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• <br /> • • '1 <br /> 10. Blaska has represented that it will borrow up to $200, 000 <br /> from the Bank of Sun Prairie to finance the development and <br /> construction of the pits and to purchase equipment and trucks <br /> necessary to collect and haul the corn by-products and to operate <br /> the pits. Blaska has further represented that such loan will be <br /> structured to be repaid over a period of five years and will be <br /> secured by the pits, the land upon which the pits are located, the <br /> aforedescribed trucks and equipment and the corn silage deposited <br /> and stored in the said pits. The security interest on personal <br /> property shall be purchase money and constitute a first lien on the <br /> same. The mortgage on the real property shall be inferior only to <br /> the existing mortgage lien on said property which secures a debt <br /> not in excess of $ . Stokely has agreed to guarantee <br /> payment of the said loan up to a maximum principal amount of <br /> $200, 000. <br /> In consideration of the execution of the said guarantee, <br /> Blaska grants to Stokely the following rights which may be <br /> exercised by Stokely immediately upon payment by Stokely of the <br /> aforedescribed loan upon the demand of the Bank of Sun Prairie: (a) <br /> immediate possession of the pits, the land upon which the pits are <br /> located, the equipment and trucks necessary to collect and haul the <br /> corn by-products and to operate the pits, (b) immediate assignment <br /> and transfer of all licenses and permits necessary to operate the <br /> pits and the trucks, and (c) immediate access to all records which <br /> relate to the operation of the pits including customer lists and <br /> sales records and the right to copy the same. <br /> It is understood by Blaska that a condition of Stokely's <br /> execution of the aforedescribed guarantee is that it receive <br /> assignment of the security interest of the Bank of Sun Prairie <br /> should Stokely be called upon by the Bank of Sun Prairie to honor <br /> its guarantee. The rights set forth in the preceding paragraph <br /> shall be in addition to any rights which Stokely may acquire as a <br /> result of the assignment by the Bank of Sun Prairie of the <br /> aforedescribed security interest. <br /> 11. During the term of this agreement, Stokely will have a <br /> first right of refusal with regard to the sale or purchase of the <br /> lands upon which the pit or pits are to be constructed. Such first <br /> right of refusal may be placed of record by Stokely in the form of <br /> an affidavit setting forth the said right. A legal description of <br /> the land on which the pit or pits will be constructed is attached <br /> hereto as Exhibit "A". <br /> 7 <br />