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AMENDMENT NO. 1 TO SECURITY AGREEMENT <br />DEBTOR: LAKE ARROWHEAD WATER ASSOCIATION <br />SECURED PARTY:. COLORADO WATER CONSERVATION BQARD <br />DATE OF ORIGINAL SECURITYAGREEMENT: .IANUARY 1, 2004 <br />Original Promissory Note.: $300,000, dated January 1, 2004, <br />interest at the rate of 4.25% per annum <br />with annual payment for a period of 30 <br />years or until paid in full. <br />ORIGINAL LOAN CONTRACT: C150113, DATED JANUARY 1, 2004 <br />1. The Parties have amended the ORIGINAL LOAN CONTRACT and Promissory Note <br />to decrease the loan amount from $300,000 to $224.,495.70 and hereby amend <br />the original Security Agreement to document the change of loan amount. <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 />Amended Loan Contract: C150113, dated December 22, 2006 <br />Replacement Promissory Note: $224,495.70, dated December 22, 2006, <br />interest at the rate of 4.25% per annum <br />with annual payments for a period of 30 <br />years or until paid in full <br />Date of Amended Security Agreement: December 22, 2006 <br />DEBTOR: Lake Arrowhea Water Association <br />.; <br />SEAL <br />By ~ ~~ <br />Leslie Lieser, President <br />ATTEST: <br />gy %~~ ~ - <br />Richard D. Haines, Secretary-Treasurer <br />v~ <br />I13 <br />Appendix B #o Loan Contract C1501~5rAmendment No. 1 <br />. Page 1 of 1 <br />