Exhibit 10.1
AGREEMENT
Agreement made October 11,
2005, between Mike Burns, 12 Lakeridge Drive, Garnett, Anderson
County, Kansas, here referred to as seller, whether one or more,
and East Kansas Agri-Energy, L.L.C., a limited liability company
organized under the laws of the State of Kansas, doing business at
1304 South Main, Garnett, Anderson County, Kansas, here referred to
as buyer.
SECTION ONE
MATERIALS SOLD
Seller shall sell to buyer, and
buyer shall buy from seller, all earth and granular materials that
buyer desires to excavate and remove from the locations described
in this agreement, for the total sum of $300,000.00, to be credited
to seller in the manner set forth below.
The amount of earth and granular
materials to be so removed shall consist of approximately 720,000
cubic yards, more or less.
SECTION TWO
PAYMENTS
Buyer will pay to seller the sum of
$300,000.00 for the earth and granular material to be removed from
the site described below for use by the buyer for use on various
construction projects that buyer is presently involved in
constructing an ethanol plant and railroad spur to the plant in
Garnett, Kansas. Prior to the date of this agreement, buyer has
removed approximately 50,000 to 70,000 cubic yards of fill material
from the Lake Site located on seller’s property, and has
removed 400,000 to 450,000 cubic yards of material from the
Beanfield Site located on seller’s property. Buyer estimates
that it will need to a total of approximately 200,000 additional
cubic yards of material from these sites in order to complete its
projects, however, it is the agreement and understanding of the
parties that under the terms of this Agreement, Buyer is purchasing
sufficient additional fill material to finish its railroad spur
project it is constructing in conjunction with its processing plant
located in Garnett, Kansas, and Buyer shall not be limited to
taking any fixed amount of material under this
agreement.
The parties have agreed that the
value of the material to be removed is $300,000.00. Buyer will
cause this amount to be paid to selle
