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<br />AMENDED SECURITY AGREEMENT <br /> <br />DEBTOR: The Buffalo Mutual Irrigation Company <br />P.O. Box 187 <br />Holly, CO 81047 <br /> <br />FEDERAL TAX NUMBER: 84-0410332 <br /> <br />COUNTY: PROWERS (CODE: 17) <br /> <br />SECURED PARTY: State of Colorado - Colorado Water Conservation Board <br />1313 Sherman Street, Room 721 <br />Denver, CO 80203 <br /> <br />COLLATERAL: Contract Rights (Code: 030) <br /> <br />DEBTOR, for consideration, hereby grants to SECURED PARTY a security interest in the following <br />property and any and all additions, accessions and substitutions thereto or therefor, hereinafter <br />called the COLLATERAL: All revenues derived from assessments levied to repay the indebtedness <br />on the amount loaned to DEBTOR by SECURED PARTY, and all rights of DEBTOR to receive said <br />assessment revenues from its stockholders, as described in pledge of property provisions in Loan <br />Contract No. C153793, as amended. <br /> <br />To secure payment of the indebtedness evidenced by certain Promissory Note between the <br />above named parties herewith, in the amount of $453.250.00 at an interest rate of 3.75% per <br />annum for a term of 30 years, payable by DEBTOR to the SECURED PARTY until all principal and <br />interest are paid in full in accordance with said Promissory Note. The parties are amending this <br />security agreement as part of Amendment No. 2 to the Loan Contract, which increases the <br />principal of the Joan by $71.000 lo a total of $453,250. <br /> <br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br /> <br />1. That except for the security interest grant hereby, DEBTOR is, or to the extent that this <br />agreement states that the COLLATERAL is to be acquired after the date hereof, will be, the <br />owner of the COLLATERAL free from any adverse lien, security interest or encumbrances.' <br /> <br />2. That the execution and delivery of this agreement by DEBTOR will not violate any law or <br />agreement governing DEBTOR or to which DEBTOR is a party. <br /> <br />3. That, if DEBTOR is a corporation, its certificate and articles of incorporation and by-laws do <br />not prohibit any term or condition of this agreement. <br /> <br />4. That by its acceptance of the loan money pursuant to the terms of the CONTRACT and by its <br />representations herein, DEBTOR shall be estopped from asserting for any reason that it is not <br />authorized to grant a security interest in the COLLATERAL pursuant to the terms of this, <br />agreement. <br /> <br />5. To pay all taxes and assessments of every nature which may be levied or assessed against <br />the COLLATERAL. <br /> <br />6. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon <br />the COLLATERAL and not to permit the same to be attached or replevined. <br /> <br />7. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, <br />regulations, ordinances, articles of incorporation or by-laws. <br /> <br />UNLESS IT DEFAULTS DEBTOR may have possession of the COLLATERAL, provided that <br /> <br />Attachment C - Contract No. C153793 Amendment No.2 <br />