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<br />AMENDMENT NO.1 TO SECURITY AGREEMENT
<br />
<br />DEBTOR: Lower South Platte Water Conservancy District,
<br />acting by and through the Lower South Platte
<br />Recharge Project Water Activity Enterprise
<br />
<br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD
<br />
<br />DATE OF ORIGINAL SECURITY AGREEMENT: OCTOBER 1, 2001
<br />
<br />Original Promissory Note: $100,000, dated October 1, 2001, Interest at the
<br />rate of 3% per annum with annual payment for a
<br />period of 10 years or until paid in full.
<br />ORIGINAL LOAN CONTRACT: C150067, DATED OCTOBER 1, 2001
<br />
<br />. .
<br />1. The Parties have amended the ORIGINAL LOAN CONTRACT and Promissory Note to decrease
<br />the loan amount from $100,000 to $56,787.30 and hereby amend the original Security
<br />Agreement to document the actual loan amount.
<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:
<br />
<br />Replacement Promissory Note:
<br />
<br />C 150067, dated October 1, 2001 and amended
<br />November 1, 2004
<br />
<br />$56,787.30, dated November 1, 2004, interest at the
<br />rate of 3.0% per annum with annual payments for a
<br />period of 10 years or until paid in full
<br />
<br />November 1, 2004
<br />
<br />DEBTOR: Lower South Platte Water
<br />Conservancy District, acting by and through
<br />the Lower South Platte Recharge Project
<br />Water Activity Enterprise
<br />
<br />Date of Amended Security Agreement:
<br />
<br />
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<br />Appendix B to Loan Contract C150067 Amendment No.1
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