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<br />AMENDMENT NO.1 TO SECURITY AGREEMENT <br /> <br />DEBTOR: Dolores Water Conservancy District, <br />acting by and through the Dolores <br />Water Conservancy District Water <br />Activity Enterprise <br /> <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br /> <br />DATE OF ORIGINAL SECURITY AGREEMENT: DECEMBER 10,2002 <br /> <br />ORIGINAL PROMISSORY NOTE: $5,461,200, dated December 10, 2002, <br />Interest at the rate of 3.5% per annum <br />with annual payment for a period of 30 <br />years or until paid in full. <br /> <br />ORIGINAL LOAN CONTRACT: C150058A, dated December 10, 2002 <br /> <br />1. The Parties have amended the ORIGINAL LOAN CONTRACT to add additional <br />secu rity. <br /> <br />2. The Parties expressly agree that this Amendment is supplemental to the <br />Security Agreement and all terms, conditions, and provisions thereof, unless <br />specifically modified below, are to apply to this Amendment as though they <br />were expressly rewritten, incorporated, and included herein. <br /> <br />Amended Loan Contract: C150058A, dated September 1, 2005 <br /> <br />Date of Amended Security Agreement: September 1, 2005 <br /> <br />Additional Collateral: The DEBTOR irrevocably pledges to the <br />CWCB, for purposes of repayment of this <br />loan, any revenues accrued to the <br />DEBTOR and any other funds legally <br />available to the DEBTOR, in an -amount <br />sufficient to pay the annual payments <br />due under _ this contract until such date <br />as the BORROWER makes its first <br />payment to the CWCB from its fund <br />established under an Investment <br />Agreement between the BORROWER and <br />MBIA, Inc. dated December 5, 2002. <br /> <br />Appendix A to Loan Contract C150058A Amendment No.1 <br />Page 1 of 2 <br />