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AMENDMENT NO. 1 TO SECURITY AGREEMENT <br />DEBTOR: The North Poudre Irrigation Co. <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />DATE OF ORIGINAL SECURITY AGREEMENT: AUGUST 1', 2004 <br />Original Promissory Note <br />ORIGINAL LOAN CONTRACT: <br />$614,080, dated August 1, 2004, <br />Interest at the rate of 3.25% per annum <br />with annual payment for a period of 20 <br />years or until paid in full. <br />C 150170, DATED AUGUST 1, 2004 <br />7. The Parties have amended the ORi�irva� LoaN CotvTRacT and Promissory Note <br />to increase the loan amount from $614,080 to $735,280 and hereby amend the <br />original Security Agreement to document the change of loan amount. <br />8. The Parties expressly agree that this Amendment is supplemental to the <br />Security Agreement and all terms, conditions, and provisions thereof, unless <br />specifically modified below, are to apply to this Amendment as though they <br />were expressly rewritten, incorporated, and included herein. <br />Amended toan Contract: C150170, dated November 3, 2006 <br />Replacement Promissory Note: $735,280, dated November 3, 2006, <br />interest at the rate of 3.25% per annum <br />with annual payments for a period of 20 <br />years or until paid in full <br />Date of Amended Security Agreement: November 3, 2006 <br />SEAL <br />ATTEST: <br />B" i <br />Sharon Seaworth, Corporate Secretary <br />DEBTOR: The North Poudre Irrigation <br />Company, a Colorado nonprofit corporation <br />;, <br />� � � <br />B � <br />Gary S' pson, President <br />Appendix B to Loan Contract C150170 Amendment No. 1 <br />