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AMENDMENT NO. 1 TO SECURITY AGREEMENT <br />DEBTOR: Lincoln Park Crooked Ditch Company <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />DATE OF ORIGINAL SECURITY AGREEMENT: October 27, 2006 <br />Original Promissory Note: <br />$1,818,000, dated October 27, <br />2006, interest at the rate of 3.25% per <br />annum with annual payment for a period <br />of 30 years or until paid in full. <br />ORIGINAL LOAN CONTRACT: C150230, DATED October 27, 2006 <br />1. The Parties have amended the ORIGINAL. LOAN CONTRACT and Promissory Note <br />to decrease the loan amount from $1,818,000 to $804,685.61 and hereby <br />amend the original Security Agreement to document the change of loan <br />amount. <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: C150230, dated August 1, 2008 <br />Replacement Promissory Note: $804,685.61, dated August 1, 2008, <br />interest at the rate of 3.25% 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 />August 1, 2008 <br />DEBTOR: Lincoln Park Crooked Ditch Company <br />SEAL (.~~_ <br />By \ <br />AI Cole, President <br />ATTEST(~~ (mil <br />By ~ ~- .~Jcz~. __ <br />Don Davis, Secretary <br />Appendix B to Loan Contract C150230 Amendment No. 1 <br />Page 1 of 1 <br />