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.' ~ ~ <br />"~ ' <br />AMENDMENT NO. 1 TO SECURITY AGREEMENT <br />DEBTOR: DOLORES WATER CONSERVANCY <br />DISTRICT, ACTING BY AND THROUGH THE <br />DOLORES WATER CONSERVANCY DISTRICT <br />WATER ACTIVITY ENTERPRISE <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />DATE OF ORIGINAL SECURITY AGREEMENT: SEPTEMBER 1, 2005 <br />Original Promissory Note: $3,323,180, dated September 1, 2005, <br />Interest at the rate of 2.5% per annum <br />with annual payment for a period of 30 <br />years or until paid in full. <br />ORIGINAL LOAN CONTRACT: C150193, DATED SEPTEMB OO5 <br />1. The Parties have amended the ORi~iNA~ LoaN Co cT and ereb amend <br />the original Security Agreement to su new coll ral. <br />2. The Parties expres ag e that is A ndment supplemental to the <br />Security Agreement a I terms, c '' ns, and provisions thereof, unless <br />specificaNy modified belo , are to apply to this Amendment as though they <br />were expressly rewritten, incorporated, and included herein. <br />Amended Loan Contract: C150193, dated December 28, 2006 <br />Substituted Collateral: The Debtor irrevocably pledges to the <br />CWCB, for purposes of repayment of <br />this loan, the short term investment <br />agreement between the Borrower and <br />MBIA, Inc. in the amount of <br />$2,283,232.62, dated August 4, 2006 <br />("Short Term Fund") together with <br />Borrower's promise to execute a long <br />term annuity sufficient to pay the debt <br />secured under the original Promissory <br />Note, at the expiration of the short term <br />investment agreement ("Long Term <br />Fund"). <br />In addition Borrower pledges revenues <br />necessary to assure payment under the <br />ORIGINAL CONTRACT Of the annual debt <br />service until such date as the Borrower <br />makes its first payment to the CWCB <br />from its Short or Long Term Fund, as <br />applicable. <br />Appendix A to Loan Contract C150193 Amendment No. 1 <br />