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<br />AMENDMENT NO.1 TO SECURITY AGREEMENT
<br />
<br />DEBTOR: THE LAKE HENRY RESERVOIR COMPANY
<br />
<br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD
<br />
<br />DATE OF ORIGINAL SECURITY AGREEMENT: NOVEMBER 1, 2002
<br />
<br />Original Promissory Note: $490,000, dated November 1, 2002, Interest at
<br />the rate of 4.25% per annum with annual
<br />payment for a period of 30 years or until paid in
<br />full.
<br />
<br />ORIGINAL LOAN CONTRACT: C150098, DATED NOVEMBER 1, 2002
<br />
<br />The Parties have amended the ORIGINAL LOAN CONTRACT and Promissory Note to
<br />reduce the loan amount from $490,000 to $147,701.10 and hereby amend the original
<br />Security Agreement to document the change of loan amount.
<br />
<br />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: C150098, dated July 27,2005
<br />
<br />Replacement Promissory Note: $147,701.10, dated July 27, 2005, interest at
<br />the rate of 4.25% per annum with annual
<br />payments for a period of 30 years or until paid in
<br />full.
<br />
<br />Date;.of Amended Security Agreement: July 27, 2005
<br />
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<br />
<br />DEBTOR: The Lake Henry Reservoiur
<br />Company
<br />
<br />By teJ-1I1 ~@l
<br />
<br />Robert t1. Robler, President
<br />
<br />BYJ)oo.., J. Q '^^~
<br />Allen L. Ringle, Corpora e Secretary
<br />
<br />APPENDIX B to LOAN CONTACT NO. C150098 AMENDMENT NO.1
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