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<br />AMENDMENT NO.1 TO SECURITY AGREEMENT <br /> <br />DEBTOR: LOWERBAUER WEST LATERAL, INC <br /> <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br /> <br />DATE OF ORIGINAL SECURITY AGREEMENT: August 15, 2005 <br /> <br />Original Promissory Note: $196,950, dated August 15, 2005, <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 />ORIGINAL LOAN CONTRACT: C150186, DATED August 15, 2005 <br /> <br />1. The Parties have amended the ORIGINAL LOAN CONTRACT and Promissory Note <br />to decrease the loan amount from $196,950 to $85,373.44 and hereby amend <br />the original Security Agreement to document the change of loan 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, unless <br />specifically modified below, are to apply to this Amendment as though they <br />were expressly rewritten, incorporated, and included herein. <br /> <br />Amended Loan Contract: C150186, dated November 1, 2006. <br /> <br />Replacement Promissory Note: $85,373.44, dated November 1, 2006, <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 /> <br />Date of Amended Security Agreement: November 1, 2006 <br /> <br />DEBTOR: LOWER BAUER WEST LATERAL, INC <br /> <br />By <br /> <br />~-\ , <br /> <br />r"-k <' ;{p2/ 1/ <br />_..- VI _ C- [ J.~1r <br />Dean E. Wo cott, President <br /> <br />SEAL <br /> <br /> <br />Appendix 8 to Loan Contract C150186 Amendment No.1 <br />