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AMENDMENT NO. 1 TO SECURITY AGREEMENT <br />DEBTOR: <br />SECURED PARTY <br />GRANBY DITCH AND RESERVOIR COMPANY <br />COLORADO WATER CONSERVATION BOARD <br />DATE OF ORIGINAL SECURITY AGREEMENT: AUGUST 12, 2008 <br />Original Promissory Note <br />ORIGINAL LOAN CONTRACT: <br />$254,520, August 12, 2008, interest at <br />the rate of 2.35% per annum with <br />annual payment for a period of 30 years <br />or until paid in full. <br />C150266 DATED AUGUST 12, 200$ <br />1. The Parties have amended the ORi�iNA� LoAN CoNrwqcT and Promissory Note <br />to decrease the loan amount from $254,520 to $160,000 and hereby amend <br />the original Security Agreement to document the change of loan 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: C150266, dated May 10, 2010 <br />Replacement Promissory Note: $160,000, dated May 10, 2010, interest <br />at the rate of 2.35% per annum with <br />annual payments for a period of 30 years <br />or until paid in full <br />Date of Amended Security Agreement: <br />SEAL <br />May 10, 2010 <br />ATTEST: <br />� <br />By <br />Chuck Richards, Secretary <br />DEBTOR Granby Ditch and Reservoir <br />Company <br />By n _ <br />orge . Fulton, President <br />Appendix B to Loan Contract C150266 Amendment No. 1 <br />Page 1 of 1 <br />