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<br />AMENDMENT NO.1 TO SECURITY AGREEMENT <br /> <br />DEBTOR: Summit Reservoir and Irrigation Company <br /> <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br /> <br />DATE OF ORIGINAL SECURITY AGREEMENT: AUGUST 14, 1997, UCC1 RECORDED WITH SECRETARY <br />OF STATE JANUARY 15, 1998,#19982003705 <br /> <br />ORIGINAL PROMISSORY NOTE: $200,000, DATED AUGUST 14, 1997, INTEREST AT THE <br />RATE OF 3%% PER ANNUM WITH ANNUAL PAYMENT FOR A <br />PERIOD OF 30 YEARS OR UNTIL PAID IN FULL. <br /> <br />ORIGINAL LOAN CONTRACT: C153770, DATED AUGUST 14,1997 <br /> <br />COLLATERAL: All revenues derived from assessments on stock and <br />all of Debtor's right to receive said assessment <br />revenues to repay the loan as described in Pledge of <br />Property provisions of the LOAN CONTRACT. <br /> <br />1. The Parties have amenGJed the ORIGINAL LOAN CONTRACT to increase the loan amount from <br />$200,000 to $300,000 and hereby amend the Original Security Agreement to document <br />said revision. <br /> <br />2. The Parties expressly agree that this Amendment is supplemental to the Security <br />Agreement and all terms, conditions, and provisions thereof, unless specifically modified <br />below, are to apply to this Amendment as though they were expressly rewritten, <br />incorporated, and included herein. <br /> <br />Amended Loan Contract: C153770, May 1, 2002 <br /> <br />Replacement Promissory Note: $300,000, Dated May 1, 2002, interest at the rate of <br />3%% per annum with annual payments for a period of <br />30 years or until paid in full <br /> <br />Date of Amended Security Agreement: May 1, 2002 <br /> <br />DEBTOR: Summit Reservoir and Irrigation <br />Company, a lorado nonprofit orporation <br /> <br />By <br /> <br /> <br />SEAL <br /> <br />Attest: <br /> <br />By ~etl . <br />David V. Sanford, Secret ry-Treasurer <br /> <br /> <br />Appendix 4 to Contract C153770 Amendment No.1 <br />