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<br />AMENDMENT NO.1 TO SUBORDINATION AGREEMENT
<br />
<br />Date: April 1, 2004
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<br />Grantor (Borrower): Lower Arkansas Water Management Association
<br />
<br />Beneficiary (Lender): Colorado Water Conservation Board
<br />
<br />Date of Subordination Agreement: January 10, 1997
<br />
<br />Recording Date of Subordination Agreement: January 13, 1997
<br />
<br />County of Recording ("County"): Prowers
<br />
<br />Subordination Agreement Recording Information: Reception #474974
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<br />This Amendment No. 1 to the Subordination Agreement is between the Grantor and the
<br />Public Trustee of the County, State of Colorado.
<br />
<br />The original Subordination Agreement was recorded to establish the Colorado
<br />Department of Wildlife's interest in the Surface Water rights represented by the Real
<br />Covenant to be senior to the CWCB's lien of the Deed of Trust on the Surface Water Rights.
<br />
<br />The Grantor and Beneficiary agree to replace all existing deeds of trust securing Loan
<br />Contract C153715, dated March 14, 1996, and amended June 27, 1996; December 2, 1996~
<br />April 9, 1997; May 28, 1997; March 10, 2001; and April 1, 2004 with a single deed of trust
<br />dated April 1, 2004 and evidenced by a promissory note dated April 1, 2004, in the amount
<br />of $3,849,312.67
<br />
<br />Grantor and Beneficiary have agreed to amend the Subordination Agreement to
<br />reflect the deed of trust and promissory note, both in the principal amount of $3,849,312.67
<br />and dated April 1, 2004.
<br />
<br />NOW THEREFORE, the CWCB and Grantor agree that:
<br />
<br />1. The last sentence of the first "Whereas" paragraph of the Subordination Agreement is
<br />revised as follows:
<br />
<br />County ("Deed of Trust") and is incorporated herein by this reference; and the April 12,
<br />1996 deed of trust is hereby released and replaced by a deed of trust, executed by
<br />LAWMA, dated April 1, 2004, to the Public Trustee of the Counties of Prowers and Bent
<br />that encumbers the X-V Ranch and associated water rights, as more particularly described
<br />in said deed of trust (the "Property"), to secure the promissory note in the sum of
<br />$3,849,312.67 dated April 1, 2004, made pursuant to Loan Contract C153715, dated March
<br />14, 1996, and amended June 27, 1996; December 2, 1996; April 9, 1997; May 28, 1997;
<br />March 10, 2001; and April 1, 2004 and is incorporated herein by this reference; and
<br />
<br />2. In the event of any conflict, inconsistency, variance, or contradiction between the provisions
<br />of this amendment and any of the provisions of the original Subordination Agreement, the
<br />provisions of this amendment shall in all respects supersede, govern, and control.
<br />
<br />Appendix B to Loan Contract C153715 Amendment No.6
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