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AMENDMENT No.1 TO DEED OF TRUST Date: August 5, 2005 Grantor (Borrower): PINE RIVER-BAYFIELD DITCH Co. Beneficiary (Lender): State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board Date of Deed of Trust: October 1, 2003 Recording Date of Deed of Trust: November 18, 2003 County of Recording ("County"): La Plata Deed of Trust Recording Information: 872784 (2 pages) Loan Contract: C150154, dated October 1, 2003, amended August 5, 2005 Promissory Note: $232,300 at 2.75%,30 Years, dated August 5, 2005 This Amendment to the Deed of Trust is between the Grantor and the Public Trustee of La Plata County, State of Colorado. The Original Deed of Trust was recorded to secure repayment of the indebtedness evidenced by Loan Contract and Promissory Note between the Grantor and the Beneficiary. The amount of the loan to the Grantor was increased from $202,000 to $232,300. The Grantor and Beneficiary have agreed to amend the Original Deed of Trust to reflect the loan amount of $232,300. NOW THEREFORE, the CWCB and Grantor agree that: 1. The first full paragraph of the Original Deed of Trust is hereby amended to read as follows: The Grantor has executed a Promissory Note dated August 5, 2005, to secure the repayment of the indebtedness evidenced by Contract No. C150154, dated October 1, 2003, as amended on August 5, 2005 for the total principal sum of $232,300, to be repaid to the State of Colorado for the use and benefit of the Department of Natural Resources, Colorado Water Conservation Board ("CWCB") the beneficiary herein, whose address is 1313 Sherman Street, Room 721, Denver, CO 80203, payable in 30 annual installments, in accordance with said Promissory Note, or until the loan is paid in full. Appendix C to Loan Contract C150154 Amendment No. 1 Page 1 of 2