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<br />and security agreement that shall reflect all of the actions implemented in this amendment, <br />and (5) incorporate new clauses recently adopted by the CWCB and the State Controller. <br /> <br />NOW THEREFORE, it is hereby agreed that <br /> <br />1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments that <br />shall be made pursuant to this Amendment and ORIGINAL CONTRACT and the promises and <br />agreements herein set forth. <br /> <br />2. It is expressly agreed by the parties that this Amendment is supplemental to the ORIGINAL <br />CONTRACT, and all terms, conditions, and provisions thereof, unless specifically modified <br />herein, are to apply to this Amendment as though they were expressly rewritten, <br />incorporated, and included herein. <br /> <br />3. The CWCB agrees to defer the BORROWER'S July 2003 loan payment and the Borrower <br />agrees that it shall resume repayment of the loan on July 1, 2004 in accordance with the <br />Promissory Note described in Paragraph 4.a below. <br /> <br />4. The BORROWER has executed the following documents, all of which set forth the current <br />loan amount of $49,180.57 (the loan amount of $47,632.51 as of July 1, 2003 plus <br />$1,548.06 for interest to July 1, 2004) and two of which (the security agreement and deed of <br />trust) convey a security interest to the CWCB in all of the collateral for this loan, including <br />the water rights represented by the Highland shares and water rights represented by other <br />Highland Shares and the pledge of revenue. <br /> <br />a. Promissory Note, attached as Appendix A and incorporated herein, which replaces and <br />supersedes the Promissory Note in the amount of $65,000, dated August 15, 1997, <br />attached to the ORIGINAL CONTRACT as Appendix C. <br /> <br />b. Security Agreement to secure the BORROWER'S pledge of revenue, attached hereto as <br />Appendix B and incorporated herein, which replaces and supersedes the two Security <br />Agreements both dated August 15, 1997, attached to the ORIGINAL CONTRACT as <br />Appendix F and H. <br /> <br />c. A Deed of Trust to secure the water rights pledged by the Borrower to assure repayment <br />of this loan as described in said deed of trust, attached hereto as Appendix C and <br />incorporated herein, which replaces and supersedes the Deed of Trust, dated August <br />18, 1997, attached to the ORIGINAL CONTRACT as Appendix E. <br /> <br />5. The CWCB agrees to execute a UCC-3 Release of Security Agreement and a Request <br />for Release of Deed of Trust, attached hereto as Appendix 0 and incorporated herein, to <br />release its security interests in the Highland shares and all other collateral for the loan in <br />exchange for the BORROWER'S reconveyance to the CWCB of a security interest in all of the <br />collateral for this loan including the water rights represented by the Highland shares and <br />water rights represented by other Highland Shares: <br /> <br />6. After the effective date of this amendment, the CWCB shall (1) deliver the duly executed <br />Deed of Trust (Appendix C) and Request for Release of Deed of Trust (Appendix E) to <br />the appropriate county clerk for recording, (2) deliver the Security Agreement UCC-1 and <br />the Release of Security Agreement UCC-3 to the Secretary of State's Office for filing, and <br />(3) void the stock assignment and deliver the same to the BORROWER along with all <br />Highland stock certificates. <br /> <br />Page 2 of 4 <br />