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AMENDMENT NO. 1 TO SECURITY AGREEMENT <br />DEBTOR: LOWER POUDRE AUGMENTATION COMPANY <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />DATE OF ORIGINAL SECURITY AGREEMENT: JULY 24, 2007 <br />Original Promissory Note: $3,104,053, dated July 24, 2007, Interest at <br />the rate of 2.5% per annum with annual <br />payment for a period of 30 years or until paid in <br />full. <br />ORIGINAL LOAN CONTRACT: C150245, DATED JULY 24, 2007 <br />11. The Parties have amended the ORIGINAL LOAN CONTRACT and Promissory Note to <br />increase the loan amount from $3,104,053 to $3,560,333 and hereby amend the <br />original Security Agreement to document the change of loan amount. <br />12. The Parties expressly agree that this Amendment is supplemental to the Security <br />Agreement and all terms, conditions, and provisions thereof, unless specifically <br />modified below, are to apply to this Amendment as though they were expressly <br />rewritten, incorporated, and included herein. <br />Amended Loan Contract: C150245, dated July 16, 2010 <br />Replacement Promissory Note: $3,560,333, dated July 16, 2010, interest at the <br />rate of 2.5% per annum with annual payments <br />for a period of 30 years or until paid in full <br />Date of Amended Security Agreement: July 16, 2010 <br />DEBTOR: Lower Poudre Augmentation <br />Company <br />SEAL <br />By <br />.4ik4rKunLfenbA, President <br />ATTEST: <br />By v' 9� % %�-- <br />K nton Brunner, Secretary <br />Appendix C to Loan Contract C150245 Amendment No. 1 <br />