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prior written concurrence of the CWCB. In the event of any such sale, transfer or encumbrance without the CWCB'S written concurrence, the CWCB may at any time thereafter declare all outstanding principal, Interest, and late charges, if any, on this loan immediately due and payable. d) The BORROWER agrees that it shall execute the following documents, all of which shall set forth the revision of the ORIGINAL CONTRACT, to include the addition of WATER RIGHTS purchased with CWCB LOAN CONTRACT No. C150337 funds as COLLATERAL: I. Prior to disbursement of funds, the BORROWER shall provide CWCB an appraisal or written opinion of the value of WATER RIGHTS proposed for purchase, from a qualified water rights appraiser, supporting the purchase price and an engineering analysis identifying how the water will be put to beneficial use. Il. BORROWER shall execute a DEED OF TRUST, attached hereto as APPENDIX A and Incorporated herein, providing an undivided one hundred percent (100 %) interest in eighty (80) shares of the Lupton Meadows Ditch Company; WATER RIGHTS purchased with CWCB LOAN CONTRACT No. C150337 funds, as more particularly described in the attached DEED OF TRUST. III. BORROWER shall execute a STOCK ASSIGNMENT(S), attached hereto as APPENDIX B and Incorporated herein, evidencing the Stock Certificate Number(s) encumbering all the shares. IV. Prior to the execution of this Amendment by the CWCB, the BORROWER shall submit to the CWCB a letter from its attorney stating that it is the attorney's opinion that (1) the person(s) signing for the BORROWER was duly elected or appointed and has authority to sign such documents on behalf of the BORROWER and to bind the BORROWER; (2) the BORROWER'S governing body has validly adopted a resolution approving this Amendment (which will become APPENDIX E to this amendment); (3) there are no provisions in the any state or local law that prevent this Amendment from binding the BORROWER; and (4) this Amendment will be valid and binding against the BORROWER if entered into by the CWCB. 7) EFFECTIVE DATE OF AMENDMENT The effective date hereof Is upon approval of the State Controller or their delegate. 8) ORDER OF PRECEDENCE Except for the Special Provisions, in the event of any conflict, inconsistency, variance, or contradiction between the provisions of this AMENDMENT and any of the provisions of the ORIGINAL CONTRACT, the provisions of this AMENDMENT shall in all respects supersede, govern, and control. The most recent version of the Special Provisions incorporated into the ORIGINAL CONTRACT or any amendment shall always control other provisions in the ORIGINAL CONTRACT or any amendments. 8) AVAILABLE FUNDS Financial obligations of the state payable after the current fiscal year are contingent upon funds for that purpose being appropriated, budgeted, or otherwise made available. [REST OF PAGE INTENTIONALLY LEFT BLANK] Amendment No. 1 to Loan Contract C150337 Page 2 of 3 Effective Date: 1/6109