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Exhibit 10.8
AGREEMENT FOR OPTION TO PURCHASE
NOW on this 15th day of September, 2001, comes LAURIE BAALMAN, JOANNE
BAALMAN HOLLINGER, hereinafter referred to as Seller, along with the consent of
MICHAEL BAALMAN and DONALD BAALMAN, all being the heirs of Harold Baalman,
deceased, and hereby state and agree as follows:
WHEREAS, Laurie Baalman and JoAnne Baalman Hollinger inherited the
following described real estate from the Estate of Harold Baalman, to-wit:
North Half of that part of Section Three (3), Township Eleven
(11), Range Thirty-one (31), lying 200 feet South of a line
parallel to the Union Pacific Railroad, Gove County, Kansas;
and
WHEREAS, the above parties agree to sell and convey to HEARTLAND
ETHANOL, L.L.C., hereinafter referred to as Purchaser, the above described real
estate under the following terms and conditions, to-wit:
OPTION TO PURCHASE
1. TERM
Sellers hereby grant to Purchaser an exclusive option to purchase the
above noted real estate said option to begin September 15, 2001 and terminate on
March 1, 2003.
2. CONSIDERATION OF OPTION TO PURCHASE
Purchaser agrees to pay to Seller a nonrefundable sum of $1,000.00 at
the time of the signing of this agreement in consideration of granting to
Purchaser the exclusive option to purchase the above said real estate during the
time above specified. Said $1,000.00 will be paid 1/2 to Laurie Baalman and 1/2
to JoAnne Baalman Hollinger.
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EXERCISE OF OPTION TO PURCHASE
In the event Purchaser chooses to exercise its option to purchase
hereunder, the following terms and conditions shall apply, to-wit:
3. LEASE OF NON-UTILIZED ACREAGE
Any portion of said real estate not utilized by Purchaser in the course
of running the business of Heartland Ethanol, L.L.C. shall be leased exclusively
to Donald Baalman by Heartland Ethanol, L.L.C. under normal lease terms and
conditions practiced in the area.
4. NOTICE OF LEASE TERMINATION
Purchaser shall give written notice of intent to exercise their option
to purchase, thereby giving notice of farm termination to Donald Baalman, by
mailing said notice and termination to Michael. H. Haas, Attorney at Law, with
mailing address of P.O. Box 407, Hoxie, Kansas 67740, on or before the 1st day
of March, 2003. Michael H. Haas shall then notify Donald Baalman of Purchaser's
intent to purchase and of the farm lease termination. This notice will take
precedent over any Kansas termination of farm lease laws. If said notice is not
given as stated herein, this option to purchase shall be null and void.
5. PURCHASE PRICE
Purchaser shall pay to Seller a minimum sum of $100,000.00, or
$1,000.00 per acre, whichever is the larger amount.
6. SURVEY
Purchaser, at purchaser's expense, shall have the above noted real
estate appropriately surveyed to determine the exact acreage being sold.
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7. CONTRACT
A standard. contract will be drawn and entered into by the parties
hereto and upon the showing of marketable title in Seller, the purchase price as
hereinbefore stated shall be paid by Purchaser to Seller in the manner and form
set forth in said contract.
IT IS SO AGREED,
SELLER PURCHASER
Heartland Ethanol, L.L.C.
/s/ JoAnne Baalman Hollinger /s/ Jeff Torluemke, Chairman
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JoAnne Baalman Hollinger Jeff Torluemke
/s/ Laurie Baalman
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Laurie Baalman
/s/ Michael Baalman
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Michael Baalman
/s/ Donald Baalman
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Donald Baalman
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AMENDED
AGREEMENT FOR OPTION TO PURCHASE
NOW on this ____ day of December, 2001, comes LAURIE BAALMAN, JOANNE
BAALMAN HOLLINGER, MICHAEL BAALMAN and DONALD BAALMAN, heirs of Harold Baalman,
deceased, and do hereby supplement this AMENDED agreement for the original
AGREEMENT FOR OPTION TO PURCHASE dated September 15, 2001 previously entered
into by said parties in order to make necessary and appropriate changes and
additions.
WHEREAS, Laurie Baalman and JoAnne Baalman Hollinger inherited the
following described real estate from the Estate of Harold Baalman, to-wit:
North Half of that part of Section Three (3), Township Eleven
(11), Range Thirty-one (31), lying 200 feet South of a line
parallel to the Union Pacific Railroad, Gove County, Kansas;
and
WHEREAS, said Laurie Baalman and JoAnne Baalman Hollinger, hereinafter
referred to as Seller, agrees to sell and Western Plains Energy, L.L.C.,
hereinafter referred to as Purchaser, agrees to purchase the above described
real estate under the following terms and conditions, to-wit:
OPTION TO PURCHASE
1. TERM.
Seller hereby grants to Purchaser an exclusive option to purchase the
above noted real estate said option to begin ____________, 2001 and terminate on
March 1, 2003.
2. CONSIDERATION OF OPTION TO PURCHASE.
Purchaser agrees to pay to Seller a non-refundable sum of $1,000.00
upon signing of this agreement in consideration of granting to Purchaser the
exclusive option to purchase said real estate during the time above specified.
Said $1,000.00 will be paid $500.00 to Laurie Baalman and $500.00 to JoAnne
Baalman Hollinger.
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The parties agree that the sum of $1,000.00 previously paid by
Purchaser will be returned to Purchaser and checks reissued as noted above.
EXERCISE OF OPTION TO PURCHASE
In the event Purchaser chooses to exercise said option to purchase
hereunder, the following terms and conditions shall apply, to-wit:
1. PRESENT TENANT FARMER.
Don Baalman is the present tenant farmer on the above noted real
estate. At the time said Option to Purchase is exercised, Purchaser, Western
Plains Energy, L.L.C., agrees to pay Don Baalman a lump sum payment of
$30,000.00 cash.
2. CROPS.
All parties acknowledge that Don Baalman has planted wheat on the above
noted real estate and that he will be entitled to harvest said wheat crop in
year 2002 for his benefit.
3. RELEASE AND RELINQUISHMENT
Upon completion of the wheat harvest in 2002 and upon complete payment
of the $30,000.00, Don Baalman agrees to release and relinquish any and all
interest that he may have in and to said real estate, either as the tenant
farmer or as an heir of the Estate of Harold Baalman.
4. PURCHASE PRICE.
Purchaser agrees to pay Seller the sum of $100,000.00 for said real
estate, the purchase same to be payable $50,000.00 to Laurie Baalman and
$50,000.00 to JoAnne Baalman Hollinger.
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5. SURVEY.
Purchaser, at purchaser's expense, shall have the above noted real
estate appropriately surveyed to determine the exact acreage being sold.
6. WRITTEN NOTICE.
If Purchaser chooses to exercise their option to purchase, Purchaser
shall give written notice to their intent to exercise their option to purchase
to Michael H. Haas, Attorney at Law, P.O. Box 407, Hoxie, KS 67740, on or before
March 1, 2003. Said attorney will then notify the Baalman heirs that Purchaser
has chosen to exercise their option to purchase.
7. CONTRACT.
A standard contract will be drawn, at Seller's expense, and the same
entered into by the parties hereto. Seller shall provide marketable title either
by an abstract of title or title insurance, at Seller's expense. Said contract
shall contain standard clauses therein and shall be drawn to the satisfaction of
all parties.
IT IS SO AGREED.
SELLER PURCHASER
Western Plains Energy, L.L.C.
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JoAnne Baalman Hollinger Jeff Torluemke, CEO
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Laurie Baalman
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Michael Baalman
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Donald Baalman