Document:

<PAGE>
                                                                  Exhibit 10.194

EQUIPMENT SCHEDULE NO. 4 , dated 5-9-02, to Master Lease Agreement, dated
5-6-97, between THE CIT GROUP/EQUIPMENT FINANCING, INC. ("Lessor") and Meadow
Valley Contractors ("Lessee").

This Equipment Schedule incorporates the terms and conditions of the
above-referenced Master Lease Agreement.

This is Originally Executed Copy No. 1 of 1 originally executed copies. Only
transfer of possession by Lessor of Originally Executed Copy No. 1 shall be
effective for purposes of perfecting an interest in this Schedule by possession.

The Equipment listed on this Schedule will be located at

4411 South 40th Street         Phoenix        Maricopa       AZ        85040
-------------------------------------------------------------------------------
Address                        City           County         State     Zip Code

LEASE TERM:  The term of this Lease for the items described in this Schedule
shall be 60 months.

RENTALS:  For said term or any portion thereof, Lessee shall pay to Lessor the
stated aggregate rentals, of which

$49,277.92 is herewith paid in advance and the balance of the rentals is
payable in 60 equal, successive, monthly payments as stated, of which the first
is due on the first monthly rental date set forth below, and the others on a
like date of each month thereafter, until fully paid.

<Table>
<Caption>
Item                     Description of Equipment                           Aggregate           Monthly
 No.       (Include make, kind of unit, year, model and serial number.)       Rental             Rental
---------------------------------------------------------------------------------------------------------
<S>        <C>                                                              <C>                 <C>
           See Schedule "A" consisting of two (2) pages attached hereto     763,088.32          11,896.84
           and made a part hereof

</Table>

<Table>
<Caption>
              Date                       Date of                    Renewals                     Purchase
Item       Lease Term                 First Monthly             (No. of Years and                 Option
 No.        Commences                    Rental                  Amount per Year)                  Price
---------------------------------------------------------------------------------------------------------
<S>        <C>                        <C>                       <C>                              <C>
           5-30-02                    6-30-02                   NONE                             1.00
</Table>

<PAGE>
The Lease term commences on 5-30-02.
                            -------

The first Monthly Rental is due on 5-30-02.
                                   -------

The Lease term may be renewed for N/A months with the Monthly Rental for such
                                  ---
renewal term of None.
                ----

The Lessee has the option to purchase the Equipment as of the last day of the
initial Lease term for $1.00.
                        ----

Special Provisions Instructions

If this Equipment Schedule No. 1 is prepaid prior to the date provided for
repayment, the Lessee agrees to pay the following fees: During the first
year--NO PREPAYMENT PENALTY ALLOWED; During the second lease year--5% of the
then unpaid balance; During the third year--4% of the then unpaid balance;
During the fourth year--3% of the then unpaid balance; During the fifth lease
year--2% of the then unpaid balance.

**SO AS LONG AS THERE IS OUTSTANDINGS UNDER THE CRC DATED         THE EQUIPMENT
                                                          -------
SHALL SECURE ALL OBLIGATIONS OF THE LESSOR.

ACCEPTED:

LESSEE:

Meadow Valley Contractors
----------------------------------------------

By /s/ Bradley E. Larson      Title President
   ---------------------            ----------

LESSOR:

The CIT Group Equipment Financing, Inc.
----------------------------------------------

By Illegible                  Title Illegible
   ---------------------            ----------

<PAGE>
                                  Schedule "A"

    This Schedule A is attached to made a part of the Master Equipment Lease
          dated 5-6-97 and Schedule No. 4 dated between Meadow Valley
    Contractors, Inc. as Lessee and The CIT Group/Equipment Financing, Inc.
                                   as Lessor

Collateral:

One (1) 1998 Caterpillar Model 970F Wheel Loader, S/N: 7SK01085
One (1) 1998 Caterpillar Model 980g Wheel Loader, S/N: 2KR02032
One (1) New Goodfellow 36" X 12' Heavy Duty Feeder, S/N: 3612BFC-003
One (1) New Goodfellow/JCI 6' X 20' 3 Deck Horizontal Screen Plant, S/N:
        99H17G32
One (1) 30" x approx. 30' Channel Conveyor (9-30-8030AA) w/Weg 10hp motor
        (9M10W956) & Leroy Somer 203 Reducer (512150010/039)
One (1) 30" x approx. 60' Channel Conveyor (9-30-8058AA) w/Marathon 15hp motor
        (9M15M-547) & Leroy Somer 207 Reducer (125872001/022)
One (1) 30" x approx. 60' Channel Conveyor (9-30-8057AA) w/Marathon 15hp motor
        (9M15M567) & Leroy Somer 207 Reducer (131709706/023)
One (1) 30" x approx. 60' Channel Conveyor (9-30-8021AA) w/Marathon 15hp motor
        (9M15M559) & Leroy Somer 207 Reducer (141543105/022)
One (1) 30" x approx. 60' Channel Conveyor (9-30-8022AA) w/Marathon 15hp motor
        (9M15M558) & Leroy Somer 207 Reducer (159225503/001)
One (1) 30" x approx. 60' Channel Conveyor (9-30-7967AA) w/Marathon 15hp motor
        (9M15M523) & Leroy Somer 207 Reducer (153195004/003)
One (1) 30" x approx. 60' Channel Conveyor (9-30-7755AA) w/Marathon 15hp motor
        (9M15M-569) & Leroy Somer 207 Reducer (159225503/021)
One (1) 30" x approx. 60' Channel Conveyor (9-30-8073AA) w/Marathon 15hp motor
        (9M15M563) & Leroy Somer 207 Reducer (1159225503/017)
One (1) 30" x approx. 60' Channel Conveyor (9-30-8074AA) w/Marathon 15hp motor
        (9M15M571) & Leroy Somer 207 Reducer (141543104/004)
One (1) 30" x approx. 104' Lattice Conveyor (9-30-7763AA) w/Marathon 25hp motor
        (9M25M-297) & Leroy Somer 215 Reducer (506808010/013)
One (1) 30" x approx. 104' Lattice Conveyor (9-30-7762AA) w/Marathon 25hp motor
        (9M25M-295) & Leroy Somer 215 Reducer (617204010/027) on Radial Stacking
        Carrier (9XXS-3682AA)
One (1) 30" x approx. 104' Lattice Conveyor (9-30-7761AA) w/Marathon 25hp motor
        (9M25M-294) & Leroy Somer 215 Reducer (613942010/024) on Radial Stacking
        Carrier (9XXS-3683AA)
One (1) 36" x approx. 30' Channel Conveyor (9-30-7834AA) w/Weg 10hp motor
        (9M10W955)) & Leroy Somer 203 Reducer (504532012-030)
One (1) 36" x approx. 30' Channel Conveyor (9-30-7837AA) w/Marathon 10hp motor
        (9M10M1019) & Leroy Somer 203 Reducer (617200010/011)
One (1) 36" x approx. 60' Channel Conveyor (9-30-7959AA) w/Marathon 20hp motor
        (9M20M444) & Leroy Somer 215 Reducer (517681010/006)
One (1) 36" x approx. 60' Channel Conveyor (9-30-7958AA) w/Marathon 20hp motor
        (9M20M443) & Leroy Somer 215 Reducer (500708010/008)
One (1) 36" x approx. 60' Channel Conveyor (9-30-8075AA) w/Marathon 20hp motor
        (9M20M518) & Leroy Somer 215 Reducer (131709708/021)
One (1) Simplicity 45 X 20 Vibrating Grizzly Feeder (9492A) w/Weg 30hp motor
        (9M30W-266)

Lessee:
MEADOW VALLEY CONTRACTORS, INC.

BY: /s/ Bradley E. Larson       Title: President
        -----------------              ---------<PAGE>
                                                                 EXHIBIT 10.195

                           MASTER SECURITY AGREEMENT

     THIS MASTER SECURITY AGREEMENT, made as of September 1, 2002
("Agreement"), by and between ASTEC FINANCIAL SERVICES, INC., A TENNESSEE
corporation with an address at 1725 SHEPHERD ROAD, CHATTANOOGA, TN 37421
("SECURED PARTY"), and MEADOW VALLEY CONTRACTORS, INC., A CORPORATION organized
and existing under the laws of the State of NEVADA with its chief executive
offices located at 4411 S. 40TH ST. STE D-11, PHOENIX, AZ 85040 ("DEBTOR").

     In consideration of the promises herein contained and of certain other
good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Debtor and Secured Party hereby agree as follows:

1. CREATION OF SECURITY INTEREST.

     Debtor hereby gives, grants and assigns to Secured Party, its successors
and assigns forever, a security interest in and against any and all property
listed on any collateral schedule now or hereafter annexed hereto or made a
part hereof ("COLLATERAL SCHEDULE"), and in and against any and all additions,
attachments, accessories and accessions thereto, any and all substitutions,
replacements or exchanges therefor, and any and all insurance and/or other
proceeds thereof (all of the foregoing being hereinafter individually and
collectively referred to as the "COLLATERAL"). The foregoing security interest
is given to secure the payment and performance of any and all debts,
obligations and liabilities of any kind, nature or description whatsoever
(whether primary, secondary, direct, contingent, sole, joint or several, or
otherwise, and whether due or to become due) of Debtor to Secured Party, now
existing or hereafter arising, including but not limited to the payment and
performance of certain Promissory Notes from time to time identified on any
Collateral Schedule (collectively "NOTES" and each a "NOTE"), and any renewals,
extensions and modifications of such debts, obligations and liabilities (all of
the foregoing being hereinafter referred to as the "INDEBTEDNESS").

2. REPRESENTATIONS, WARRANTIES AND COVENANTS OF DEBTOR.

     Debtor hereby represents, warrants and covenants as of the date hereof
and as of the date of execution of each Collateral Schedule hereto that:

     (a) Debtor is, and will remain, duly organized, existing and in good
standing under the laws of the State set forth in the first paragraph of this
Agreement, has its chief executive offices at the location set forth in such
paragraph, and is, and will remain, duly qualified and licensed in every
jurisdiction wherever necessary to carry on its business and operations;

     (b) Debtor has adequate power and capacity to enter into, and to perform
its obligations, under this Agreement, each Note and any other documents
evidencing, or given in connection with, any of the Indebtedness (all of the
foregoing being hereinafter referred to as the "DEBT DOCUMENTS");

     (c) This Agreement and the other Debt Documents have been duly authorized,
executed and delivered by Debtor and constitute legal, valid and binding
agreements enforceable under all applicable laws in accordance with their
terms, except to the extent that the enforcement of remedies may be limited
under applicable bankruptcy and insolvency laws;

     (d) No approval, consent or withholding of objections is required from any
governmental authority or instrumentality with respect to the entry into, or
performance by, Debtor of any of the Debt Documents, except such as may have
already been obtained;

     (e) The entry into, and performance by, Debtor of the Debt Documents will
not (i) violate any of the organizational documents of Debtor or any judgment,
order, law or regulation applicable to Debtor, or (ii) result in any breach of,
constitute a default under, or result in the creation of any lien, claim or
encumbrance on any of Debtor's property (except for liens in favor of Secured
Party) pursuant to, any indenture mortgage, deed of trust, bank loan, credit
agreement, or other agreement or instrument to which Debtor is a party;

     (f) There are no suits or proceedings pending or threatened in court or
before any commission, board or other administrative agency against or
affecting Debtor which could, in the aggregate, have a material adverse effect
on Debtor, its business or operations, or its ability to perform its
obligations under the Debt Documents;

     (g) All financial statements delivered to Secured Party in connection with
the Indebtedness have been prepared in accordance with generally accepted
accounting principles, and since the date of the most recent financial
statement, there has been no material adverse change;

     (h) The Collateral is not, and will not be, used by Debtor for personal,
family or household purpose;

     (i) The Collateral is, and will remain, in good condition and repair and
Debtor will not be negligent in the care and use thereof;

     (j) Debtor is, and will remain, the sole and lawful owner, and in
possession of, the Collateral, and has the sole right and lawful authority to
grant the security interest described in this Agreement; and

     (k) The Collateral is, and will remain, free and clear of all liens,
claims and encumbrances of every kind, nature and description, except for (i)
liens in favor of Secured Party, (ii) liens for taxes not yet due or for taxes
being contested in good faith and which do no involve, in the reasonable
judgment of Secured Party, any risk of the sale, forfeiture or loss of any of
the Collateral, and (iii) inchoate materialmen's, mechanic's, repairmen's and

                                     1 of 5
<PAGE>
similar liens arising by operation of law in the normal course of business for
amounts which are not delinquent (all of such permitted liens being hereinafter
referred to as "PERMITTED LIENS").

3.   COLLATERAL.

     (a)  Until the declaration of any default hereunder, Debtor shall remain in
possession of the Collateral; provided, however, that Secured Party shall have
the right to possess (i) any chattel paper or instrument that constitutes a part
of the Collateral, and (ii) any other Collateral which because of its nature may
require that Secured Party's security interest therein be perfected by
possession. Secured Party, its successors and assigns and their respective
agents, shall have the right to examine and inspect any of the Collateral at any
time during normal business hours. Upon any request from Secured Party, Debtor
shall provide Secured Party with notice of the then current location of the
Collateral.

     (b)  Debtor shall (i) use the Collateral only in its trade or business,
(ii) maintain all of the Collateral in good condition and working order, (iii)
use and maintain the Collateral only in compliance with all applicable laws, and
(iv) keep all of the Collateral free and clear of all liens, claims and
encumbrances (except for Permitted Liens).

     (c)  Debtor shall not, without the prior written consent of Secured Party,
(i) part with possession of any of the Collateral (except to Secured Party or
for maintenance and repair), (ii) remove any of the Collateral from the
continental United States, or (iii) sell, rent, lease, mortgage, grant a
security interest in or otherwise transfer or encumber (except for Permitted
Liens) any of the Collateral.

     (d)  Debtor shall pay promptly when due all taxes, license fees,
assessments and public and private charges levied or assessed on any of the
Collateral, on the use thereof, or on this Agreement or any of the other Debt
Documents. At its option, Secured Party may discharge taxes, liens, security
interests or other encumbrances at any time levied or placed on the Collateral
and may pay for the maintenance, insurance and preservation of the Collateral or
to effect compliance with the terms of this Agreement or any of the other Debt
Documents. Debtor shall reimburse Secured Party, on demand, for any and all
costs and expenses incurred by Secured Party in connection therewith and agrees
that such reimbursement obligation shall be secured hereby.

     (e)  Debtor shall, at all times, keep accurate and complete records of the
Collateral, and Secured Party, its successors and assigns, and their respective
agents, shall have the right to examine, inspect, and make extracts from all of
Debtor's books and records relating to the Collateral at any time during normal
business hours.

     (f)  If agreed by the parties, Secured Party may, but shall in no event be
obligated to, accept substitutions and exchanges of property for property, and
additions to the property, constituting all or any part of the Collateral. Such
substitutions, exchanges and additions shall be accomplished at any time and
from time to time, by the substitution of a revised Collateral Schedule for the
Collateral Schedule now or hereafter annexed. Any property which may be
substituted, exchanged or added as aforesaid shall constitute a portion of the
Collateral and shall be subject to the security interest granted herein.
Additions to, reductions or exchanges of, or substitutions for, the Collateral,
payments on account of any obligation or liability secured hereby, increases in
the obligations and liabilities secured hereby, or the creation of additional
obligation and liabilities secured hereby, may from time to time be made or
occur without affecting the provisions of this Agreement or the provisions of
any obligations or liability which this Agreement secures.

     (g)  Any third person at any time and from time to time holding all or any
portion of the Collateral shall be deemed to, and shall, hold the Collateral as
the agent of, and as pledge holder for, Secured Party. At any time and from time
to time, Secured Party may give notice to any third person holding all or any
portion of the Collateral that such third person is holding the Collateral as
the agent of, and as pledge holder for, the Secured Party.

4.   INSURANCE.

     The Collateral shall at all times be held at Debtor's risk, and Debtor
shall keep it insured against loss or damage by fire and extended coverage
perils, theft, burglary, and for any or all Collateral which are vehicles, for
risk of loss by collision, and where requested by Secured Party, against other
risks as required thereby, for the full replacement value thereof, with
companies, in amounts and under policies acceptable to Secured Party. Debtor
shall, if Secured Party so requires, deliver to Secured Party policies or
certificates of insurance evidencing such coverage. Each policy shall name
Secured Party as loss payee thereunder, shall provide for coverage to Secured
Party regardless of the breach of Debtor of any warranty or representation made
therein, shall not be subject to co-insurance, and shall provide for thirty (30)
days written notice to Secured Party of the cancellation or material
modification thereof. Debtor hereby appoints Secured Party as its attorney in
fact to make proof of loss, claim for insurance and adjustments with insurers,
and to execute or endorse all documents, checks or drafts in connection with
payments made as a result of any such insurance policies. Proceeds of insurance
shall be applied, at the option of Secured Party, to repair or replace the
Collateral or to reduce any of the Indebtedness secured hereby.

5.   REPORTS.

     (a)  Debtor shall promptly notify Secured Party in the event of (i) any
change in the name of Debtor, (ii) any relocation of its chief executive
offices, (iii) any relocation of any of the Collateral, (iv) any of the
Collateral being lost, stolen, missing, destroyed, materially damaged or worn
out, or (v) any lien, claim or encumbrance attaching or being made against any
of the Collateral other than Permitted Liens.

     (b)  Debtor agrees to furnish its annual financial statements and such
interim statements as Secured Party may require in form satisfactory to Secured
Party. Any and all financial statements submitted and to be submitted to Secured
Party have and will have been prepared on a basis of generally

                                     2 of 5
<PAGE>
accepted accounting principles, and are and will be complete and correct and
fairly present Debtor's financial condition as at the date thereof. Secured
Party may at any reasonable time examine the books and records of Debtor and
make copies thereof.

6. FURTHER ASSURANCES.

     (a) Debtor shall, upon request of Secured Party, furnish to Secured Party
such further information, execute and deliver to Secured Party such documents
and instruments (including, without limitation, Uniform Commercial Code
financing statements) and do such other acts and things, as Secured Party may
at any time reasonably request relating to the perfection or protection of the
security interest created by this Agreement or for the purpose of carrying out
the intent of this Agreement. Without limiting the foregoing, Debtor shall
cooperate and do all acts deemed necessary or advisable by Secured Party to
continue in Secured Party a perfected first security interest in the
Collateral, and shall obtain and furnish to Secured Party any subordinations,
releases, landlord, lessor or mortgagee waivers, and similar documents as may
be from time to time requested by, and which are in form and substance
satisfactory to, Secured Party.

     (b) Debtor hereby grants to Secured Party the power to sign Debtor's name
and generally to act on behalf of Debtor to execute and file applications for
title, transfers of title, financing statements, notice of lien and other
documents pertaining to any or all of the Collateral. Debtor shall, if any
certificate of title be required or permitted by law for any of the Collateral,
obtain such certificate showing the lien hereof with respect to the Collateral
and promptly deliver same to Secured Party.

     (c) Debtor shall indemnify and defend the Secured Party, its successors
and assigns, and their respective directors, officers and employees, from and
against any and all claims, actions and suits (including, without limitation,
related attorneys' fees) of any kind, nature or description whatsoever arising,
directly or indirectly, in connection with any of the Collateral.

7. EVENTS OF DEFAULT.

     Debtor shall be in default under this Agreement and each of the other Debt
Documents upon the occurrence of any of the following "Event(s) of Default":

     (a) Debtor fails to pay any installment or other amount due or coming due
under any of the Debt Documents within ten (10) days after its due date;

     (b) Any attempt by Debtor, without the prior written consent of Secured
Party, to sell, rent, lease, mortgage, grant a security interest in, or
otherwise transfer or encumber (except for Permitted Liens) any of the
Collateral;

     (c) Debtor fails to procure, or maintain in effect at all times, any of
the insurance on the Collateral in accordance with Section 4 of this Agreement;

     (d) Debtor breaches any of its other obligations under any of the Debt
Documents and fails to cure the same within thirty (30) days after written
notice thereof;

     (e) Any warranty, representation or statement made by Debtor in any of the
Debt Documents or otherwise in connection with any of the Indebtedness shall be
false or misleading in any material respect;

     (f) Any of the Collateral being subject to, or being threatened with,
attachment, execution, levy, seizure or confiscation in any legal proceeding
or otherwise;

     (g) Any default by Debtor under any other agreement between Debtor and
Secured Party;

     (h) Any dissolution, termination of existence, merger, consolidation,
change in controlling ownership, insolvency, or business failure of Debtor or
any guarantor or other obligor for any of the Indebtedness (collectively
"GUARANTOR"), or if Debtor or any Guarantor is a natural person, any death or
incompetency of Debtor or such Guarantor;

     (i) The appointment of a receiver for all or of any part of the property
of Debtor or any Guarantor, or any assignment for the benefit of creditors by
Debtor or any Guarantor; or

     (j) The filing of a petition by Debtor or any Guarantor under any
bankruptcy, insolvency or similar law, or the filing of any such petition
against Debtor or any Guarantor if the same is not dismissed within thirty (30)
days of such filing.

8. REMEDIES ON DEFAULT.

     (a) Upon the occurrence of an Event of Default under this Agreement, the
Secured Party, at its option, may declare any or all of the Indebtedness,
including without limitation the Notes, to be immediately due and payable,
without demand or notice to Debtor or any Guarantor. The obligations and
liabilities accelerated thereby shall bear interest (both before and after any
judgment) until paid in full at the lower of eighteen percent (18%) per annum
or the maximum rate not prohibited by applicable law.

                                     3 of 5

<PAGE>
     (b)  Upon such declaration of default, Secured party shall have all of the
rights and remedies of a Secured party under the Uniform Commercial Code, and
under any other applicable law. Without limiting the foregoing, Secured Party
shall have the right to (i) notify any account debtor of Debtor or any obligor
on any instrument which constitutes part of the Collateral to make payment to
the Secured Party, (ii) with or without legal process, enter any premises where
the Collateral may be and take possession and/or remove said Collateral from
said premises, (iii) sell the Collateral at public or private sale, in whole or
in part, and have the right to bid and purchase at said sale, and/or (iv) lease
or otherwise dispose of all or part of the Collateral, applying proceeds
therefrom to the obligations then in default. If requested by Secured Party,
Debtor shall promptly assemble the Collateral and make it available to Secured
Party at a place to be designated by Secured party which is reasonably
convenient to both parties. Secured Party may also render any or all of the
Collateral unusable at the Debtor's premises and may dispose of such Collateral
on such premises without liability for rent or costs. Any notice which Secured
Party is required to give to Debtor under the Uniform Commercial Code of the
time and place of any public sale or the time after which any private sale or
other intended disposition of the Collateral is to be made shall be deemed to
constitute reasonable notice if such notice is given to the last known address
of Debtor at least five (5) days prior to such action.

     (c)  Proceeds from any sale or lease or other disposition shall be applied:
first, to all costs of repossession, storage, and disposition including without
limitation attorneys' appraisers', and auctioneers' fees; second, to discharge
the obligations then in default; third, to discharge any other Indebtedness of
Debtor to Secured Party, whether as obligor, endorsor, guarantor, surety or
indemnitor; fourth, to expenses incurred in paying or settling liens and claims
against the Collateral; and lastly, to Debtor, if there exists any surplus.
Debtor shall remain fully liable for any deficiency.

     (d)  In the event this Agreement, any Note or any other Debt Documents are
placed in the hands of an attorney for collection of money due or to become due
or to obtain performance of any provision hereof, Debtor agrees to pay all
reasonable attorneys' fees incurred by Secured Party, and further agrees that
payment of such fees is secured hereunder. Debtor and Secured Party agree that
such fees to the extent not in excess of twenty percent (20%) of subject amount
owing after default (if permitted by law, or such lesser sum as may otherwise be
permitted by law) shall be deemed reasonable.

     (e)  Secured Party's rights and remedies hereunder or otherwise arising are
cumulative and may be exercised singularly or concurrently. Neither the failure
nor any delay on the part of the Secured Party to exercise any right, power or
privilege hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any right, power or privilege preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. Secured
Party shall not be deemed to have waived any of its rights hereunder or under
any other agreement, instrument or paper signed by Debtor unless such waiver be
in writing and signed by Secured Party. A waiver on any one occasion shall not
be construed as a bar to or waiver of any right or remedy on any future
occasion.

     (f)  DEBTOR HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY
CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY,
THIS AGREEMENT, ANY OF THE OTHER DEBT DOCUMENTS, ANY OF THE INDEBTEDNESS SECURED
HEREBY, ANY DEALINGS BETWEEN DEBTOR AND SECURED PARTY RELATING TO THE SUBJECT
MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR THE RELATIONSHIP
THAT IS BEING ESTABLISHED BETWEEN DEBTOR AND SECURED PARTY. THE SCOPE OF THIS
WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE
FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS,
BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS). THIS
WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN
WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS,
SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT, ANY OTHER DEBT DOCUMENTS, OR TO
ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED
TRANSACTION. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A
WRITTEN CONSENT TO A TRIAL BY THE COURT.

9.   MISCELLANEOUS

     (a)  This Agreement, any Note and/or any of the other Debt Documents may be
assigned, in whole or in part, by Secured Party without notice to Debtor, and
Debtor hereby waives any defense, counterclaim or cross-complaint by Debtor
against any assignee, agreeing that Secured Party shall be solely responsible
therefor.

     (b)  All notices to be given in connection with this Agreement shall be in
writing, shall be addressed to the parties at their respective addresses set
forth hereinabove (unless and until a different address may be specified in a
written notice to the other party), any shall be deemed given (i) on the date of
receipt if delivered in hand or by facsimile transmission, (ii) on the next
business day after being sent by express mail, and (iii) on the fourth business
day after being sent by regular, registered or certified mail. As used herein,
the term "business day" shall mean and include any day other than Saturdays,
Sundays, or other days on which commercial banks in New York, New York are
required or authorized to be closed.

     (c)  Secured Party may correct patent errors herein and fill in all blanks
herein or in any Collateral Schedule consistent with the agreement of the
parties.

     (d)  Time is of the essence thereof. This Agreement shall be binding,
jointly and severally, upon all parties described as the "Debtor" and their
respective heirs, executors, representatives, successors and assigns, and shall
inure to the benefit of Secured Party, its successors and assigns.

     (e)  This Agreement and its Collateral Schedules constitute the entire
agreement between the parties with respect to the subject matter hereof and
supercede all prior understandings (whether written, verbal or implied) with
respect thereto. This Agreement and its Collateral Schedules shall not be
changed or terminated orally or by course of conduct, but only by a writing
signed by both parties hereto. Section headings contained in this Agreement have
been included for convenience only, and shall not affect the construction or
interpretation hereof.

                                     4 of 5

<PAGE>
     (f)  This Agreement shall continue in full force and effect until all of
the Indebtedness has been indefeasibly paid in full to Secured Party. The
surrender, upon payment or otherwise, of any Note or any of the other documents,
evidencing any of the Indebtedness shall not affect the right of Secured Party
to retain the Collateral for such other Indebtedness as may then exist or as it
may be reasonably contemplated will exist in the future. This Agreement shall
automatically be reinstated in the event that Secured Party is ever required to
return or restore the payment of all or any portion of the Indebtedness (all as
though such payment had never been made).

     IN WITNESS WHEREOF, Debtor and Secured Party, intending to be legally bound
hereby, have duly executed this Agreement in one or more counterparts, each of
which shall be deemed to be an original, as of the day and year first aforesaid.

SECURED PARTY:                          DEBTOR;

ASTEC FINANCIAL SERVICES, INC.          MEADOW VALLEY CONTRACTORS, INC.

By:  /s/  illegible                     By:  /s/  KENNETH D. NELSON
-----------------------------------     ---------------------------------------

Title:  Secretary                       Title:  VICE PRESIDENT
-----------------------------------     ---------------------------------------

                                     5 of 5
<PAGE>
                                PROMISSORY NOTE

                               SEPTEMBER 1, 2002
                              (Commencement Date)

                  4411 S 40TH ST. STE D-11, PHOENIX, AZ 85040

FOR VALUE RECEIVED, MEADOW VALLEY CONTRACTORS, INC. ("Maker") promises, jointly
and severally if more than one, to pay to the order of Astec Financial Services,
Inc. or any subsequent holder hereof (each, a "Payee") at its office located at
1725 Shepherd Road, Chattanooga, TN 37421 or at such other place as Payee or the
holder hereof may designate, the principal sum of Two Hundred Fifty-two Thousand
Two Hundred Forty-two Dollars and Sixty-eight Cents ($252,242.68), with interest
thereon, from the date hereof through and including the dates of payment, at a
fixed interest rate of Six and Three-quarter percent (6.75%) per annum, to be
paid in lawful money of the United States, in thirty-six (36) consecutive
monthly installments of principal and interest of Seven Thousand Seven Hundred
Fifty-nine Dollars and Seventy-two Cents ($7,759.72) each ("Periodic
Installment") and a final installment which shall be in the amount of the total
outstanding principal and interest. The first Periodic Installment shall be due
and payable on October 1, 2002 and the following Periodic Installments and the
final installment shall be due and payable on the same day of each succeeding
month (each, a "Payment Date"). Such installments have been calculated on the
basis of a 360 day year of twelve 30-day months. Each payment may, at the option
of the Payee, be calculated and applied on an assumption that such payment would
be made on its due date.

The acceptance by Payee of any payment which is less than payment in full of all
amounts due and owing at such time shall not constitute a waiver of Payee's
right to receive payment in full at such time or at any prior or subsequent
time.

The Maker hereby expressly authorizes the Payee to insert the date value is
actually given in the blank space on the face hereof and on all related
documents pertaining hereto.

This Note may be secured by a security agreement, chattel mortgage, pledge
agreements, or like instrument (each of which is hereinafter called a "Security
Agreement").

Time is of the essence hereof. If any installment or any other sum due under
this Note or any Security Agreement is not received within ten (10) days after
its due date, the Maker agrees to pay, in addition to the amount of each such
installment or other sum, a late payment charge of five percent (5%) of the
amount of said installment or other sum, but not exceeding any lawful maximum.
If (i) Maker fails to make payment of any amount due hereunder within ten (10)
days after the same becomes due and payable; or (ii) Maker is in default under,
or fails to perform under any term or condition contained in any Security
Agreement, then the entire principal sum remaining unpaid, together with all
accrued interest thereon and any other sum payable under this Note or any
Security Agreement, then the entire principal sum remaining unpaid, together
with all accrued interest thereon and any other sum payable under this Note or
any Security Agreement, at the election of Payee, shall immediately become due
and payable, with interest thereon at the lesser of eighteen percent (18%) per
annum or the highest rate not prohibited by applicable law from the date of such
accelerated maturity until paid (both before and after any judgment).

The Maker may prepay in full, but not in part, its entire indebtedness hereunder
upon payment of an additional sum as a premium equal to the following
percentages of the original principal balance for the indicated period:

Prior to the first anniversary date of this Note:                          three
percent (3%)                     and zero percent (0%) thereafter, plus all
other sums due hereunder or under any security Agreement.

It is the intention of the parties hereto to comply with the applicable usury
laws; accordingly, it is agreed that, notwithstanding any provision to the
contrary in this Note or any Security Agreement, in no event shall this Note or
any Security Agreement require the payment or permit the collection of interest
in excess of the maximum amount permitted by applicable law. If any such excess
interest is contracted for, charged or received under this Note or any Security
Agreement, or if all of the principal balance shall be prepaid, so that under
any of such circumstances the amount of interest contracted for, charged or
received under this Note or any Security Agreement on the principal balance
shall exceed the maximum amount of interest permitted by applicable law, then in
such event (a) the provisions of this paragraph shall govern and control, (b)
neither Maker nor any other person or entity now or hereafter liable for the
payment hereof shall be obligated to pay the amount of such interest to the
extent that it is in excess of the maximum amount of interest permitted by
applicable law, (c) any such excess which may have been collected shall be
either applied as a credit against the then unpaid principal balance or refunded
to Maker, at the option of the Payee, and (d) the effective rate of interest
shall be automatically reduced to the maximum lawful contract rate allowed under
applicable law as now or hereafter construed by the courts having jurisdiction
thereof. It is further agreed that without limitation of the foregoing, all
calculations of the rate of interest contracted for, charged or received under
this Note or Security Agreement which are made for the purpose of determining
whether such rate exceeds the maximum lawful contract rate, shall be made, to
the extent permitted by applicable law, by amortizing, prorating, allocating and
spreading in equal parts during the period of the full stated term of the
indebtedness evidenced hereby, all interest at any time contracted for, charged
or received from Maker or otherwise by Payee in connection with such
indebtedness; provided, however, that if any applicable state law is amended or
the law of the United States of America preempts any applicable state law, so
that it becomes lawful for the Payee to receive a greater interest per annum
rate than is presently allowed, the Maker agrees that, on the effective date of
such amendment or preemption, as the case may be, the lawful maximum hereunder
shall be increased to the maximum interest per annum rate allowed by the amended
state law or the law of the United States of America.

                                     1 of 2
<PAGE>
The Maker and all sureties, endorsers, guarantors or any others (each such
person, other than the Maker, an Obligor") who may at any time become liable
for the payment hereof jointly and severally consent hereby to any and all
extensions of time, renewals, waivers or modifications of, and all
substitutions or releases of, security or of any party primarily or secondarily
liable on this Note or any Security Agreement or any term and provision of
either, which may be made, granted or consented to by Payee, and agree that suit
may be brought and maintained against any one or more of them, at the election
of Payee without joinder of any other as a party thereto, and that Payee shall
not be required first to foreclose, proceed against, or exhaust any security
hereof in order to enforce payment of this Note. The Maker and each Obligor
hereby waives presentment, demand for payment, notice of nonpayment protest,
notice of protest, notice of dishonor, and all other notices in connection
herewith, as well as filing of suit (if permitted by law) and diligence in
collecting this Note or enforcing any of the security thereof, and agrees to pay
(if permitted by law) all expenses incurred in collection, including Payee's
actual attorneys' fees. Maker and each Obligor agrees that fees not in excess of
twenty percent (20%) of the amount then due shall be deemed reasonable.

THE MAKER HEREBY UNCONDITIONALLY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM
OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF, DIRECTLY OR INDIRECTLY, THIS
NOTE, ANY OF THE RELATED DOCUMENTS, ANY DEALING BETWEEN MAKER AND PAYEE RELATING
TO THE SUBJECT MATTER OF THIS TRANSACTION OR ANY RELATED TRANSACTIONS, AND/OR
THE RELATIONSHIP THAT IS BEING ESTABLISHED BETWEEN MAKER AND PAYEE. THE SCOPE OF
THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY
BE FILED IN ANY COURT (INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT
CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.)
THIS WAIVER IS IRREVOCABLE MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR
IN WRITING, AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS,
SUPPLEMENTS OR MODIFICATIONS TO THIS NOTE, ANY RELATED DOCUMENTS, OR TO ANY
OTHER DOCUMENTS OR AGREEMENTS RELATING TO THIS TRANSACTION OR ANY RELATED
TRANSACTION. IN THE EVENT OF LITIGATION, THIS NOTE MAY BE FILED AS A WRITTEN
CONSENT TO A TRIAL BY THE COURT.

This Note and any Security Agreement constitute the entire agreement of the
Maker and payee with respect to the subject matter hereof and supercedes all
prior understandings, agreements and representations, express or implied.

No variation or modification of this note, or any waiver of any of its
provisions or conditions, shall be valid unless in writing and signed by an
authorized representative of Maker and Payee. Any such waiver, consent,
modification or change shall be effective only in the specific instance and for
the specific purpose given.

Any provision in this Note or Security Agreement which is in conflict with any
statute, law or applicable rule shall be deemed omitted, modified or altered to
conform thereto.

                                        MEADOW VALLEY CONTRACTORS, INC.

                                        By: Kenneth D. Nelson
                                        ------------------------------------
                                        (Signature)

                                        Kenneth D. Nelson
                                        Vice President
                                        ------------------------------------
                                        Print Name (and title, if applicable)

                                        88-0171959
                                        ------------------------------------
                                        (Federal tax identification number)

DATED September 1, 2002
     ------------------

                                     2 of 2
<PAGE>
COLLATERAL SCHEDULE NO.  1  DATED September 1, 2002

     THIS COLLATERAL SCHEDULE NO.   1   is annexed to and made a part of that
certain Master Security Agreement dated September 1, 2002 between Astec
Financial Services, Inc. as Secured Party and MEADOW  VALLEY CONTRACTORS, INC.
as Debtor and describes collateral in which Debtor has granted Secured Party a
security interest in connection with the indebtedness (as defined in the Master
Security Agreement) including without limitation that certain Promissory Note
dated September 1, 2002 in the original principal amount of $252,242.68.

<Table>
<Caption>
Description                                       Serial Number            Location
-----------                                       -------------            --------
<S>                                               <C>                      <C>
One (1) CEI Rubberized Asphalt Mixing Equipment                            Phoenix, AZ and various job sites

List of Components:

One (1) CEI Rubberized Asphalt Mixer              RMT-010
permanently mounted on
One (1) Fontaine 48' Drop Deck Trailer            13N248301S1567706

One (1) CEI Agitation/Reaction Tank               T698

One (1) CEI Asphalt Booster Heater HC-100497

One (1) CEI Hot Oil Hoses and Asphalt Hose        N/A

One (1) Great Dane 48' Drop Deck Trailer          1GRDM9625RM065201

One (1) Caterpillar 225KW Generator Set           085Z12446

One (1) Cargo Container                           N/A

</Table>

TOGETHER WITH ALL PRESENT AND FUTURE ATTACHMENTS, ACCESSORIES, REPLACEMENTS,
PARTS, REPAIRS, ADDITIONS, AND ALL PROCEEDS THEREOF

SECURED PARTY:                          DEBTOR:
ASTEC FINANCIAL SERVICES, INC.          MEADOW VALLEY CONTRACTORS, INC.

BY:  /s/ Treena M. Hixon                    BY:  /s/ Kenneth D. Nelson
     -------------------                         ----------------------
TITLE:  Secretary                       TITLE:  Vice President
        ---------                               --------------

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00044-of-00352.parquet"}]]