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AMENDMENT NO. 1 TO SECURITY AGREEMENT <br />DEBTOR: MANCOS VALLEY BEAVER DITCH COMPANY <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />DATE OF ORIGINAL SECURITY AGREEMENT: AUGUST 15, 2OO$ <br />Original Promissory Note: $417,130, dated August 15, 2005, <br />lnterest 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: C15O1 SS, DATED AUGUST 'I 5, ZOOS <br />7. The Parties have amended the ORi~irva~ LoAN Corvrt~cT and Promissory Note <br />to increase the loan amount from $417,130 to $913,798 and hereby amend the <br />originat Security Agreement to document the change of loan amount. <br />8. The Parties expressly agree that this Amendment is supplemental to the <br />Security Agreement and alt 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: C150185, dated Febn,iary 10, 2006 <br />Replacement Promissory Note: $913,798, dated February 10, 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 />Date of Amended Security Agreement: <br />February 10, 2006 <br />SEAL <br />ATTEST: <br />DEBTOR: Mancos VaHey Beaver <br />Ditch Comnat~v <br />By. <br />Greg V1(olcott, President <br />BY LT17 ~~ ~ . ~ <br />Oran R. White, Secretary-Treasurer <br />Appendix C <br />Loan Contract C150185 Amendment No. 1 <br />Page 1 of 1 <br />