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AMENDMENT NO. 1 TO SECURITY AGREEMENT <br />DEBTOR: HENRY BOLEN DITCH COMPANY <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />DATE OF ORIGINAL SECURITY AGREEMENT: OCTOBER 20, 2004 <br />Original Promissory Note: <br />ORIGINAL LOAN CONTRACT: <br />$520,150, dated October 20, 2004, <br />interest at the rate of 2.5% per annum <br />with annual payment for a period of 30 <br />years or until paid in full. <br />C150179 DATED OCTOBER 20, 2004 <br />1. The Parties have amended the ORi�iNa� LoaN CoNrr�acT and Promissory Note <br />to decrease the loan amount from $520,150 to $43,322.34 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: C150179, dated March 30, 2007 <br />Replacement Promissory Note: $43,322.34, dated March 30, 2007, <br />interest at the rate of 2.5% per annum <br />with annual payments for a period of 30 <br />years or until paid in full <br />Date of Amended Security Agreement: March 30, 2007 <br />���AL� <br />By <br />Raymond Keith, President <br />ATT � <br />By <br />Greg Wolcot S retary-Treasurer <br />DEBTOR Henry Bolen Ditch Company <br />Appendix B to Loan Contract C150179 Amendment No. 1 <br />Page 1 of 1 <br />