AMENDED
OPTION TO PURCHASE REAL
PROPERTY
IN
CONSIDERATION of the sum of One Hundred Thousand Dollars
($100,000) ($25,000 payable on the execution of this Option
Agreement; $35,000 payable on or before November 20, 2006; and
$40,000 [plus interest at the rate of 6 percent per annum from
November 15, 2006, to date of payment] on or before
April 1, 2007), paid to Richard Scott Carroll and
D’wana Jean Carroll, husband and wife, hereinafter
referred to as “Sellers,” receipt of said $25,000 is
hereby acknowledged, Sellers give and grant to Agassiz Energy,
LLC, a Minnesota limited liability company, hereinafter
referred to as “Purchaser,” and Purchaser’s
successors and assigns, the exclusive option to purchase the real
property of Sellers situated in the County of Polk, State of
Minnesota, particularly described as:
That part of
the North Half of the Northwest Quarter (N½NW¼) of
Section Ten (10), Township One Hundred Forty-eight
(148) North of Range Forty-two (42) West of the Fifth
Principal Meridian, lying west of the Soo Line Railroad Right of
Way;
That part of
the North Half of the Northwest Quarter (N½NW¼) of
Section Ten (10), Township One Hundred Forty-eight
(148) North of Range Forty-two (42) West of the Fifth
Principal Meridian described as follows: Commencing at the
northeast corner of the NW¼ of Section 10-148-42; thence
in a westerly direction along the north line of said NW
1 / 4 a
distance of 1200 feet to a point, which point is the point of
beginning of the tract herein conveyed; thence in a southerly
direction and parallel with the
east line of
said NW¼ a distance of 60 rods (990 feet) to a point; thence
in a westerly direction and parallel with the north line of said
NW¼ a distance of 40 rods (660 feet) to a point; thence in a
northerly direction and parallel with the east line of said
NW¼ a distance of 60 rods, more or less, to the north line of
said NW¼ thence in an easterly direction along the north line
of said NW¼ a distance of 40 rods, more or less, to the point
of beginning of the tract herein conveyed;
including all
easements, rights of way, and appurtenances, and all of
Sellers’ right, title, and interest in all public ways
adjoining the property.
This option is
given on the following terms and conditions:
PRICE AND TERMS OF
PAYMENT
The purchase price
for the property shall be Four Hundred Forty-two Thousand Dollars
($442,000), which shall be paid on exercise of this Option by
Purchaser. The Option payments (not including interest) shall be
applied toward the total purchase price.
In addition, in
the event the Option is exercised when the Sellers have growing
crop on the premises, Sellers shall be entitled to remove said crop
at harvest or be compensated the fair market value of the lost crop
as agreed in writing or as determined by Minnesota Regional
Extension Service if the parties are unable to agree.
This Option may be
exercised by giving notice of exercise to Sellers at P.O. Box 274,
Erskine, Minnesota 56535, at any time during the period commencing
March 15, 2007, until April 1, 2007.
If the Option is
exercised, Sellers shall, within thirty (30) days after the
delivery to Sellers of the notice of exercise, secure and submit to
Purchaser for examination by
-2-
Purchaser’s attorneys, an updated Abstract
of Title. Within thirty (30) days thereafter, Purchaser shall
give notice in writing to Sellers of any defects in or objections
to the title as so evidenced, and Sellers shall clear the title of
the def
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