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AMENDMENT TO SECURITY AGREEMENT <br />AND FINANCING STATEMENT <br />This Amendment to Security Agreement and Financing Statement <br />("Amended Security Agreement") is made this _ day of , 2005, <br />between ELK RIVER MUNICIPAL UTILITIES ("Debtor"), and COUNTY OF <br />SHERBURNE, STATE OF MINNESOTA ("Secured Party"). <br />WHEREAS, the parties entered into a March 19, 2002 Security Agreement <br />and Financing Statement ("Original Security Agreement") whereby Debtor <br />granted Secured Party a security interest in certain property and delivered a <br />promissory note ("Original Note") in exchange for the sum of Two Million Eight <br />Hundred Sixty and no/100ths ($2,860,000.00) Dollars for use in building a landfill <br />gas generating facility in Sherburne County, Minnesota (the "Project"). The <br />amount remaining on such note being the sum of $ as of <br />WHEREAS, Debtor desires the additional sum of Six Hundred Sixty-One <br />and no/100ths ($661,000.00) Dollars to fund the purchase and installation of an <br />additional engine/generator for the Project with additional collateral of Generator <br />Unit No. 4 with infrastructure necessary for its operation; <br />WHEREAS, Secured Party agrees to lend the additional money to Debtor; <br />and <br />WHEREAS, the parties desire to amend the Original Security Agreement <br />as provided in this Amended Security Agreement and agree that the following <br />terms and conditions continue the above-referenced Original Security <br />Agreement. <br />Additional Loan. Debtor agrees to take and Secured Party agrees <br />to make a loan in the principal amount of Six Hundred Sixty-One Thousand and <br />no/100ths ($661,000.00) Dollars (the "Loan Amount") at a rate of zero percent <br />interest. Debtor shall provide Secured Party with a Restated Promissory Note <br />substantially in the form of the attached Exhibit A which reflects the amount <br />