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BORROWER: STROMBERGER LAND & CATTLE CO. LLC Contract No. C150123 Original Loan Amount $414,000 Adjustment (Increase): $59,000 Adjusted Loan Amount $473,000 Agency Name: Water Conservation Board Agency Number PDA Routing Number: 06 PDA O<XJ 3") LOAN CONTRACT AMENDMENT No.1 (STANDARD CONTRACT - WAIVER #160 - ApPROVED NOVEMBER 10, 2003) This Amendment, made this August 8, 2005, by and between the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board ("CWCB"), and Stromberger Land & Cattle Co. LLC, 14063 Summit Drive, Sterling, CO 80751, a Colorado limited liability company ("BORROWER" or "CONTRACTOR"). FACTUAL RECITALS A. Authority exists in the law, and funds have 'been budgeted, appropriated, and otherwise made available for payment in Contract Encumbrance Number C150123. B. Required approval, clearance, and coordination have been accomplished from and with appropriate agencies. C. The CWCB and the BORROWER entered into Contract Encumbrance Number C150123, dated May 1, 2003 ("ORIGINAL CONTRACT"), incorporated herein by reference, wherein the CWCB agreed to loan money in the total amount up to $414,000, and the BORROWER agreed to repay the loan in accordance with the terms of the ORIGINAL CONTRACT. D. During construction of the Project, the BORROWER encountered design modifications including the use of larger pipe and valves when the recharge wells produced more water than expected. These costs were not anticipated in the original project cost estimate. These items increased the cost of the PROJECT by $59,000. To meet the increased costs, the BORROWER requested an additional $59,000 for a total loan amount of $473,000. E. At its May 24,2005 meeting, the CWCB approved increasing this loan by $59,000 for a total loan amount of up to $473,000 to finance up to 90% of the total Project costs. The terms for the additional loan amount are an interest rate of 2.5% per annum and a repayment period of 20 years. F. The CWCB and the BORROWER have agreed to amend this contract to increase the amount of the loan by $59,000 for a total loan amount of up to $473,000 which may be used to finance up to 90% of the total Project cost. NOW THEREFORE, it is hereby agreed that 1. Consideration for this Amendment to the ORIGINAL CONTRACT consists of the payments that shall be made pursuant to this Amendment and the ORIGINAL CONTRACT, and the promises and agreements herein set forth. 2. It is expressly agreed by the parties that this Amendment is supplemental to the Loan Contract 150123 Amendment No. 1 Page 1 of 3