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AMENDED SECURITY AGREEMENT DEBTOR: Consolidated Extension Canal Company 550 15th Street, Suite 900 Denver, CO 80202-4256 FEDERAL TAX NUMBER: 84-0176965 COUNTY: DENVER (CODE: 01) SECURED PARTY: State of Colorado - Colorado Water ConseNation Board 1313 Sherman Street, Room 721 Denver, CO 80203 COLLATERAL: Contract Rights (Code: 030) DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the following property and any and all additions, accessions and substitutions thereto or therefor, hereinafter called the COLLATERAL: All revenues derived from special stockholder assessments on stock and all of DEBTOR'S right to received said assessment revenues assessments, as described in Pledge of Revenues provisions in Contract No. C153747, as amended. To secure payment of the indebtedness evidenced as amended, between the above named parti of $229,430.90 for a period of 30 years in accor interest are paid in full. The Parties ar ending the Loan Contract to reduce the loan a $22 sory Note of CONTRACT No. C153747, the SECURED PARTY, the loan amount omissory Note or until all principal and reement as part of Amendment No. 1 to DEBTOR EXPRESSLY 1. That except for the se states that the COLLATE free from any adverse Ii COLLATERAL against all c1ai therein. 2. That the execution and delivery of this agreement by DEBTOR will not violate any law or agreement governing DEBTOR or to which DEBTOR is a party. 3. That, if DEBTOR is a corporation, its certificate and articles of incorporation and by-laws do not prohibit any term or condition of this agreement. 4. That by its acceptance of the loan money pursuant to the terms of the CONTRACT and by its representations herein, DEBTOR shall be estopped from asserting for any reason that it is not authorized to grant a security interest in the COLLATERAL pursuant to the terms of this agreement. 5. To pay all taxes and assessments of every nature which may be levied or assessed against the COLLATERAL. nt CI hereby, DEBTOR is, or to the extent that this agreement to be a uired after the date hereof, will be, the owner of the COLLATERAL urity interest or encumbrances; and that DEBTOR will defend the and demands of all persons at anytime claiming the same or any interest 6. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the COLLATERAL and not to permit the same to be attached or replevined. 7. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations, ordinances, articles of incorporation or by-laws. UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL, provided that DEBTOR keeps the Attachment B to Loan Contract C153747 Amendment No.1