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<br />AMENDMENT NO.1 TO SECURITY AGREEMENT
<br />
<br />DEBTOR: PINE RIVER-BAYFIELD DITCH CO.
<br />SECURED PARTY: COLORADO WATER CONSERVATION BoARD
<br />.
<br />
<br />Date of Original Security Agreement: OcTOBER 1, 2003
<br />
<br />Original Promissory Note: $202,000 dated October 1, 2003, Interest at
<br />the rate of 2.75% per annum with annual
<br />payment for a period of 30 years or until
<br />paid in full.
<br />ORIGINAL LOAN CONTRACT: C150154, DATED OcTOBER 1,2003
<br />
<br />1. The Parties have amended the ORIGINAL LOAN CoNTRACT and Promissory
<br />Note to increase the loan amount from $202,000 to $232,300 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, 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:
<br />
<br />C150154, dated October 1, 2003, amended
<br />August 5, 2005.
<br />
<br />$232,300, dated August 5, 2005, interest at
<br />the rate of 2.75% per annum with annual
<br />payments for a period of 30 years or until
<br />paid in full
<br />
<br />August 5, 2005
<br />
<br />Replacement Promissory Note:
<br />
<br />Date of Am~"1~ $ecurity Agreement:
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<br />
<br />Debtor: THE PINE RIVER-BAYFIELD DITCH
<br />
<br />:MP~;;;;;NP::i~AATI~
<br />
<br />en Beck, President
<br />
<br />
<br />Appendix B to Loan Contract C150154 Amendment No.1
<br />Page 1 of 1
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