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<br />. . <br /> <br />AMENDMENT NO.1 TO SECURITY AGREEMENT <br /> <br />DEBTOR: <br />SECURED PARTY: <br />DATE OF ORIGINAL SECURITY AGREEMENT: <br />Original Promissory Note: <br /> <br />ORIGINAL LOAN CONTRACT: <br /> <br />Pinewood Springs Water District <br /> <br />COLORADO WATER CONSERVATION BOARD <br /> <br />FEBRUARY 1 , 2005 <br /> <br />$2,054,188, dated FEBRUARY 1, 2005, <br />Interest at the rate of 4.0% per annum <br />with annual payment for a period of 30 <br />years or until paid in full. <br />C 150 180 , DATED FEBRUARY 1, 2005 <br /> <br />8. The Parties have amended the ORIGINAL LOAN CONTRACT and <br />Promissory Note to increase the loan amount from $2,054,188 to <br />$2,811,689 and hereby amend the original Security Agreement to <br />document the change of loan amount. <br /> <br />9. The Parties expressly agree that this Amendment is supplemental <br />to the Security Agreement and all terms, conditions, and provisions <br />thereof, unless specifically modified below, are to apply to this <br />Amendment as though they were expressly rewritten, incorporated, <br />and included herein. <br /> <br />Amended Loan Contract: C150180, dated May 15, 2008 <br /> <br />Replacement Promissory Note: $2,811,689, dated May 15, 2008, interest <br />at the rate of 4.00% per annum with <br />annual payments for a period of 30 years <br />or until paid in full <br /> <br />Date of Amended Security Agreement: May 15, 2008 <br /> <br />DEBTOR: Pinewood Springs Water District, a <br />Colorado special district <br /> <br /> <br />By <br /> <br /> <br />By <br /> <br />Appendix C to Loan Contract C150180 Amendment No.1 <br />