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AMENDED SECURITY AGREEMENT DEBTOR: Beaver Reservoir Company 14044100 Road Paonia CO 81428 FEDERAL TAX NUMBER: 84-0487933 COUNTY: DELTA (CODE: 18) SECURED PARTY: State of Colorado - Colorado Water Conservation Board 1313 Sherman Street, Room 721 Denver, CO 80203 COLLATERAL: Contract Rights (Code: 030) DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the following property and any and all additions, accessions and substitutions thereto or therefor, hereinafter called the COLLATERAL: All revenues derived from assessments on stock and all of DEBTOR'S right to receive said assessment revenues to repay the indebtedness on the amount loaned to debtor by secured party, as described in Pledge of Revenues provisions in Contract No. C153705, as amended (CONTRACT), pursuant to SS 7-40-101 et seq. and 7-42-101 et seq., C.R.S. To secure payment of the indebtedness evidenced by certain Promissory Note dated May 1, 2000, between the above named parties herewith, payable to the SECURED PARTY, the loan amount of $415,000 for a period of 40 years in accordance with said Promissory Note or until all principal and interest are paid in full. The parties are amending this Security Agreement to establish the total loan amount of $415,000. .- DEBTOR EXPRESSLY WARRANTS AND COVENANTS: 1. That except for the security interest granted hereby, DEBTOR is, or to the extent that this agreement states that the COLLATERAL is to be acquired after the date hereof, will be, the owner of the COLLATERAL free from any adverse lien, security. interest or encumbrances; and that DEBTOR will defend the COLLATERAL against all claims and demands of all persons at anytime claiming the same or any interest therein. 2. That the execution and delivery of this agreement by DEBTOR will not violate any law or agreement governing DEBTOR or to which DEBTOR is a party. 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 COLLATERAL 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 COLLATERAL and not to permit the same to be attached or replevined. 7. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations, ordinances, articles of incorporation or by-laws. ", Appendix 3 to Loan Contract C153705 Amendment No.2'