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G ~,-,~• C~ ~j~ <br />~-~fi- a ~ <br />AMENDMENT NO. 2 TO SECURITY AGREEMENT <br />DATE OF ORIGINAL SECURITY AGREEMENT: AUGUST 15, 2005, AND AMENDED <br />FEBRUARY1O,2O06 <br />Original Promissory Note: $913,798, February 10, 2006, interest at the <br />rate of 2.5% per annum with annual payment <br />for a period of 30 years or until paid in full. <br />ORIGINAL LOAN CONTRACT: C15O18S, DATED AUGUST 15, 2~~5, AND <br />AMENDED FEBRUARY 1 O, ZOO6 <br />1. Th2 Pal'tl@S haV@ 8~1'1@~d2C~ th@ ~RIGINAL ~OAN CONTRACT al1[l P~Ot111SS0~/ I~Ot@ t0 <br />decrease the loan amount from $913,798 to $250,490.91 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: C150185, dated January 1, 2009 <br />Date of Amended Security Agreement: January 1, 2009 <br />DEBTOR: Mancos Valley Beaver Ditch <br />Company <br />SEAL `~j <br />By ~rla.~,, l°S ~ u . <br />Oran R. White, President <br />Replacement Promissory Note: $250,490.91, dated January 1, 2009, interest at <br />the rate of 2.5% per annum with annual <br />payments for a period of 30 years or until paid in <br />full <br />DEBTOR: MANCOS VALLEY BEAVER DITCH COMPANY <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />ATTEST: <br />By, <br />J <br />ry-Treasurer <br />Appendix B to Loan Contract C150185 Amendment No. 2 <br />Page 1 of 1 <br />