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AMENDMENT NO. 1 TO SECURITY AGREEMENT <br />DEBTOR: NEW CACHE LA POUDRE IRRIGATING CO. <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />DATE OF ORIGINAL SECURITY AGREEMENT: JUNE 1, 2004 <br />Original Promissory Note: $7,272,000, dated June 1, 2004, <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 />ORIGINAL LOAN CONTRACT: C150163, DATED JUNE 1, 2004 <br />1. The Parties have amended the ORIGINAL LOAN CONTRACT and Promissory Note <br />to decrease the payment term from 30 years to 20 years and hereby amend <br />the original Security Agreement to document the change of repayment term. <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 />Amended Loan Contract: C150163, dated May 5, 2008 <br />Replacement Promissory Note: $7,272,000, dated May 5, 2008, interest <br />at the rate of 2.5% per annum with <br />annual payments for a period of 20 years <br />or until paid in full. <br />Date of Amended Security Agreement: May 5, 2008 <br />DEBTOR: NEW CACHE LA POUDRE IRRIGATING <br />Co. <br />SEAL <br />B <br />i ungenberg, Pres' nt <br />ATTEST: <br />By <br />K nton Brunner, Secretary <br />Appendix B to Loan Contract C150163 Amendment No. 1 <br />