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AMENDMENT NO. 1 TO SECURITY AGREEMENT <br />DEBTOR: KENOSHA TROUT CLUB <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />DATE OF ORIGINAL SECURITY AGREEMENT: OCTOBER 1, 2003 <br />Original Promissory Note: $551,250.00, dated October 1, 2003, <br />Interest at the rate of 5.50% per annum <br />with annual payment for a period of 30 <br />years or until paid in full. <br />ORIGINAL LOAN CONTRACT: C15OO59, DATED OCTOBER 1, 2003 <br />1. The Parties have amended the ORIGINAL LOAN CONTRACT and Promissory, Note <br />to decrease the loan amount from $551,250.00 to $286,772.12 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: C150059, dated June 15, 2007 <br />Replacement Promissory Note: $286,772.12, dated June 15, 2007, <br />interest at the rate of 5.50% 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 />SEAL <br />June 15, 2007 <br />DEBTOR: Kenosha Trout Club <br />ATTEST: ~,,. <br />.--- <br />By , ~ ~- <br />J~n Pribyl, Corpor a Secretary <br />By <br />Joel igdestad, President <br />Appendix B to Loan Contract C150059 Amendment No. 1 <br />