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<br />AMENDMENT NO.1 TO SECURITY AGREEMENT <br /> <br />DEBTOR: Buffalo Farms Water Development, LLC <br /> <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br /> <br />DATE OF ORIGINAL SECURITY AGREEMENT: JANUARY 1, 2005 <br /> <br />Original Promissory Note: $195,435, dated January 1, 2005, interest at the rate <br />of 2.25% per annum with annual payment for a <br />period of 20 years or until paid in full. <br />ORIGINAL LOAN CONTRACT: C150191, DATED JANUARY 1,2005 <br /> <br />9. The Parties have amended the ORIGINAL LOAN CONTRACT and Promissory Note to increase <br />the loan amount from $195,435 to $277,245 and hereby amend the original Security <br />Agreement to document the change of loan amount. <br /> <br />10. 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: <br />Replacement Promissory Note: <br /> <br />C150191, dated January 6,2006 <br /> <br />$277,245, dated January 6, 2006, interest at the rate <br />of 2.25% per annum with annual payments for a <br />period of 20 years or until paid in full <br /> <br />January 6, 2006 <br /> <br />Date of Amended Security Agreement: <br /> <br />SEAL <br /> <br />DEBTOR: Buffalo Farms Water Development, <br />LLC <br /> <br />By 'j).~ ~ <br /> <br />D. Kevin Vollmer, Manager <br /> <br />:~EST:, ~ <br /> <br />~ Manager <br /> <br />Appendix C <br />Loan Contract C150191 Amendment No.1 <br />Page 1 of 1 <br />