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! <br />� <br />� <br />AMENDMENT NO. 2 TO �ECURITY AGREEMENT <br />DEBTOR: BEAVER RESERVOIR COMPANY <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />DATE OF ORIGINAL SECURITY AGREEMENT: .1UNE 13 , 2005, AND AMENDED OCTOBER <br />30, 2006 <br />Original Promissory Note: <br />ORIGINAL LOAN CONTRACT: <br />$155,035, dated October 30, 2006, <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 />C150190 DATED ,1UNE 13 , 2005 AND <br />AMENDED OCTOBER 30, 2006 <br />10. The Parties have amended the ORi�iNa� LoaN CoNrRa,cT and Promissory Note <br />to increase the loan amount from $155,035 to $510,035 and hereby amend the <br />original Security Agreement to document the change of loan amount. <br />11. 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: C150190, dated March 14, 2008 <br />Replacement Promissory Note: $510,035, dated March 14, 2008, interest <br />at the rate of 2.5% per annum with <br />annual payments for a period of 30 years <br />or until paid in full. <br />Date of Amended Security Agreement: <br />March 14, 2008 <br />DEaTOR: Beaver Reservoir Company <br />SEAL <br />By d�---- �,.��� <br />Tom Gillespie, President <br />Appendix B to Loan Contract C150190 <br />