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BORROWER; EXCELSIOR IRRIGATING CO. Agency Name: Water Conservation Board Contract No. C153797 Agency Number PDA Routing Number: 04 PDA 00041 LOAN CONTRACT AMENDMENT NO. 2 This Amendment is made this November 20, 2003, by and between the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board ("CWCB" or "STArE"), and The Excelsior Irrigating Company, a Colorado corporation ("BORROWER" OI' "CONTRACTOR"~. FACTUAL RECITALS A. Authority exi~ts in the law, and funds have `been budgeted, appropriated, and otherwise made avajlable for payment in Contract Encumbrance Number C153797, GBL E797, Reporting Category 3797, Fund Number 424, Appropriation Code L97. B. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. C. The CWCB and the BoRROwER entered into Contract Encumbrance Number C153797, dated February 11, 1998, and amended on December 1, 2000 ("ORIGINAL CONTRACT"~, incorporated herein by reference, wherein the CWCB agreed to Ioan money in the total amount up to $251,125, and the BoRROwER agreed to repay the loan in accordance with the terms of the ORi~iNa~ Corvrwo,cr. D. C. R. Evans ("Evans"), the owner of the shares of stock in the Excelsior Irrigating Company (Excelsior) pledged as collateral to secure repayment of two loans made to the Excelsior Irrigating Company (Nos. C153748 and C153797), requested that the CWCB release 785 shares of the 1,875 shares to enable him to sell the shares to the Arkansas Groundwater Users Association ("AGUA") to use as part of AGUA's augmentation plan. E. At its September 2003 meeting, the CWCB recognized that based on the current value of stock, 500 shares would provide adequate security for the finro loans and authorized the release of 1,376 shares of Excelsior stock. NOW THEREFORE, it is hereby agreed that 1. Consideration for this Amendment to the ORi~iNA~ CoNTRacT consists of the payments that shall be made pursuant to this Amendment and ORi~iNA~ CoNrRacT and the promises and agreements herein set forth. 2. It is expressly agreed by the parties that this Amendment is supplemental to the ORi~iNa~ CONTRACT, and all terms, conditions, and provisions thereof, unless specifically modified herein, are to apply to this Amendment as though they were expressly rewritten, incorporated, and included herein. 3. The CWCB agrees to release 1,376 shares of Excelsior stock. 4. The parties agree that the ORi~iNa~ CoNTRacT, is and shall be modified, altered; and changed in the following respects only: a. Paragraph A.12 (Collateral) is amended by the addition of the following; c. The Borrower has executed Amendment No. 1 to Deed of Trust, attached hereto as Appendix 1 and incorporated herein, to establish that Certificate No. 9 Page 1 of 3