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AMENDED SECURITY AGREEMENT DEBTOR: Excelsior Irrigating Company 231 Nyberg Road Pueblo, CO 81006 FE~ERA~ ID NUnnBER: 84-1375446 SECURED PARTY: State of Colorado, Colorado Water Conservation Board 1313 Sherman Street, Room 721 Denver, CO 80203 Co~~aTERa~: Contract Rights (Code: 030) COUNTY: PUEBLO (CODE: 02 ~ DEBTOR, for consideration, hereby grants to SECUREO PaR~r a security interest in the following property and any and all additions, accessions and substitutions thereto or therefor, hereinafter called the Co~~aTERa~: All revenues derived from assessments levied to repay the indebtedness on the amount loaned to DEBTOR by SECURED PARTY, and all rights of DEBTOR to receive said assessment revenues from its shareholders, as described in pledge of property provisions in Loan Contract C153797, as amended ("ContracY'). To secure payment of the indebtedness evidenced by the Promissory Note which is a part of the Contract between the above named parti~s i~erawith, in the amount of $251,125 at an interest rate of 3.771 % per annum for a term of 30 years, payable by DEBroR to the SECURE~ Pa,Rr~r until all principal and interest are paid in full, in accordance with said Promissory Note. This security agreement is to amend the security agreement dated January 28, 1998, and is to increase the loan amount to $251,125. DEBTOR EXPRESSLY WARRANTS AND COVENANTS: 1. That except for the security interest grant hereby, DEBTOR IS, or to the extent that this agreement states that the Co~~a,'rERa~ is to be acquired after the date hereof, will be, the owner of the CO~~aTERA~ free from any adverse lien, securiry interest or encumbrances. 2. That the execution and delivery of this agreement by DEBTOR will not violate any law or agreement governing DESTOR or to which DEBTOa is a parry. 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 Co~uaTERa~ 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. 6. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the Co~~rER,a~ and not to permit the same to be attached or replevined. 7. That the DESTOR will not use the COLLATERAL Ifl violation of any applicable statutes, regulations, ordinances, articles of incorporation or by-laws. UNLESS IT DEFAULTS DEBroR may have possession of the COLLATERAL, provided that DEBTOR keeps all revenues derived from shareholdership assessments in the amount of the annual loan payments due under the contract, as amended, in an account separate from other revenues of DEBTOR and does not use said revenues for any purpose not permitted by the CorvTRaCT. If DEBTOR defaults, SECURED PARTY shall have the immediate right to the possession of the Co~~,aTERa~. DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following events or conditions: a. default in the payment or performance of any obligation, covenant or liability contained or referred Attachment 6 to Contract C153797 Amendment No. 1