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AMENDMENT NO. 2 TO SECURITY AGREEMENT DEBTOR: Dolores Water Conservancy District, acting by and through the Dolores Water Conservancy District Water Activity Enterprise SECURE~ PaRr~r: Colorado Water Conservation Board DATE OF ORIGINAL SECURITY AGREEMENT: D@C@Pl'lbef 10, 2002, and First Amendment September 1, 2005. Original Promissory Note: $5,461,200, dated December 10, 2002, Interest at the rate of 3.5% per annum with annual payment for a period of 30 years or until paid in full. ORIGINAL LOAN CONTRACT: C 150058A, dated December 10, 2002, mended September 1, 2005 fZEPLACEMENT PROMISSORY NOT~ , 4, dated December 28, 2006, P Intere t~ rate of 3.5% per annum ~~ ~ 2. The Parties expressly agree that this Second Amendment is supplemental to the Security Agreement and all terms, conditions, and provisions thereof, unless specifically modified below, are to apply to this Second Amendment as though they were expressly rewritten, incorporated, and included herein. ~? I ment for a period of 30 ~1~ r r until paid in full. 1. The Parties have amended the ORi~iNa~ LoAN CoNTFtacT and First Amendment to decrease the loan amount from $5,461,200 to $2,526,174 and hereby amend the original Security Agreement and First Amended Security Agreement to document the change of loan amount and amend the collateral. Date of Second Amendment to Loan Contract C150058A: December 28, 2006 Date of Second Amended Security Agreement: December 28, 2006 Substituted Collateral: The Debtor irrevocably pledges to the CWCB, for purposes of repayment of this loan, the Investment Agreement between the Borrower and MBIA, Inc. dated December 5, 2002, the First Amendment dated November 7, 2005 and the Second Amendment dated Appendix B to Loan Contract C150058A Amendment No. 2 Page 1 of 2