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<br />AMENDMENT NO.1 TO SECURITY AGREEMENT
<br />
<br />DEBTOR: EAST FORK MUTUAL IRRIGATION COMPANY
<br />
<br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD
<br />
<br />Date of Original Security Agreement: MARCH 1, 2004
<br />
<br />Original Promissory Note: $259,860, dated March 1, 2004, Interest at
<br />the rate of 2.50% per annum with annual
<br />payment for a period of 30 years or until
<br />paid in full.
<br />ORIGINAL LOAN CONTRACT: C150166, DATED MARCH 1,2004
<br />
<br />1. The Parties have amended the ORIGINAL LOAN CONTRACT and Promissory
<br />Note to increase the loan amount from $259,860 to $381,272 and hereby
<br />amend the original Security Agreement to document the increased 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,
<br />unless specifically modified below, are to apply to this Amendment as
<br />though they were expressly rewritten, incorporated, and included herein,
<br />
<br />Amended Loan Contract:
<br />
<br />C150166, dated March 1, 2004, amended
<br />September 20, 2004
<br />
<br />$381,272, dated September 20, 2004,
<br />interest at the rate of 2.50% per annum with
<br />annual payments for a period of 30 years or
<br />until paid in full
<br />
<br />September 20, 2004
<br />
<br />, Replacement Promissory Note:
<br />
<br />, D~~~Qf,An:1E:mded Security Agreement:
<br />
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<br />Attest k
<br />
<br />
<br />Debtor: East Fork Mutual Irrigation Company, a
<br />Colorado nonprofit corporation
<br />
<br />By f:u dt..--
<br />
<br />Kent Whitmer, President
<br />
<br />fit4i!L/
<br />By
<br />Mike Ritschard, Secretary/Treasurer
<br />
<br />Appendix 2 to Loan Contract C150166 Amendment No.1
<br />
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