10" W, 701.76'; thence Southwesterly 626.78',
     along the arc of a curve to the right whose radius is 5622.49' and whose
     chord bears S85DEG.17'56"W, 626.46'; thence Northeasterly, 20.53', along
     the arc of a curve to the right whose radius is 559.73' and whose chord
     bears N49DEG.46'03"E, 20.53'; thence N50DEG.49'05"E, 212.04'; thence
     N53DEG.51'35"E, 883.46'; thence Northeasterly 191.27', along the arc of a
     curve to the right whose radius is 4100.00' and whose chord bears
     N56DEG.43'04"E, 191.25 to the point of beginning.

     EXCEPT Lot 1 of Certified Survey Map Number 2022, as recorded in Volume 6
     of Certified Survey Maps of Green County on Page 352, being part of
     Government Lot 1 of Section 4 and also Government Lot 4 of Section 3, Town
     1 North, Range 7 East, Town of Clarno, Green County, Wisconsin.

     and,

     WHEREAS, pursuant to Section 66.46 of the Wisconsin Statutes, the City has
created Monroe Tax Incremental District Number 5, which the City intends to
enlarged to encompass the Realty and additional lands [the "TIF District"] in
order to facilitate the development of the Realty and other property which
development may be financed in whole or in part through the issuance of
tax-exempt bonds [the "Bonds"], and

     WHEREAS, Purchaser wishes to acquire a parcel of land within the Realty,
which parcel consists of approximately 25 acres of land, the approximate
boundaries of which are identified on Exhibit A as the "Development Site" [the
"Development Site"], and

     WHEREAS, Purchaser plans to construct certain improvements, including
without limitation the Plant (as defined in paragraph 16.A of this agreement),
on the Development Site, as more particularly set forth in this agreement, for
use as a dry mill ethanol plant and related enterprises [the "Business"], and

     WHEREAS, the Council has found that the improvement of the Development Site
as proposed by the Purchaser is in furtherance of the City's goals for the
Realty, and

     WHEREAS, the City is willing to sell the Development Site to Purchaser on
the terms and conditions set forth in this agreement.

                                    AGREEMENT

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties agree as follows:

     1.  PURCHASE.  Purchaser shall purchase the Development Site for the sum
of $1.00 on the terms and conditions as set forth herein.

<PAGE>

PURCHASE AND DEVELOPMENT AGREEMENT
BADGER STATE ETHANOL, LLC [PURCHASER]; CITY OF MONROE
Page 2

     2.  DATE OF CLOSING. This transaction is to be closed at the office of the
City's legal counsel on or before the earlier of June 1, 2001 or the date
Purchaser closes on Purchaser's primary financing, or at such other time and
place as may be agreed in writing.

     3.  WARRANTIES AND REPRESENTATIONS OF THE CITY. The City hereby warrants
the following:

         A.  AUTHORITY. The City possesses the full power and authority to
             enter into this agreement and to conclude the transaction
             described herein, and no contract or Agreement to which the City
             is a party prevents the City from concluding the transaction
             described herein, nor is the consent of any third party required
             therefor, other than as specified herein.

         B.  FLOOD PLAIN.  The Development Site is not located in a flood plain.

         C.  ZONING.  The Development Site, is or will be, zoned in a manner
             authorizing the operation of the Business thereon, including the
             reconstruction of improvements thereon in case of damage by fire or
             other casualty.

         D.  PENDING EVENTS.  The City has no notice or knowledge of any:

             1)  Planned or commenced public improvements which may result in
                 special assessments or otherwise materially affect the
                 Development Site.

             2)  Government agency or court order requiring repair, alteration
                 or correction of any existing physical condition of the
                 Development Site.

             3)  Underground storage tanks or any structural, mechanical, or
                 other defects of material significance affecting the
                 Development Site, including but not limited to the presence of
                 any dangerous or toxic materials or conditions affecting the
                 Development Site.

             4)  Wetland and shoreland regulations affecting the Development
                 Site.

         E.  CONTRACTS OR AGREEMENTS. The City is not a party to any lease
             agreement affecting the Development Site that relates to any
             period beyond the Date of Closing, whether written or oral. The
             City is not in default under any contract or lease affecting the
             Development Site and has complied with all laws, regulations, and
             ordinances applicable to the Development Site.

         F.  LITIGATION. The City represents and warrants that there is no
             litigation or proceeding pending to the City's knowledge against
             or relating to the City, or the City's properties or business; nor
             does the City know or have reasonable grounds to know of any basis
             of any such action or governmental investigation relative to the
             City, or the City's properties or business Agreement.

     4.  WARRANTIES AND REPRESENTATIONS OF THE PURCHASER. The Purchaser hereby
warrants the following:

         A.  AUTHORITY. The Purchaser possesses the full power and authority to
             enter into this agreement and to conclude the transaction
             described herein, and no contract or agreement to which the
             Purchaser is a party prevents the Purchaser from concluding the
             transaction described herein, nor is the consent of any third
             party required, other than as specified herein.

         B.  LITIGATION. The Purchaser represents and warrants that there is no
             litigation or proceeding pending to the Purchaser's knowledge
             against or relating to the Purchaser, or the Purchaser's
             properties or business; nor does the Purchaser know or have
             reasonable grounds to know of any basis of any such action or
             governmental investigation relative to the Purchaser, or the
             Purchaser's properties or business.

     5.  CONVEYANCE. Upon payment of the purchase price the City shall convey
the Development Site by warranty deed, or other conveyance provided herein,
free and clear of all liens and encumbrances, excepting: municipal and zoning
ordinances, recorded easements for public utilities serving the Development
Site, recorded building and use restrictions and covenants, general taxes
levied in the year of closing, provided none of the foregoing prohibit present
use or Purchaser's intended use as contemplated by this agreement, and the City
shall complete and execute the documents necessary to record the conveyance.

     6.  LEGAL POSSESSION. Legal possession of the Development Site shall be
delivered to Purchaser on Date of Closing.

     7.  OCCUPANCY. Occupancy of the Development Site shall be given to
Purchaser on the Date of Closing. Purchaser shall be entitled to reasonable
access to the Development Site at any time prior to the Date of Closing,
provided however, Purchaser shall undertake no construction or excavation
activities prior to the Date of Closing without the prior consent of the City.

<PAGE>

PURCHASE AND DEVELOPMENT AGREEMENT
BADGER STATE ETHANOL, LLC [PURCHASER]; CITY OF MONROE
Page 3

     8.  PRO-RATIONS. The following items shall be pro-rated as of the Date of
Closing: general taxes. General taxes shall be pro-rated on the Date of Closing
based on the net general taxes for the current year, if known, otherwise on the
net general taxes for the preceding year.

     9.  SPECIAL ASSESSMENTS. Special assessments, if any, for work on site
actually commenced or levied prior to date of this agreement, shall be paid by
the City. All other special assessments shall be paid by Purchaser.

     10. TITLE EVIDENCE. The City shall provide to Purchaser at the City's
expense at least five (5) business days before the Date of Closing, the
Purchaser's choice of:

         A.  An abstract of title prepared by an attorney or abstract company;
             or

         B.  A commitment from a title insurance company licensed in Wisconsin
             to issue title insurance, upon recording of proper documents, in
             the amount of $400,000 showing title to the Development Site as of
             a date no more than 15 days before such title proof is provided to
             Purchaser to be in the condition called for in this agreement, and
             further subject only to liens which will be paid out of the
             proceeds of the closing and standard title insurance exceptions or
             abstract certificate limitations, as appropriate.  Purchaser shall
             notify the City of any valid objection to title in writing by
             closing.  The City shall have a reasonable time, but not exceeding
             30 days, to remove the objections, and the Date of Closing shall
             be extended as necessary for this purpose.

     11. PURCHASER'S CONTINGENCIES. The Purchaser's obligation to perform
pursuant to this agreement is contingent upon the following, such contingencies
to be either performed or completed to the reasonable satisfaction of the
Purchaser or, in the sole discretion of Purchaser, waived in a writing
delivered to the City:

         A.  PHASE I ENVIRONMENTAL STUDY. The City shall, not less than 15 days
             prior to the Date of Closing, deliver to the Purchaser a Phase I
             Environmental Study report showing that no material environmental
             concerns have been identified to the reasonable satisfaction of
             Purchaser on the Development Site.

         B.  TITLE TO THE DEVELOPMENT SITE. The City obtaining binding
             commitments, with no unsatisfied contingencies, to convey to the
             City, or the City's designee, merchantable title to the
             Development Site prior to or on the Date of Closing. The
             Purchaser's obligation to perform subsequent to the Date of
             Closing is contingent upon the City conveying merchantable title
             to the Development Site to the Purchaser on the Date of Closing.

         C.  REPRESENTATIONS AND WARRANTIES REMAIN CORRECT. The representations
             and warranties made by the City herein shall be substantially
             correct on the Date of Closing, as though such representations and
             warranties had been made on the Date of Closing, except to the
             extent such representations and warranties are affected by
             transactions contemplated herein or changes occurring in the
             ordinary course of business.

         D.  COUNCIL RESOLUTION. The City shall, at the Closing, deliver to the
             Purchaser a duly executed copy of its resolution authorizing the
             transaction described herein, including if applicable the issuance
             of the Bonds on a tax-exempt basis, which resolution shall form a
             part of this agreement.

         E.  FAILURE OF CONTINGENCY. If any contingency provided herein shall
             not be met in whole or in part, then Purchaser may declare this
             agreement to be null and void.

     12. CITY'S CONTINGENCIES. The City's obligation to perform pursuant to
this agreement is contingent upon the following:

         A.  PURCHASER'S FINANCING. The Purchaser delivering to the City a
             written commitment for financing, in a form satisfactory to the
             City, for improvements to the Development Site of not less than
             $7,000,000 to be constructed pursuant to this agreement. Such
             Financing shall contain no contingencies other than the
             Purchaser's Contingencies set forth herein.

         B.  REPRESENTATIONS AND WARRANTIES REMAIN CORRECT. The representations
             and warranties made by the City herein shall be substantially
             correct on the Date of Closing, as though such representations and
             warranties had been made on the Date of Closing, except to the
             extent such representations and warranties are affected by
             transactions contemplated herein or changes occurring in the
             ordinary course of business.

         C.  FAILURE OF CONTINGENCY. If any contingency provided herein shall
             not be met in whole or in part, then the City may declare this
             agreement to be null and void.

     13. SURVEY. Upon the waiver or satisfaction of all contingencies set forth
herein, the City shall cause a certified survey of the Development Site to be
prepared and recorded prior to the Date of Closing at the City's sole expense.

<PAGE>

PURCHASE AND DEVELOPMENT AGREEMENT
BADGER STATE ETHANOL, LLC [PURCHASER]; CITY OF MONROE
Page 4

     14. ASSISTANCE FROM THE STATE OF WISCONSIN. The City shall pursue its
application to the Wisconsin Department of Commerce for grant monies of not
less than $300,000 for improvements to be made by the City pursuant to this
agreement. The City shall reject any such grant if the terms under which it is
granted are not acceptable to the Purchaser. If for any reason the City fails
to receive a grant in the amount of $300,000 or more from the Wisconsin
Department of Commerce for improvements to be made by the City pursuant to this
agreement, then if the amount received by the City is less than $300,000,
Purchaser shall be liable to the City for the difference between the actual
amount of such grant received by the City and $300,000. At the option of
Purchaser, any liability of Purchaser established pursuant to this paragraph
may be paid in the following manner:

         A.  A waiver of work to be performed by the City pursuant to this
             agreement in an amount that will reduce the costs incurred by the
             City by not less than $300,000, or.

         B.  Payment to the City in cash, in which case such payment shall be
             tendered on or before the first July 31 following the date such
             assistance was anticipated to be received, or

         C.  Levied as a special assessment against the Development Site on the
             first date such levy may be made following the date such
             assistance was anticipated to be received, with repayment of such
             levy amortized over not less than 5 years with all terms of such
             repayment to be substantially similar to terms offered by the City
             in connection with the City's sidewalk program. If the Purchaser
             selects this option then the City shall have the option to elect
             to not levy a special assessment in which case the repayment by
             Purchaser shall be made directly to the City.

     15. CITY'S OBLIGATIONS. At the time Purchaser constructs the improvements
required by this agreement, the City shall:

         A.  SANITARY SEWER LATERAL.  Extend a sanitary sewer lateral to a point
             designated by Purchaser within the mechanical room to be
             constructed by Purchaser within the process building, the location
             of which is shown on Exhibit A but not more than 40 feet from the
             interior side of the foundation wall of the building located
             nearest to the existing sanitary sewer main.  City represents that
             adequate levels of sanitary sewer service (as reasonably determined
             by Purchaser) will be available to serve the Development Site and
             meet the needs of Purchaser's intended use thereof, including the
             service required by the Plant and Business. Purchaser states that
             the intended discharges from the Plant and Business will consist
             only of sanitary waste generated from bathroom, laboratory and
             similar facilities in the Plant and Business; provided however,

             1)  That if the DNR refuses to permit Purchaser to discharge the
                 "blow down" generated from the cooling tower directly into an
                 adjacent stream, then City will permit Purchaser to discharge
                 such "blow down" directly into the sanitary sewer system.

             2)  In the event of a plant process wastewater treatment equipment
                 failure or upset, Purchaser will be allowed to discharge
                 process waste water to the City wastewater treatment plant via
                 the sanitary sewer.

             3)  Purchaser shall pay for treatment of all waste generated from
                 the Plant and Business in accordance with the City's normal
                 rate structure for the kinds of waste generated by the Plant
                 and Business computed in accordance with the City's normal
                 procedures as set forth in the Monroe City Code.

             4)  City shall not be required to accept waste which the City's
                 wastewater treatment plant is either not designed to accept or
                 not licensed to accept.

         B.  WATER LATERAL. Extend a water lateral to a point designated by
             Purchaser within the mechanical room to be constructed by
             Purchaser within the process building, the location of which is
             shown on Exhibit A. City represents that adequate levels of water
             service (as reasonably determined by Purchaser) will be available
             to serve the Development Site and meet the needs of Purchaser's
             intended use thereof, including the service required by the Plant
             and Business.

         C.  CRUSHED ROCK. Deliver and place on the Development Site as
             directed by Purchaser crushed rock in an amount not exceeding
             1,000 cubic yards.

         D.  ROAD. The City shall construct a road running from 4th Avenue,
             West in a westerly direction between 4th Avenue West to a point on
             the north boundary of the Development Site at the approximate
             location shown on Exhibit A [the "New Road"]. The City reserves
             the right to designate that portion of the New Road lying outside
             the boundaries of the Development Site as a public street for use
             by any vehicle that may lawfully be operated on a City street. The
             New Road shall meet Purchaser's reasonably anticipated traffic
             needs with minimum specifications as reasonably determined by
             Purchaser and shall be constructed to the following standards:

             1)  The right-of-way for the New Road shall be of a sufficient
                 width and shall otherwise be prepared to standards which
                 permit the New Road to be dedicated as a city street.

             2)  The surface of the New Road shall be paved with the City's
                 choice of asphalt or concrete.

<PAGE>

PURCHASE AND DEVELOPMENT AGREEMENT
BADGER STATE ETHANOL, LLC [PURCHASER]; CITY OF MONROE
Page 5

         E.  ROUGH GRADING AND EROSION CONTROL. Complete rough grading of the
             Development Site and install such erosion control facilities as
             may be necessary to enable the Purchaser to complete the
             construction required by this agreement, such rough grading and
             erosion control facilities to be completed and installed pursuant
             to specifications reasonably determined by Purchaser.

         F.  UNFORESEEN CIRCUMSTANCES. The City shall not be in default if the
             construction required by this subparagraph cannot be completed
             within the time provided due to circumstances beyond the City's
             control, including without limitation, adverse weather conditions
             which preclude timely completion of construction.

     16. PURCHASER'S OBLIGATIONS. Upon closing, the Purchaser shall undertake
the following:

         A.  CONSTRUCTION OF DRY MILL ETHANOL PLANT. Construction on the
             Development Site of a dry mill ethanol plant with a design
             capacity of 40,000,000 gallons of ethanol per year [the "Plant"].
             Construction of the Plant shall be substantially completed on or
             before June 1, 2002. Of the total investment in the Plant, not
             less than $7,000,000 shall represent the value of the Development
             Site and permanent improvements to the real estate value of the
             Development Site.

         B.  RAIL SPUR. Construct one or more rail spurs running from the
             existing rail line located south of the Development Site to a
             point west of the site of the Process Building depicted on Exhibit
             A.  The City shall retain an easement allowing the City to connect
             to such rail spur at a point east of the Development Site and to
             extend an additional spur in a northerly direction to serve future
             development to the north or east of the Development Site.  The
             Purchaser shall permit the City to install switching facilities
             and such additional track as may be necessary to enable use of the
             spur for the purposes herein stated, provided however, the
             construction and location of such facilities shall not adversely
             impact operations of the Plant or any planned future expansion of
             the Plant or related processing facilities, located within the
             Development Site.

         C.  CONSTRUCTION STANDARDS. Each of the improvements required by this
             subparagraph shall:

             1)  Be constructed with quality materials and finished in a manner
                 that projects a quality image for the Purchaser and other
                 potential occupants of the Realty.

             2)  Be served by a paved driveway and parking area. The Purchaser
                 shall obtain the prior approval of the City for the location,
                 construction and materials used for the driveway and parking
                 area. Approval by the City shall not be unreasonably denied,
                 provided however, the City may require construction which will
                 be in keeping with the objective of enhancing the overall
                 image of the Realty.

         D.  UNFORESEEN CIRCUMSTANCES. The Purchaser shall not be in default if
             the construction required by this subparagraph cannot be completed
             within the time provided due to circumstances beyond the
             Purchaser's control, including without limitation, adverse weather
             conditions which preclude timely completion of construction.

         E.  CITY RIGHT OF ACCESS TO DEVELOPMENT SITE. Purchaser shall permit
             representatives of the City to have access to the Development Site
             and any improvements constructed thereon at all reasonable times
             when the City deems access necessary to insure compliance with the
             terms and conditions of this agreement, including but not limited
             to, access for inspection of all work being performed in
             connection with the construction of the improvements, provided
             such access shall be made without disruption to the construction
             and operation of the Plant and Business.

         F.  MINIMUM FAIR MARKET VALUE OF LAND AND IMPROVEMENTS. The Purchaser
             hereby warrants that, on or before January 1 of the year stated
             herein, the fair market value of the Development Site, and real
             estate improvements to the Development Site, will total not less
             than the following amounts [the "Minimum Fair Market Value"]:

<TABLE>
<CAPTION>
                  Year         Minimum Fair Market Value          Year          Minimum Fair Market Value
                  <S>          <C>                                <C>           <C>

                  2002               $ 10,000,000                 2007                  $ 10,000,000
                  2003               $ 10,000,000                 2008                  $ 10,000,000
                  2004               $ 10,000,000                 2009                  $ 10,000,000
                  2005               $ 10,000,000                 2010                  $ 10,000,000
                  2006               $ 10,000,000                 2011                  $ 10,000,000
</TABLE>

<PAGE>

PURCHASE AND DEVELOPMENT AGREEMENT
BADGER STATE ETHANOL, LLC [PURCHASER]; CITY OF MONROE
Page 6

         G.  NON-PERFORMANCE PENALTY. If the Purchaser shall fail to achieve
             the required Minimum Fair Market Value for any given year, then
             the City may impose a Non-performance Penalty.

             1)  MAXIMUM NON-PERFORMANCE PENALTY.  As used in this agreement the
                 Maximum Non-performance Penalty for any year shall be the
                 following [the "Maximum Penalty"]:

<TABLE>
<CAPTION>
                  Year                Maximum Penalty             Year                Maximum Penalty
                  <S>                 <C>                         <C>                 <C>

                  2002                  $ 280,000                 2007                     $ 280,000
                  2003                  $ 280,000                 2008                     $ 280,000
                  2004                  $ 280,000                 2009                     $ 280,000
                  2005                  $ 280,000                 2010                     $ 280,000
                  2006                  $ 280,000                 2011                     $ 280,000
</TABLE>

             2)  COMPUTATION OF NON-PERFORMANCE PENALTY. The actual
                 Non-performance penalty imposed for any year shall be
                 determined by the following formula:

                      Maximum Penalty X (1 - (Actual Fair Market Value / Minimum
                      Fair Market Value))

             3)  NOTICE OF NON-PERFORMANCE PENALTY. If a Non-performance
                 Penalty shall be due for any year, the City may provide
                 Purchaser with a Notice of Non-performance Penalty setting
                 forth a calculation of the amount of the Non-performance
                 Penalty [the "Notice of Non-performance Penalty"].

             4)  PAYMENT OF NON-PERFORMANCE PENALTY.  Commencing with the year
                 2002, and for each year thereafter through the year 2013 or
                 until the TIF District is dissolved, the Purchaser shall pay
                 to the City the amount of any Non-performance Penalty for
                 which the City has provided the Purchaser with a Notice of
                 Non-performance Penalty.  Payment of the Non-performance
                 Penalty shall be in a single installment due on or before a
                 date 15 days following delivery of the Notice of
                 Non-performance Penalty or July 31 of the year in which the
                 Notice of Non-Performance Penalty is delivered, whichever is
                 later.  Purchaser's payments shall be made to a segregated
                 fund maintained by the City for the TIF District.

             5)  INTEREST ON UNPAID NON-PERFORMANCE PENALTY. If the City has
                 delivered the Notice of Non-performance Penalty, then in
                 addition to the principal amount of the Non-performance
                 Penalty, the Purchaser shall pay the City interest at the rate
                 of 18.0% per annum, computed on the principal amount of the
                 Non-performance Penalty, from the date payment is due.

             6)  COSTS AND REASONABLE FEES. If Purchaser shall fail to pay any
                 Non-performance Penalty within 15 days following delivery of
                 the Notice of Non-performance Penalty, then the City may
                 commence proceedings to collect any unpaid Non-Performance
                 Penalty and the Purchaser agrees to pay, in addition to all
                 other sums due the City, all costs and expenses of any legal
                 proceeding, plus a reasonable sum as attorney's fees.

             7)  NO WAIVER. Failure of the City to provide Purchaser with a
                 Notice of Non-performance Penalty or otherwise enforce payment
                 of the Non-performance Penalty in one or more years shall not
                 be deemed a waiver of the right to enforce payment at a later
                 time, together with interest and any costs or attorney's fees
                 due pursuant to this agreement.

     17. MORTGAGE. The Purchaser shall deliver to the City at the closing a
State Bar of Wisconsin Form 6-L Mortgage, properly executed and in a form
suitable for recording [the "Mortgage"]. The Mortgage shall secure the
performance by the Purchaser of the various covenants of this agreement. The
City shall subordinate the lien of the Mortgage to the mortgage lien of the
lender providing primary financing for initial construction of the Plant and
installation of equipment in the Plant by execution and recording of a
subordination agreement reasonably acceptable to such Lender and the City, but
not to the interest of equity investors. The mortgage shall contain a clause
which prohibits foreclosure without the consent of the primary lender until
such time as the original construction financing is paid in full. The Mortgage
shall be released on or before the dissolution of Tax Incremental Finance
District Number 5.

     18. ADDITIONAL INSTRUMENTS. Each party shall be under a continuing duty to
execute any instrument or take any action that may be reasonably necessary to
secure in the respective parties the rights afforded by this Agreement,
including without limitation the execution of agreements with one or more
Departments of the State of Wisconsin related to the application of the City
for financial assistance with the construction of infrastructure improvements
required by this agreement.

     19. NO ARMS LENGTH TRANSACTION. The Purchaser and the City each
acknowledges that Purchaser's acquisition of the Development Site is not the
product of an arms-length transaction and the Purchase Price for the
Development Site does not reflect the actual fair market value for the
Development Site. Neither the Purchaser nor the City shall use the Purchase
Price as evidence of fair market value in any judicial or quasi-judicial
proceeding where the fair market value of the Development Site is at issue.

<PAGE>

PURCHASE AND DEVELOPMENT AGREEMENT
BADGER STATE ETHANOL, LLC [PURCHASER]; CITY OF MONROE
Page 7

     20. NOTICES. Notices required by this agreement shall be sent to the
respective parties at the addresses set forth below. The place of notice may be
changed by appropriate registered or certified mailing to the parties at the
following addresses:

                  NOTICE TO PURCHASER:                 NOTICE TO CITY:

                  Gary Kramer                          James R. Myers
                  12139 Howardsville Road              City Clerk
                  Lena, Illinois  61046                City of Monroe
                                                       1110 18th Avenue
                                                       Monroe, Wisconsin  53566
          With a copy to:

                  Lindquist & Vennum PLLP
                  Attn:  Kevin R. Prohaska
                  4200 IDS Center
                  80 South Eighth Street
                  Minneapolis, Minnesota  55402

     21. SEVERABILITY. If any provision of this agreement is held to be
unenforceable, in whole or in part, by a court of competent jurisdiction, the
remaining provisions, or portions thereof, shall not be affected thereby and
effect shall be given to the intent manifested by the provisions, or portions
thereof, held to be enforceable.

     22. CHOICE OF LAW. This agreement shall be governed by and construed under
the laws of the State of Wisconsin.

     23. PARAGRAPH HEADINGS. The various paragraph headings are inserted for
convenience of reference only, and shall not affect the meaning or
interpretation of the Agreement or any section thereof.

     24. BINDING EFFECT. This agreement shall bind and inure to the benefit of
the successors, assigns, personal representatives, heirs and legatees of the
parties hereto.

     IN WITNESS WHEREOF, the parties have hereunto set their hands and seals as
of the date first above written.

CITY OF MONROE

By: /s/ William M. Ross, Jr.                   By:  /s/ James R. Myers
   -----------------------------------[Seal]        ---------------------------
   [Seal]
   William M. Ross, Jr., Mayor                      James R. Myers, City Clerk

BADGER STATE ETHANOL, LLC

By: /s/ John Malchine                          By:  /s/ Gary Kramer
   -----------------------------------[Seal]        ---------------------------
   [Seal]
   John Malchine, Member                            Gary Kramer, Member and
                                                    Chairman of the Board

<PAGE>

PURCHASE AND DEVELOPMENT AGREEMENT
BADGER STATE ETHANOL, LLC [PURCHASER]; CITY OF MONROE
Page 8

                                 AUTHENTICATION

     Signatures of William M. Ross, Jr. and James R. Myers authenticated this
     ____ day of October 2000.

                                          /s/ Rex A. Ewald
                                          -------------------------------------
                                          Rex A. Ewald
                                          TITLE:  MEMBER STATE BAR OF WISCONSIN

                                 ACKNOWLEDGMENT

STATE OF WISCONSIN

COUNTY OF GREEN

     Personally came before me this this 11th day of October 2000, the
above-named John Malchine and Gary Kramer to me known to be the persons who
executed the foregoing instrument and acknowledge the same.

This instrument was drafted by
  Rex A. Ewald                           /s/
  Voegeli & Ewald Law Offices, S.C.      --------------------------------------
  P.O. Box 56                            Notary Public, Green County, Wisconsin
  Monroe, Wisconsin  53566               My Commission expires 2/22/2004
  (608) 328-2000                                               ----------------<PAGE>

                                TEAMING AGREEMENT
                                     BETWEEN
                                   FAGEN, INC.
                                       AND
                                    ICM, INC.

This Agreement (the "Agreement"), dated _________________, sets forth the
mutual understanding and intent of Fagen, Inc., a Minnesota corporation
("Fagen"), and ICM, Inc., a Kansas corporation ("ICM"), regarding their joint
pursuit of contracts in the Continental United States to engineer, procure and
construct dry mill ethanol plants, and to develop enhanced methods of design,
procurement and construction for use on such projects. The Appendices to this
Agreement are incorporated by reference herein.

1.       PARTIES

1.1      AFFILIATES. Fagen and ICM (collectively, the "Parties" and
         individually, a "Party") intend that their Affiliates be bound by this
         Agreement. The Parties acknowledge that they do not intend to cause or
         use their Affiliates to frustrate the purposes hereof by establishing
         or using separate affiliates to pursue Potential Projects outside the
         framework of this Agreement. However, either Party may use its
         Affiliates in the pursuit and completion of Potential Projects under
         this Agreement.

1.2      THIRD PARTIES. On certain Approved Projects it may be desirable to add
         third parties (a "Third Party") to the project team. With the mutual
         consent of both Parties, a Third Party may be included as part of the
         project team.

1.3      DEFINITIONS.

         "Affiliate" refers to any individual, partnership, corporation or other
         entity that directly or indirectly controls or is controlled by or is
         under common control with a Party.

         "Approved Project" refers to any Potential Project that the Executive
         Committee has agreed the Parties will jointly pursue and the Owner has
         executed a Letter of Intent.

         "Awarded Project" refers to any Approved Project that has been awarded
         to the Parties.

         "Person" refers to any natural person, partnership, corporation or
         other entity.

         "Potential Project" means any project which a Party or a Third Party
         refers to the Operations Committee for consideration to become an
         Approved Project.

         "Project Team" refers to a group of individuals selected to manage a
         particular project by the Operations Committee.

2.       PURPOSE

2.1      Fagen and ICM confirm that they are entering into the relationship set
         forth in this Agreement for the sole and limited purpose of preparing
         and submitting proposals for Approved Projects (the "Proposals"),
         performing contracts for Awarded Projects, and pursuing certain
         activities to enhance the Parties' joint competitiveness in the ethanol
         industry Design-Build contracting business, as further set forth in
         this Agreement.

2.2      Nothing contained in this Agreement shall be construed as creating a
         corporation, partnership, joint stock company, business trust, joint
         venture, whether incorporated or not, involving the Parties. This
         Agreement shall not limit the activities of each of them or their
         respective Affiliates in carrying on their respective business or
         businesses for their own benefit, unless specifically prohibited
         hereunder.

                                       1
<PAGE>

2.3      Nothing contained in this Agreement shall be construed as creating any
         fiduciary relationship of any nature between the Parties; provided,
         however, that the Parties shall always act in good faith toward each
         other.

2.4      Neither Party shall have the authority or right, nor shall either Party
         hold itself out as having the authority or right, to assume, create or
         undertake any obligation of any kind whatsoever, expressed or implied,
         on behalf of or in the name of the other Party without the express
         prior written consent of the other Party.

2.5      If the Parties agree to pursue a Potential Project, each Party
         undertakes to cooperate with the other Party and to negotiate for the
         purpose of agreeing to and executing a legally binding project
         agreement ("Project Agreement") for such Approved Project prior to the
         submission of any Proposal pursuant to which each of the Parties agrees
         to participate in the Approved Project. It is the present intention
         that the Project Agreement may provide for the formation of a limited
         liability company, limited partnership, joint venture or consortium to
         proceed with the work or may create a prime contractor-subcontractor
         relationship.

2.6      It is the Parties' intent to pursue the design, procurement and
         construction of the Approved Projects exclusively with each other and
         their Affiliates in accordance with the terms of this Agreement.

3.       ADMINISTRATION

3.1      ESTABLISHMENT OF COMMITTEES. The overall business commitment of each
         Party under this Agreement shall be the responsibility of the
         "Executive Committee" which shall be comprised of two persons from each
         Party. Overall management, leadership, day-to-day administration of
         this Agreement, direction of the preparation of Proposals and
         completion of Awarded Projects shall be the responsibility of the
         "Operations Committee" which shall be comprised of two persons from
         each Party. At least one person from each Party shall be common to both
         the Executive Committee and the Operations Committee. Each Party may
         change its representatives by written notice to each other. Each person
         shall be entitled to one vote on each committee, and all decisions of
         each Committee shall be unanimous. To facilitate decision making, a
         party may bring to an Executive Committee or Operations Committee
         meeting such non-voting advisory personnel as the party deems
         appropriate, subject to the consent of the other party, which consent
         shall not be unreasonably withheld.

3.1.1    The initial Executive Committee representatives are:

               FAGEN, INC.                                          ICM, INC.
               -----------                                          ---------

         Ron Fagen                                            Dave VanderGriend
         Daryl Gillund                                        Jeff Roskam

3.1.2    The initial Operations Committee representatives are:

               FAGEN, INC.                                          ICM, INC.
               -----------                                          ---------

         Ron Fagen                                            Dave VanderGriend
         Daryl Gillund                                        Jeff Roskam

3.2      EXECUTIVE COMMITTEE. The Executive Committee shall have the overall
         power to administer this Agreement, direct the actions of the
         Operations Committee, and to resolve disputes of the Operations
         Committee. The Executive Committee shall meet as necessary, but not
         less than quarterly, to determine matters related to this Agreement.
         The Executive Committee may hold, and any representative may
         participate in, a meeting by means of conference telephone or similar
         communications equipment that enables all representatives participating
         in the meeting to hear each other. One representative from each Party
         shall constitute a quorum.

                                       2
<PAGE>

3.2.1    The duties and responsibilities of the Executive Committee include:

         - To review and approve overall policies and procedures prepared by the
           Operations Committee;
         - To review and approve the business plans prepared by the Operations
           Committee;
         - To settle disputes not resolved by the Operations Committee;
         - To define, from time to time, the scope of projects the Parties
           desire to pursue;
         - To determine which Potential Projects to pursue;
         - To approve a project price; and
         - To take any other action the Executive Committee deems appropriate.

3.3      OPERATIONS COMMITTEE. The Operations Committee shall meet as necessary,
         but not less than monthly, to determine matters related to this
         Agreement as directed by the Executive Committee. The Operations
         Committee may hold, and any representative may participate in, a
         meeting by means of conference telephone or similar communications
         equipment that enables all representatives participating in the meeting
         to hear each other. One representative from each Party shall constitute
         a quorum.

3.3.1    The Operations Committee shall have the following authority and
         responsibilities and such additional authority and responsibility as
         delegated by the Executive Committee. The Operations Committee may
         further delegate these duties and responsibilities to a project
         management committee pursuant to a Project Agreement. The initial
         duties and responsibilities of the Operations Committee include:

         - To oversee selection and approve the members of a Project Team;
         - To appoint a project executive;
         - To prepare an overall business plan for operations pursuant to this
           Agreement for approval by the Executive Committee;
         - To prepare overall policies and procedures for approval by the
           Executive Committee;
         - To establish limits of authority for marketers and contract
           negotiators;
         - To discuss identified Potential Projects and make recommendations
           to the Executive Committee;
         - To allocate resources to Approved and Awarded Projects;
         - To determine the best method of proceeding with Approved and Awarded
           Projects;
         - To approve project policies and procedures; and
         - To oversee execution of Awarded Projects.

4.       PROJECT PURSUIT

4.1      IDENTIFICATION OF PROJECTS. The Executive Committee shall establish and
         maintain a description of the type of project opportunities the Parties
         desire to pursue jointly. If a Party learns of a project within such
         description, then such Party shall refer the project to the Operations
         Committee as a Potential Project. The Parties shall provide each other
         with all relevant information and all leads and suggestions obtained
         through each Party's contacts in the ethanol industry. This Agreement
         shall not apply to the following:

         - A Project that a Party can demonstrate was underway prior to the date
           of this Agreement.
         - A Project for which a confidentially agreement prevents disclosure.

4.2      PURSUIT OF PROJECTS. The Operations Committee shall review which
         Potential Projects to pursue within this Agreement. Within 15 days
         after referral of a Potential Project by a Party or a Third Party, the
         Operations Committee shall determine by unanimous vote whether to make
         a favorable recommendation to the Executive Committee to pursue the
         Potential Project. The Executive Committee will have an additional 15
         days to make its decision. Unless delayed by agreement of

                                       3
<PAGE>

         the Parties, if within 30 days after referral, the Executive Committee
         does not elect to pursue the referred Potential Project, either Party
         may pursue the Potential Project on its own or with others. If ICM
         elects not to pursue a Potential Project, Fagen will be granted a
         Limited License to use ICM's Confidential Data for a mutually
         agreeable fee.

4.3      LIMITS OF AUTHORITY. Upon approval of a Potential Project (an "Approved
         Project"), the Operations Committee shall establish the terms of
         participation by the Parties in the Approved Project. Neither Party
         will be allowed to withdraw from the Approved Project without the
         consent of the other unless it becomes necessary to exceed such terms
         of participation in order to obtain the Approved Project. Either Party
         may then elect to withdraw from the Approved Project.

4.4      PROJECT AGREEMENT. After designation of a project as an Approved
         Project, the Operations Committee shall approve a Project Agreement for
         the specified Approved Project which, among other things, shall
         establish the entity (the "Project Entity") to be used by the Parties
         for the purpose of designing, procuring and constructing the Approved
         Project if a contract is awarded. Approval of the Operations Committee
         will be required for participation by a Third Party in the Project
         Entity. If the Parties cannot agree upon an acceptable Project
         Agreement for an Approved Project, then either Party may elect to
         withdraw from the Approved Project and the Parties may thereafter
         pursue the project on their own or with others.

5.       DEVELOPMENT COSTS

         Prior to the execution of an applicable Project Agreement for an
         Approved Project, all costs and expenses incurred by the Parties with
         respect to an Approved Project and this Agreement shall be borne by the
         Party incurring such costs and expenses. The Project Agreement will
         provide for handling of such costs in the event the Parties' Proposal
         is accepted and a contract is awarded.

6.       CONFIDENTIALITY

6.1      DATA. To the extent of their respective rights and abilities to do so,
         the Parties shall exchange such information and data as are reasonably
         required of each to perform its part of this Agreement and any Project
         Agreement. All technical information, information systems, and
         confidential business information received from a Party under this
         Agreement, disclosed and designated to be confidential or proprietary
         whether in hard copy or electronic form (hereinafter called
         "Confidential Data"), shall not be disclosed to other Persons except as
         provided herein. After five (5) days prior notice to the other Party, a
         Party may disclose Confidential Data of the other Party on a need to
         know basis (i) to an employee of a Party or its Affiliates and (ii)
         subject to a confidentiality agreement to a subcontractor or supplier
         or prospective subcontractor or supplier. The restrictions on the
         disclosure of Confidential Data shall not apply to the extent such
         data: (a) were in the public domain at the time of the disclosure or
         later came under the public domain; (b) were known to the receiving
         Party at the time of the disclosure; (c) are authorized for disclosure
         by the written approval of the transmitting Party; (d) are lawfully
         derived by the receiving Party from a source other than the disclosing
         Party without restriction as to the use or disclosure of the data; or,
         (e) are independently developed by the receiving Party without recourse
         to any proprietary data provided under this Agreement. The Parties
         shall not be restricted in any way from releasing information in
         response to a subpoena, court order, or legal process, but shall notify
         the other Party of the demand for information before responding to such
         demand. The foregoing restrictions shall cease to apply five years
         after the expiration of this Agreement.

6.2      EXISTENCE OF THIS AGREEMENT. The Parties agree not to make a formal
         announcement or to disclose the existence of this Agreement without
         prior approval of the Executive Committee. Without disclosing the terms
         of this Agreement, promotional materials may be created for use in the
         promotion of ethanol industry Design-Build contracting services and
         such materials may be provided to prospective customers, either
         individually or through a form of distribution.

                                       4
<PAGE>

7.       OTHER ACTIVITIES

The Operations Committee may appoint appropriate personnel from the Parties to
one or more committees to investigate, review and develop process integration or
process improvement methods for project controls, estimating, materials
management, engineering deliverables or such other matters as they deem
appropriate.

8.       PERSONNEL EXCHANGE AND TRAINING

8.1      TRAINING. Each Party agrees to notify the other of in-house training
         programs and opportunities that may be available for employees of the
         other Party.

8.2      PERSONNEL EXCHANGE. The Operations Committee shall endeavor to
         integrate personnel between the Parties as appropriate to enhance
         project implementation, project profitability, or to meet other
         mutually agreed objectives.

9.       TERM  & TERMINATION

9.1      TERMINATION. The term of this Agreement shall commence as of the date
         hereof, and shall continue for a period of one year, at which time it
         shall be automatically extended for successive one year terms, unless
         either Party hereto terminates this Agreement at the end of any one
         year term by giving written notice to the other Party at least thirty
         (30) days prior to the expiration of such one year term.

9.2      EFFECT OF TERMINATION. Unless otherwise mutually agreed, upon
         expiration or termination of this Agreement (a) all Potential or
         Approved Projects for which the Parties have not submitted a Proposal
         shall cease to be joint projects and any Party shall be free to pursue
         any of such Potential or Approved Projects, either alone or in
         cooperation with others, and (b) all Approved Projects for which
         Proposals have been submitted shall continue to be pursued as joint
         projects in accordance with the applicable terms of this Agreement and
         any applicable Project Agreement. The expiration or termination of this
         Agreement shall have no effect upon any Project Entity organized in
         accordance with any Project Agreement executed pursuant to this
         Agreement.

10.      PARENT COMPANY GUARANTEES

         Each Party shall provide to the other a guarantee of its and its
         Affiliates' obligations under this Agreement and any Project
         Implementation Agreement in a form mutually agreeable to the Parties
         and their respective corporate counsels. The Parties agree to exchange
         annually their audited financial statements. Each Party agrees to
         promptly inform the other of any material adverse change in its
         financial condition since the date of any audited financial statement
         furnished hereunder.

11.      WAIVER OF CONSEQUENTIAL DAMAGES

         To the fullest extent permitted by law, neither Party nor its
         Affiliates shall be liable to the other Party or its Affiliates for any
         special, indirect, exemplary, punitive or consequential damages arising
         out of this Agreement or any Project Agreement, regardless of how the
         same may be caused, including the fault, negligence, strict liability,
         breach of contract, or liability arising by statute of either Party.

12.      ASSIGNMENT

         This Agreement shall not be assigned by a Party without written consent
         of the other Party, except that a Party may assign its interest to such
         Party's Affiliate. This Agreement shall be binding upon and inure to
         the benefit of the Parties' successors and assigns.

                                       5
<PAGE>

13.      INSURANCE

         The Parties will provide and maintain insurance in the manner described
         in the Project Agreement.

14.      ADDITION OF THIRD PARTIES

         No third party shall become a party to this Agreement without the prior
         written consent of all Parties. Upon the mutual agreement of both
         Parties, a third party may be added to a Project Agreement.

15.      DISPUTE RESOLUTION

         The Executive Committee shall attempt to settle amicably any dispute or
         difference of any kind whatsoever, arising out of or in connection with
         the validity or invalidity, construction, execution, meaning, operation
         or effect or breach of this Agreement. If the Executive Committee does
         not promptly do so, such dispute or difference shall be referred to the
         Parties' respective CEOs (or equivalents) who shall meet together with
         a view to resolving the same within a period of not more than 30 days
         from the date of the submission. If the Parties' respective CEOs are
         unable to amicably resolve such dispute or difference within such 30
         days, then the Parties agree to proceed to mediation under the
         Construction Industry Mediation Rules of the American Arbitration
         Association (AAA) and to conclude such mediation within sixty (60) days
         of the filing by a Party of a request to AAA for mediation. Mediation
         shall take place at the offices of AAA in Omaha, Nebraska or at such
         other location as the Parties may agree. Each Party will pay its own
         costs, plus an equal share of the cost of the mediator and mediation
         facilities.

         If a dispute between the Parties to this Agreement cannot be resolved
         by mediation within sixty (60) days as agreed to above, then the
         Parties shall submit the dispute to binding arbitration. AAA under its
         Construction Industry Arbitration Rules shall administer the
         Arbitration Proceedings. One or more arbitrators shall be appointed in
         accordance with said Rules. Such arbitration shall be held at the
         offices of AAA in Omaha, Nebraska, or at such other location as the
         Parties may agree, and conducted in the English Language. Discovery
         will be strictly limited: (i) each Party will promptly produce to the
         other all relevant and non-privileged documents for inspection and
         copying; and (ii) each Party will promptly submit written reports of
         its testifying expert witnesses to the other Party, and permit the
         other Party reasonable opportunity to depose such expert witnesses. No
         further discovery will be permitted unless the arbitrator(s) requires
         otherwise, for good cause shown. The decision of the arbitration
         tribunal shall be rendered in writing and shall be final and binding
         upon the Parties. Judgment upon the award rendered may be entered by
         either Party and enforced in any court having competent jurisdiction.
         The Parties shall share the procedural costs of the arbitration equally
         unless the arbitrator(s) decides otherwise. Each Party shall pay its
         own attorney's fees and costs incurred by it relating to the
         arbitration unless the arbitrator(s) decides otherwise. The
         arbitrator(s) shall have the authority to allow the joinder of any
         Affiliate of Fagen and/or any Affiliate of ICM, to consolidate claims
         of Fagen and its Affiliates and ICM and its Affiliates into a single
         arbitration proceeding, and to order that claims and disputes under
         this Agreement be resolved in other pending dispute resolution
         proceedings involving Fagen or its Affiliates and ICM or its
         Affiliates, as determined in the discretion of the arbitrator(s).
         Disputes under this Agreement that are resolved in other pending
         dispute resolution proceedings, where such resolution has been ordered
         by the arbitrator(s), shall be binding on the Parties as fully as if
         decided by arbitration under this Agreement. This agreement is subject
         to the Federal Arbitration Act, 9 U.S.C.>>1-16.

         Pending resolution of such dispute or difference and without prejudice
         to their rights, the Parties shall continue to respect all their
         obligations and to perform all their duties under this Agreement and
         any Project Agreement.

16.      ASSIGNMENT OF PERSONNEL TO AWARDED PROJECTS

                                       6
<PAGE>

         Individuals assigned to Awarded Projects pursuant to this Agreement or
         a Project Agreement shall remain the employees of the assigning Party
         for purposes of salary payments, employee benefits and payment of
         Worker" Compensation insurance premiums.

17.      ENGINEERING AND CONTRATOR'S LICENSES

         The Project Agreement will provide a project arrangement that best
         allows use of the licenses of the Parties for engineering and
         construction work in accordance with the law of the jurisdiction of the
         Awarded Project.

18.      RECORD KEEPING AND RETENTION

         The Operations Committee shall designate a location for storage of
         Awarded Project records, and shall develop a record retention policy.

19.      INTELLECTUAL PROPERTY

         Each Party shall retain all of its rights to any intellectual property
         developed, utilized, or modified in the performance of this Agreement
         or any Project Agreement. If the Parties jointly conceive of any
         discovery, invention, or other intellectual property in connection with
         this Agreement, the Parties shall jointly own such intellectual
         property.

20.      NOTICE PROVISIONS

         Communication required by this Agreement shall be in writing, signed by
         an authorized representative of the Party giving notice, and shall be
         delivered either by: (i) personal delivery; (ii) registered or
         certified mail, return receipt requested or its equivalent where
         mailed; (iii) facsimile, with receipt confirmed; or (iv) overnight
         courier service, addressed to the Party for whom intended at the
         following address:

                  To ICM:      ICM, Inc.
                               310 N. First Street
                               P.O. Box 397
                               Colwich, KS 67030
                               (316) 796-0900             (Office)
                               (316) 796-0570             (Fax)

                  To Fagen:    Fagen, Inc.
                               501 West Highway 212
                               P.O. Box 159
                               Granite Falls, MN 56241
                               (320) 564-3324             (Office)
                               (320) 564-3278             (Fax)

                  or at such other address as the intended recipient previously
                  has designated by written notice to the other Party. Unless
                  otherwise provided in this Agreement, notice by registered or
                  certified mail shall be effective on the date it is officially
                  recorded as delivered, or refused, by return receipt or
                  equivalent, or next business day if sent by couriers. All
                  communications delivered in person or sent by facsimile shall
                  be deemed to have been delivered to and received by the
                  addressee on the date of personal delivery or on the date
                  sent, respectively.

21.      GOVERNING LAW

         The laws of the State of Nebraska shall govern this Agreement.

                                       7
<PAGE>

22.      AMENDMENT AND MODIFICATION

         No change, amendment or modification of this Agreement shall be valid
         or binding upon the Parties unless such change, amendment or
         modification shall be in writing and duly executed by both Parties.

         The Parties hereto have executed this Agreement on the dates indicated
         below effective as of the date first above written.

FAGEN, INC.

By: _________________________________       By: _______________________________
Title: ______________________________       Title: ____________________________

ICM, INC.

By: _________________________________       By: _______________________________
Title: ______________________________       Title: ____________________________

                                       8

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