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AMENDMENT NO. 1 TO SECURITY AGREEMENT <br />DEBTOR: CARPENTER AND MI7CHELL DITCH COMPANY, 1NC. <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />DATE OF ORIGINAL SECURITY AGREEMENT: AUGUST 18, 2005 <br />Original Promissory Note: $607,200, dated August 18, 2005, Interest at <br />the rate of 2.50% per annum with annual <br />payment for a period of 30 years or until paid in <br />full. <br />ORIGINAL LOAN CONTRACT: C15O201, DATED AUGUST 18, 2005 <br />1. The Parties have amended the ORi~iNaL LoArv CoNTRa,cT and Promissory Note to <br />decrease the loan amount from $607,200 to $172,332.71 and hereby amend the <br />original Security Agreement to document the change of loan amount. <br />2. The Parties expressly agree that this Amendment is supplemental to the Security <br />Agreement and all terms, conditions, and provisions thereof, unless specifically <br />modified below, are to apply to this Amendment as though they were expressly <br />rewritten, incorporated, and included herein. <br />Amended Loan Contract: C150201, dated February 3, 2009 <br />Replacement Promissory Note: $172,332.79, dated February 3, 2009, interest <br />at the rate of 2.50% per annum with annual <br />payments for a period of 30 years or until paid in <br />full. <br />Date of Amended Security Agreement: February 3, 2009 <br />DEBTOR: Carpenter and Mitchell Ditch <br />Company, Inc. <br />SEAL ~ <br />By <br />Eldon Simmons, President <br />ATTEST: <br />sy Le~ <br />Sheryl Bruce, ecretary-Treasurer <br />Appendix B to Loan Contract C150201 <br />