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<br />) <br /> <br />) <br /> <br />G. The CWCB and the CONTRACTOR have agreed to amend this contract to set forth the <br />process by which the Contractor will dissolve the Highland Irrigation Company and <br />ensure that the CWCB maintains its security interest in the water rights represented <br />by the Highland Shares, and to extend the time for completion of the Project to May <br />28, 2002. <br /> <br />NOW THEREFORE, the parties hereby agree that <br /> <br />1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the <br />payments which shall be made pursuant to this Amendment and the ORIGINAL <br />CONTRACT and the promises and agreements herein set forth. <br /> <br />2. The parties expressly agree that this Amendment is supplemental to the ORIGINAL <br />CONTRACT and all terms, conditions, and provisions thereof, unless specifically <br />modified herein, are to apply to this Amendment as though they were expressly <br />rewritten, incorporated, and included herein. <br /> <br />3. The parties agree to extend the time for completion of the Project as set forth <br />below in paragraph 5(a). <br /> <br />4. The CWCB and the Contractor agree that, to fully protect and maintain the <br />CWCB's security interest in the water rights represented by the Highland Shares, <br />the Contractor and the CWCB shall follow the procedure set forth below at <br />paragraph 5(b). <br /> <br />5. The parties agree that the ORIGINAL CONTRACT is and shall be modified, altered, <br />and changed in the following respects only: <br /> <br />a. The second sentence of Paragraph A.1 of the Original Contract is amended to <br />read as follows: "Therefore, the BORROWER shall complete its purchase of the <br />Shares no later than May 28, 2002." <br /> <br />b. Paragraph 9 (Collateral During Repayment) on page 4 of the Original <br />Contract is amended by the addition of the following: <br /> <br />9. In the event the Highland Irrigation Company is dissolved, the Borrower <br />shall obtain a deed from the Company conveying the water rights <br />represented by the Borrower's Highland Shares to the Borrower. <br />Simultaneously with the dissolution of the Company, the Borrower shall <br />record said deed and a deed of trust conveying a security interest to the <br />CWCB in said water rights. Said Deed of Trust shall replace the CWCB's <br />existing deed of trust, security agreement and UCC Financing Statement <br />securing the CWCB's interest in the Highland Shares. Upon receipt of the <br />recorded deed of trust, the CWCB shall execute releases of the existing <br />deed of trust, security agreement and UCC Financing Statement, and said <br />deed of trust, security agreement and UCC Financing Statement shall be <br />of no further force or effect. The Borrower shall notify the CWCB no less <br />than 30 days prior to the dissolution of the Highland Irrigation Company. <br />Provided that the Borrower complies with the requirements specified <br />herein, the CWCB agrees not to oppose and to cooperate in the dissolution <br />process. <br /> <br />Page 2 of 3 <br />