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<br />AMENDMENT NO.1 TO SECURITY AGREEMENT <br /> <br />DEBTOR: Headgate 396 Lateral Corporation <br /> <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br /> <br />DATE OF ORIGINAL SECURITY AGREEMENT: February 26, 2007 <br /> <br />Original Promissory Note: $232,300, dated February 26, 2007, <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: C150234, DATED February 26, 2007 <br /> <br />1. The Parties have amended the ORIGINAL LOAN CONTRACT and Promissory Note <br />to decrease the loan amount from $232,300 to $128,991.20 and hereby amend <br />the original Security Agreement to document the change of loan amount. <br /> <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 /> <br />Amended Loan Contract: <br />Replacement Promissory Note: <br /> <br />C150234, dated April 1 ,2008 <br /> <br />$128,991.20, dated April 1, 2008, <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 /> <br />April 1, 2008 <br /> <br />Date of Amended Security Agreement: <br /> <br /> <br /> <br />: Headgate ~a~~ral Corporation <br /> <br /> <br />--, <br /> <br />SEAL <br /> <br />ATTES(). / <br />I // <br />By ~~v ~ c>R~/ <br />David McDonald, Secretary <br /> <br />/::> <br />'dent <br /> <br />Appendix B to Loan Contract C150234 Amendment No.1 <br />Page 1 of 1 <br />