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<br />AMENDMENT No.1 TO DEED OF TRUST <br /> <br />Date: October 30,2006 <br />Grantor (Borrower): GREELEY & LOVELAND IRRIG. CO. <br />Beneficiary (Lender): Colorado Water Conservation Board <br />Date of Deed of Trust: February 18, 2005 <br />Recording Date of Deed of Trust: April 27,2005 <br />County of Recording ("County"): Larimer <br />Deed of Trust Recording Information: Reception # 2006-0031260 (2 pages) <br />Loan Contract: C 150161, dated February 18, 2005, and <br />amended October 30, 2006 <br />Promissory Note: $2,600',899.08, 3.0%, 30 Years, dated <br />October 30, 2006 <br /> <br />This Amendment to the Deed of Trust is between the Grantor and the Public <br />Trustee of the County, State of Colorado. <br /> <br />The Original Deed of Trust was recorded to secure repayment of the <br />indebtedness evidenced by Loan Contract and Promissory Note between the <br />Grantor and the Beneficiary. <br /> <br />Based upon the Grantor borrowing less funds than were initially authorized, <br />Grantor and Beneficiary have agreed to amend the Original Deed of Trust to reflect the <br />revised annual loan payment amount. <br /> <br />NOW THEREFORE, the CWCB and Grantor agree that: <br /> <br />1. The first full paragraph of the Original Deed of Trust is hereby amended to read as <br />follows: <br /> <br />The Grantor has executed a Promissory Note dated October 30, 2006, to secure the <br />repayment of the indebtedness evidenced by Contract No. C150161, dated <br />February 18, 2005, as amended October 30, 2006 for the total principal sum of <br />$2,600,899.08, to be repaid to the State of Colorado for the use and benefit of the <br />Department of Natural Resources, Colorado Water Conservation Board ("CWCB") <br />the beneficiary herein, whose address is 1313 Sherman Street, Room 721, Denver, <br />CO 80203, payable in 30 annual installments, in accordance with said Promissory <br />Note, or until the loan is paid in full. <br /> <br />2. In the event of any conflict, inconsistency, variance, or contradiction between the <br />provisions of this amendment and any of the provisions of the original deed of trust, <br />the provisions of this amendment shall in all respects supersede, govern, and <br />control. <br /> <br />3. Any provisions of the original deed of trust not expressly modified herein remain in <br />full force and effect. <br /> <br />Executed on the date first written above. <br /> <br />Appendix C to Loan Contract C150161 Amendment No.1 <br />