EXHIBIT 10.12
OPTION TO PURCHASE
MINERAL LEASE
Prepared by:
Craig R. Hedin
Attorney at Law
P.O. Drawer C
Mt. Vernon, Illinois 62864
OPTION TO PURCHASE MINERAL LEASE
This option to purchase Mineral Lease (herein "this Option") is made
this 9th day of September, 2003, by and between THE COUNTY OF WASHINGTON, OF THE
STATE OF ILLINOIS, (herein "Optionor") and BPI INDUSTRIES, INC., of 501 East
DeYoung Street, Marion, Illinois, 62959, (herein "BPI").
WHEREAS, Optionor may own all or a portion of the coal bed methane,
coal seam gas, all gas desorbed from coal or captured in the coal seam, and all
gas in abandoned mines, void spaces, and zones in communication therewith, as to
the following described lands (herein "Coal Bed Gas"); and,
WHEREAS, Optionor may own all or a portion of the oil, liquid
hydrocarbons, all gases and their constituent products (except Coal Bed Gas as
defined herein) as to the following described lands (herein "Oil and Gas"); and,
WHEREAS, for purposes of this Option, the Coal Bed Gas and the Oil and
Gas may be referred to jointly as ("the Minerals"); and,
WHEREAS, in addition to owning a possible interest in the Minerals,
Optionor would also own the right to explore, drill for, and produce the
Minerals; and,
WHEREAS, Optionor desires to grant to BPI and BPI desires to receive
from Optionor, an Option to purchase a Mineral Lease as to Optionor's interest
in the Minerals; and,
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WHEREAS, in the event the Option is timely exercised by BPI, the Option
shall be consummated by the execution and delivery by Optionor to BPI of a
Mineral Lease in the form as attached hereto as Exhibit A (herein the "Mineral
Lease"); and,
WHEREAS, Optionor and BPI desire to enter into this writing for
purposes of setting forth the terms and conditions of this Option.
NOW, THEREFORE, for and in consideration of the foregoing recitals, the
mutual benefits to be derived herefrom and One Dollar and other valuable
consideration, Optionor and BPI agree as follows:
1. OPTION.
For and in consideration of FIFTY THOUSAND DOLLARS
($50,000.00), herein "the Option Payment"), the receipt of which is hereby
acknowledged, Optionor gives and grants to BPI the exclusive option to obtain a
Mineral Lease corresponding to Optionor's interest in the Minerals pursuant to
and upon the terms and conditions as set forth herein. In the event the Option
is exercised, Fifty Percent (50%) of the Option Payments shall be applied to any
amounts that may be due and owing pursuant to the Mineral Lease.
2. PERIOD OF OPTION.
This Option may be exercised by BPI by giving notice of the
exercise thereof (herein the "Option Notice") to Optionor at any time during the
period from the date of this Option until the (insert date to 36 months) 9th day
of September, 2006, at 12:00 o'clock, P.M., (herein the "Exercise Period").
Notice shall be given and may be sent by personal delivery or by depositing the
same in the United States Mail addressed to Optionor, postage prepaid and
registered or certified with return receipt requested with notice being deemed
to have been given and received upon the date of BPI's posting in the United
States Mail as shown on the postal receipt or the date of personal delivery if
delivered in this manner. In the alternative, the notice may be given by prepaid
courier service addressed to Optionor and requiring the signature of Optionor
upon delivery with said notice being deemed to have been given and received upon
the date of BPI's delivery to the courier service as shown on the signed receipt
of the courier service.
3. MINERAL LEASE.
Contemporaneous with the execution of this Option, Optionor
executes the Mineral Lease in the form as set forth on Exhibit A attached
hereto. In the event this Option is timely exercised as provided herein, BPI
shall execute the Mineral Lease and said lease shall be deemed delivered to BPI
and shall cover and be effective as to all interest of Optionor in the Minerals
as of the date of this Option.
4. REVIEW DURING EXERCISE.
During the Exercise Period of the Option, Optionor will
cooperate with BPI for purposes of determining the title of Optionor as to the
Minerals and for purposes of conducting field tests as to the Minerals.
Optionor, upon request, shall provide to BPI all title materials corresponding
to Optionor's interest in the Minerals. Optionor shall also cooperate with BPI
in providing access to the Minerals for purposes of conducting any test deemed
necessary by BPI to determine the extent and nature of the Minerals. Such
testing may include the utilization of the surface corresponding to the
Minerals, the drilling for core samples or for the conducting of
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seismic, and other operations pertaining thereto. BPI shall indemnify and hold
Optionor harmless from any claim for damages that may be asserted against
Optionor with respect to BPI's operations pursuant to the matters set forth in
this paragraph.
5. ADDITIONAL RIGHTS
In the event that this options is exercised as provided
herein, BPI agrees that it is BPI's sole responsibility to negotiate any
additional surface rights required for BPI's operations and further that
Washington County shall have no involvement in those negotiations.
6. MEMORANDUM OF OPTION:
Optionor and BPI shall execute a memorandum of this option and
record the same in the County Clerk and Recorder's Office in the county where
the Minerals are located. All parties dealing with Optionor with respect to the
Minerals shall deal and take any interest subject to the rights of BPI and the
obligations of Optionor as set forth herein.
7. SUCCESSION OF ASSIGNMENT.
This Option and the Mineral Lease resulting from the exercise
thereof shall be binding upon and inure to the benefit of the parties hereto
together with their successors and assigns. All rights of the parties under this
Option may be assigned without restriction but notice of such assignment should
be given in writing to the other party.
EXECUTED the day and year above written.
OPTIONOR
WASHINGTON COUNTY, ILLINOIS
BY /s/ David A. Meyer
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Its Chairman
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OPTIONEE
BPI INDUSTRIES, INC.
BY /s/ James Azlein
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Its President
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MINERAL LEASE
This Mineral Lease (herein "this Lease") is made and entered into this
____ day of __________, 200_, by and between THE COUNTY OF WASHINGTON OF THE
STATE OF ILLINOIS, Washington County Courthouse, Nashville, Illinois 62263
(herein the "Lessor"), and BPI INDUSTRIES, INC., of 501 East DeYoung Street,
Marion, Illinois 62959, (herein the "Lessee").
THIS INDENTURE WITNESSETH:
1. The Lessor, for and in consideration of Ten Dollars and other
valuable consideration, the receipt of which is hereby acknowledged, and for and
in consideration of the covenants and agreements herein provided on the part of
the Lessee, has granted, demised, leased, and let, and by these presents does
grant, demise, lease and let unto Lessee, all of Lessor's title and interest,
but only to the extent in fact actually legally owned or held by Lessor, in the
Coal Bed Gas (as herein defined) and the Oil and Gas (as herein defined)
underlying the following described land:
SEE ATTACHED EXHIBIT FOR LEGAL DESCRIPTIONS
"Coal Bed Gas" shall mean herein all coal bed methane, coal seam gas,
all gas desorbed from coal or captured in the coal seam, all gas produced from
abandoned mines, void spaces, and zones in communication therewith and all
associated hydrocarbons contained therein, with the right to investigate,
explore, drill, operate, produce, save, take care of, treat, process, and
transport, and market the Coal Bed Gas.
"Oil and Gas" shall mean all oil, liquid hydrocarbons, gases, and their
constituent produces except for Coal Bed Gas together with the right to
investigate, explore, drill, operate, produce, save, take care of, treat,
process, and transport and market the Oil and Gas
Lessor excludes and expressly reserves the right to explore for, mine,
operate, produce, remove or market coal and other hard minerals. It being
distinctly understood and agreed that the mining and removal of coal by any
method, now known or which may hereafter be developed, and the transportation
thereof to market is of prime importance to Lessor and that the coal measures
and seams in, upon and under said lands and the mining, removal, and
transportation thereof, are, and shall continue to be, the dominant estate and
the coal bed methane estate therein and the extraction, mining, removal and
transportation thereof are made servient thereto. To that end, Lessor
particularly reserves the right to enter into coal mining leases without the
concurrence of Lessee and Lessee in its operations shall not interfere or
conflict with the operations of any of said coal mining lessees, sublessees,
assignees or other contractors under their respective leases or contracts
relating thereto whether such coal mining leases are in effect prior to or
subsequent to the effective date of this mineral lease, with each coal mining
lessee having the absolute right to terminate, suspend, idle, modify or continue
its coal mining operations in accordance with its respective agreements with
Lessor, without liability for loss or damage to Lessee.
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Any Coal Mining Lessees shall have the right to mine through any
coalbed methane well when necessary for the conducting of its mining activity.
At least 90 days prior to mining within 200 feet of any coalbed methane well,
any Coal Mining Lessee shall notify the Lessee in writing if the well must be
plugged for mine through. The lessee, at its sole cost, will plug said well
within 90 days of receipt of such written notice.
If a well is not required to be plugged for mine-through, but mining is
to occur within 100 feet of the wellbore, any Coal Mining Lessee shall so notify
Lessee in writing 90 days prior to mining within 100 feet of the well and within
said 90 day period Lessee shall, at it own expense, temporarily plug the well at
a point below the seam being mined but above the next lower coalbed methane
producing zone and the well will be vented to the atmosphere until mining has
passed. Upon the Coal Mining Lessee's operations proceeding at least 200 feet
past the well, the Lessee, at its expense, shall, if practicable remove the
temporary plug and attempt to restore production from the well. Lessee agrees to
comply with all local, state and federal regulations.
For purposes of this lease, Coal Bed Gas and Oil and Gas may jointly be
referred to as "Minerals".
2. For the same consideration as set forth above, Lessor grants,
demises, leases, and lets to Lessee the right (a) to use the seismograph and
other geophysical and geological methods of exploration; (b) to inject gas,
water, and other fluids and air into the subsurface strata; (c) to lay
pipelines, establish and utilize facilities for the disposition of produced
substances; (d) to build roads, bridges, tanks, utility lines, power stations
and other structures; (e) to undertake recovery by primary and secondary or
other methods; (f) to have the right of ingress and egress as to lands described
herein or other lands under lease to Lessee; and (g) to utilize the surface to
the extent of Lessor's title for all purposes as described herein.
3. This Lease shall and does include all lands and interest therein
contiguous to or appurtenant to the lands specifically described herein, and
owned or claimed by Lessor including all interest in which Lessor has a
preferential right of acquisition or acquires by reversion or otherwise, whether
or not specifically described herein. This Lease shall also include all lands
underlying all alleys, streets, roads or highways and if the land is riparian
to, bounds, or embraces within its boundaries a stream, lake, or other body of
water, then all of Lessor's interest in the lands under said bodies of water and
all area now or hereafter added by accretion. This Lease shall cover all
interest in the lands covered hereby now owned or hereafter vested in or claimed
by Lessor.
4. This Lease shall remain in force for a primary term of five (5)
years from the date hereof and as long thereafter as Minerals, or any of them,
are being produced from the lands described herein or land with which said land
is pooled or unitized.
(a) It is agreed that all acreage covered by this lease which is not
drilled on or "earned" by the Lessee during the primary term set out herein will
be released by Lessee at the end of the primary term. Said release will be in
writing and recorded in the office of the recorder of Washington County,
Illinois and shall designate by legal description all acreage that is to be
released and all acreage that is held by production. It is agreed that each
vertical well drilled by
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Lessee will "earn" and hold 320 acres and each horizontal well drilled will
"earn" and hold 1,920 acres.
5. If operations for the exploration of Minerals are not commenced on
the lands described herein or on land pooled therewith on or before one year
from the date of this Lease, Lessee shall pay or tender to Lessor an advance
royalty computed based upon 50 cents per net acre of Coal Bed Gas interest (with
ownership based on coal record title) and 50 cents per net acre of Oil and Gas
interest (with ownership based on oil and gas record title) owned by Optionor
which shall cover the privilege of deferring commencement of such operations for
a period of 12 months. In like manner and upon like payments or tenders on an
annual basis thereafter, the commencement of said operations may be further
deferred for successive periods of the same number of months, each during the
primary term. Payment or tender of the advance royalty shall be made to the
Lessor at the following address:
Washington County Treasurer
101 East St. Louis St.
Nashville, IL 62263
The payment or tender of the advance royalty may be made by check, draft, or
other means of payment and mailed or delivered to Lessor or either Lessor, if
more than one, on or before the advance royalty payment date. Notwithstanding
the death of the Lessor or Lessor's successors in interest, the payment or
tender of advance royalty in the manner provided herein shall be binding on the
successors and assigns of the Lessor or Lessor's successors in interest. All
advance royalties paid by Lessee shall be recouped from actual royalties which
may be due and owing to Lessor and which royalties correspond to production.
6. If, prior to the discovery of Minerals, or any of them, on the lands
described herein or on land pooled therewith, Lessee should drill and abandon a
dry hole or holes thereon, or if, after discovery of Minerals, or any of them,
the production thereof should cease from any cause for 120 consecutive days,
this Lease shall not terminate if Lessee commences additional drilling or
reworking operations within 120 days thereafter or (if it be within the primary
term) commences or resumes the payment or tender of advance royalties on or
before the advance royalty paying date next ensuing after the expiration of 12
months from the date of completion and abandonment of said dry hole or holes or
the cessation of production as defined herein. If at the expiration of the
primary term, Minerals, or any of them, are not being produced on the lands
described herein or land pooled therewith but Lessee is then engaged in
operations for drilling or reworking of any well or wells thereon, this Lease
shall remain in full force so long as such operations or said additional
operations are commenced and prosecuted, (whether on the same or successive
wells) with no cessation of more than 120 consecutive days and if they result in
production, so long thereafter as Minerals or any of them are produced from the
lands described herein or lands pooled therewith.
7. The Lessee shall pay to the Lessor the following royalties:
(a) One-Eight (1/8) of the amount realized by Lessee from
the sale of Coal Bed Gas. The payment of this royalty
shall be based upon the assumption that the
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interest of Lessor in the Coal Bed Gas is based upon
Lessor's ownership of the coal as to the lands
described herein.
(b) One-sixteenth (1/16) of the amount realized by Lessee
from the sale of Coal Bed Gas. The payment of this
royalty shall be based upon the assumption that the
interest of Lessor in the Coal Bed Gas is based upon
Lessor's ownership of the gas within the Oil and Gas
as to the lands described herein.
(c) One-eighth (1/8) of the oil and liquid hydrocarbons
within the Oil and Gas produced and saved with the
same to be delivered at the well or to the credit of
the lessor in the pipeline to which a well may be
connected, based upon Lessor's ownership of the oil
within the Oil and Gas as to the lands described
herein.
(d) The market value at the mouth of the well of
one-eight (1/8) of the gas within the Oil and Gas
sold or used or one-eight (1/8) of the amount
realized from the sale thereof at the well, based
upon Lessor's ownership of the gas within the Oil and
Gas as to the lands described herein.
8. If at any time there is a well or wells on the lands which are
capable of producing Coal Bed Gas or gas within Oil and Gas and such well or
wells are shut in, and if this Lease is not being continued in force by some
other provision hereof, then this Lease shall nevertheless continue in force for
a period of 90 days from the date such well or wells are shut in and before the
expiration of any such 90 day period, Lessee may pay or tender an advance annual
royalty payment of $100.00 for each such well and if such payment or tender is
made, this Lease shall continue in force and it shall be considered that Coal
Bed Gas and gas within Oil and Gas are being produced within the meaning of
paragraph 4 hereof for one year from the date such payment is made in a like
manner, subsequent advance annual royalty payments may be made or tendered and
this Lease shall continue in force and it should be considered that Coal Bed Gas
and gas within Oil and Gas are being produced within the meaning of paragraph 4
during any annual period or which such royalty payment is so paid or tendered.
Notwithstanding the foregoing, payment of the aforedescribed royalties for any
shut-in well or wells shall not exceed a period of 5 years. Perpetuation of this
Lease by payment of royalty as provided in this paragraph shall be in lieu of
payment of advance royalties as provided in paragraph 5 above. In addition,
payment of any royalty pursuant to this paragraph shall be recouped by Lessee
from any royalty payment otherwise payable to Lessor pursuant to actual
production of Minerals or any of them.
9. Lessee is granted the right to pool or unitize this Lease, the land
covered hereby or any part thereof, with other land or leases or parts thereof
for the production of Minerals, or any of them, covered hereby. No production
for Coal Bed Gas or gas with Oil and Gas shall embrace more than 160 acres plus
a tolerance of 10% thereof. No production for oil within Oil and Gas shall
embrace more than 80 acres plus a tolerance of 10% thereof. Notwithstanding, if
any federal or state law, executive order, rule, or regulation shall prescribe a
spacing pattern for the development of the field or allocate a producing
allowable on acreage per well, then any such unit may embrace as much additional
acreage as may be so prescribed or as may be used in such allocation or
allowable. Lessee shall execute in writing an instrument identifying and
describing
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the pooled or unitized acreage. Such unit shall be designated either before or
after the completion of any wells. Operations and production on any part of the
pooled or unitized acreage shall be treated as if such operations were upon or
such production was from the land described in this Lease whether the well or
wells be located on the land covered by this Lease or other lands. The entire
acreage so pooled into a unit shall be treated for all purposes, except for the
payment of royalties on production from the pooled or unitized lands, as if it
were included within this Lease. In lieu of the royalties herein provided,
Lessor shall receive on production from a unit so pooled or unitized only such
proportion of the royalty stipulated herein as the amount of Lessor's acreage
placed in the unit or Lessor's royalty interest therein on an acreage basis
bears to the total acreage so pooled or unitized.
10. Lessee shall have the right to use, free of costs, all Minerals
covered by this Lease for all operations hereunder except for water from
Lessor's wells or tanks. Any royalty payment to the Lessor shall be computed
after deducting any amount so used. When requested by Lessor, Lessee shall bury
all pipelines at least twenty four inches (24") below the surface. Lessee shall
pay for all damages caused by Lessee's operations to growing crops on the land.
The amount of any such damage payment shall be based upon the fair market value
of the actual crops destroyed. Lessee shall have the right at any time to remove
any equipment, property, or fixtures placed on the land by Lessee together with
the right to draw and remove all casing and other downhole equipment.
11. The rights of either party to this Lease may be assigned in whole
or in part and the provisions hereof shall extend to the successors and assigns
of the parties but no change or division in ownership of the Minerals covered
hereby with respect to the lands or royalties, however accomplished, shall
operate to enlarge the obligations or diminish the rights of Lessee or require
the installation of separate measuring tanks or devices. No such change or
division in the ownership of the Minerals in the lands or royalties shall be
binding upon Lessee for any purpose until such person acquiring any interest has
furnished Lessee with the instrument or certified copies thereof constituting
said person's chain of title from the original Lessor. Any assignment of this
Lease by Lessee, in whole or in part, shall, to the extent of such assignment,
relieve and discharge Lessee of any obligations hereunder and if any Assignee of
any part or parts hereof shall fail to comply with any provisions of this Lease,
such default shall not affect this Lease insofar as it covers the part retained
by Lessee or another assignee.
12. In the event Lessor considers that Lessee has not complied with its
obligations hereunder, both express and implied, including the obligation of
production as provided in paragraph 4, Lessor shall give written notice to
Lessee setting forth specifically in what respects Lessee has failed to comply
with Lessee's obligations pursuant to this Lease. Lessee shall then have 60 days
from receipt of such notice to commence and thereafter pursue with reasonable
diligence such action as may be necessary or proper to satisfy the obligation of
Lessee, if any, with respect to Lessor's notice. Neither the service of the
notice nor the doing of any acts by Lessee intended to satisfy any of the
alleged obligations shall be deemed an admission or presumption that Lessee has
failed to perform all of its obligations hereunder. No judicial action may be
commenced by Lessor with respect o any of said obligations until after the 60
day period as provided herein. Lessee shall be given a reasonable opportunity
after judicial ascertainment to prevent the forfeiture or termination of this
Lease by discharging its express or implied obligation as established by the
court.
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13. Lessor warrants and agrees to defend title to the Minerals covered
hereby as to the lands and agrees that Lessee, at its option, may discharge any
tax, mortgage, or other lien upon the interest and in the event Lessee does so,
it should be subrogated to such lien with the right to enforce same and apply
royalties accruing hereunder towards satisfying the same. Without impairment of
Lessee's rights under the warranty in the event of failure of title, it is
agreed that, if Lessor owns an interest in the Minerals covered hereby as to the
lands less than the entire fee simple estate, then the royalties and other
payments to be paid lessor shall be reduced proportionately. This Lease shall be
binding upon all who execute it and they shall be considered lessors, whether or
not they are named in the granting clause hereof and whether or not all parties
named in the granting clause execute this Lease.
14. To the extent that Lessor owns no interest in the surface as to the
lands described herein, the provisions set forth herein with respect to surface
obligations shall not be applicable except to the extent as may be required by
law.
15. Lessee may at any time surrender this Lease as to all or any part
thereof by delivering or mailing a release to Lessor and if surrendered only as
to a part thereof, any payments based upon acreage shall be reduced
proportionately.
16. Lessee shall comply with all applicable federal, state, and local
law, statutes, ordinances, regulations, and orders applicable to Lessee's
operations and the conditions created thereby.
17. When any operation contemplated by this Lease is delayed or
interrupted as a result of any cause whatsoever beyond the control of Lessee or
any event of force majeure, or as a result of any state, federal, or municipal
law, ordinance, executive order, rule, or regulation, then the time for such
delay or interruptions shall not be counted against Lessee as to any timeframe
required by this Lease. Lessee shall not be held liable in damages because of
any such delay or interruption.
18. In the event the interest of the Lessor as to the Coal Bed Gas is
based upon Lessor's ownership of a coal interest, and in the event the coal
interest is the subject of a coal mining lease or other agreement authorizing
the mining and removal of coal, the Lessor acknowledges that the operations for
the mining and removal of coal may involve the venting of Coal Bed Gas into the
atmosphere as a waste product for the protection and efficiency of the mining
operation. Lessee shall have no obligation to recover any, gas as may be vented
during such coal development and Lessee shall have no liability or obligation to
Lessor for any royalties on such vented gas. The parties further acknowledge
that Coal Bed Gas may be vented and lost during repairs to or the testing of
wells or prior to the connection of any wells to gathering and/or transmission
lines in conjunction with Lessee's operations. Under such circumstances, Lessee
shall not be liable or obligated to Lessor for any royalties on such vented and
lost gas.
19. Lessor shall have the right at any time, at Lessor's expense to:
a. Inspect by all appropriate means Lessee's facilities on the
Land;
b. Test Lessee's meters and other measuring and testing devices;
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c. Sample, test measure and gage production of the wells,
including the right , but not the obligation, to install
meters on lines;
d. Observe Lessee in the performance of Lessee's obligations
under this lease; and
e. By appointment, examine or audit, during the term of this
lease and for three years thereafter, the books, records,
supporting documents, files and correspondence of Lessee
maintained in connection with the lease and the production and
/ or sale of the coal gas or coal gas products from the Land
at Lessee's place of business.
20. Special Operating Methods: Lessee shall provide to Lessor, upon
request and at Lessor's expense, all survey information which Lessee may now
have or hereafter obtain to inform Lessor fully as to the exact location of any
well drilled and copies of all logs, drill stem test records, core analyses,
pressure tests, or any other information obtained by Lessee in the course of
drilling any well.
Further, Lessee shall provide Lessor or its coal mining Lessee final location
surveys of all pipelines, compressor stations or other facilities of the gas
operations.
21. Lessee agrees that no well will be drilled within 200 feet of any
personal residence, or building used in a commercial business existing at the
time of the execution of this lease.
22. Lessee shall at all times while physical operations are being
conducted maintain comprehensive general liability insurance policies in an
amount of not less than one millions dollars ($1,000,000.00) combined single
limit coverage. Lessee shall also maintain automobile insurance in an amount of
not less than three hundred thousand dollars ($300,000.00) combined single limit
coverage. Lessee shall also provide workman's compensation insurance to cover
all of Lessee's employees.
23. The volume of all coalbed methane for which payment is to be made
hereunder shall be measured, before being mixed with gas or coalbed methane from
other lands not pooled or unitized with the Leased Premises, by standard meters
of approved type adapted to the volume of coalbed methane to be measured. The
method of computation and measurement shall conform with recommendations
provided by the Gas Measurement Committee of the American Gas Association.
24. Lessors make no representation or warranty as to the physical
condition of the property to be leased.
25. Lessee agrees to indemnify and save Lessor harmless from all loss
and damage sustained by Lessor from it's operations.
26. Lessor shall pay a proportionate part of any and all taxes levied
or assessed upon the production of Minerals covered hereby and Lessee is
authorized to pay such taxes and assessments on behalf of Lessor and to deduct
the same so paid from any monies otherwise payable to the Lessor. Lessor's
proportionate part shall correspond to the amount of royalty corresponding to
Lessor's interest in the Minerals.
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27. This Lease shall be binding upon and inure to the benefit of the
parties hereto together with their successors and assigns. To the extent that
the interest covered by this Lease constitutes any part of the homestead estate
of Lessor, then the Lessor releases and waives all rights under and by virtue of
the homestead exemption laws of the State of Illinois.
EXECUTED the day and year above written.
LESSOR
WASHINGTON COUNTY, ILLINOIS
BY
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Its
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LESSEE
BPI INDUSTRIES, INC.
BY
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Its
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