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<br />AMENDMENT NO.1 TO SECURITY AGREEMENT <br /> <br />DEBTOR: GREELEY & LOVELAND IRRIG. CO. <br /> <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br /> <br />DATE OF ORIGINAL SECURITY AGREEMENT: February 18,2005 <br /> <br />Original Promissory Note: $2,844,000, dated February 18, 2005, <br />Interest at the rate of 3.0% per annum <br />with annual payment for a period of 30 <br />years or until paid in full. <br />ORIGINAL LOAN CONTRACT: C150161, DATED February 18, 2005 <br /> <br />1. The Parties have amended the ORIGINAL LOAN CONTRACT and Promissory Note <br />to decrease the loan amount from $2,844,000 to $2,600,899.08 and hereby <br />amend the original Security Agreement to document the change of loan <br />amount. <br /> <br />2. 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 /> <br />Amended Loan Contract: C150161 Amendment No.1, dated <br />October 30, 2006 <br /> <br />Replacement Promissory Note: $2,600,899.08, dated October 30, 2006, <br />interest at the rate of 3.0% per annum <br />with annual payments for a period of 30 <br />years or until paid in full <br /> <br />Date of Amended Security Agreement: October 30, 2006 <br /> <br />DEBTOR: GREELEY & LOVELAND IRRIG. CO. <br /> <br />SEAL <br /> <br />B~D~~r/Lv-R-- <br />David L. Bernhardt, President <br /> <br />ATTEST' <br /> <br />, '1-\./:<" ,\ <br />By..../ l.LJ i, '~.4r:te~,;Ut- ,,,--) <br />Ronald F. Brinkman, Secretary - Treasurer <br /> <br />Appendix B to Loan Contract C150161 Amendment No.1 <br />