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AMENDMENT NO. 1 TO SECURITY AGREEMENT <br />DEBroR: Dolores Water Conservancy District, <br />acting by and through the Dolores <br />Water Conservancy District Water <br />Activity Enterprise <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />DATE OF ORIGINAL SECURITY AGREEMENT: DECEMBER 1 O, 2002 <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 />ORIGINAL LOAN CONTRACT: C150058A, dated December 10, 2002 <br />1. The Parties have amended the ORIGINAL LOAN CONTRACT t0 add additional <br />security. <br />2. The Parties expressly agi e~ Amendment is supplemental to the <br />Security Agreement and all terms c ~ti , and provisions thereof, unless <br />specifically modified ~I~", ar ~o`. t is Amendment as though they <br />were ex ressl rewritte~;~tncbr rate , and included herein. <br />P Y <br />Amended Loan Contract: C150058A, dated September 1, 2005 <br />Date of Amended Security Agreement: September 1, 2005 <br />Additional Collateral: The DEgTOR 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 DEBroR, 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 />Appendix A to Loan Contract C150058A Amendment No. 1 <br />Page 1 of 2 <br />