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AMENDMENT NO. 1 TO SECURITY AGREEMENT <br />DEBTOR: The Jackson Ditch Company <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />DATE OF ORIGINAL SECURITY AGREEMENT: FEBRUARY 9, 2012 <br />ORIGINAL PROMISSORY NOTE: $124,533.00 DATED FEBRUARY 9, 2012, INTEREST AT <br />THE RATE OF 3.60% PER ANNUM WITH ANNUAL <br />PAYMENT FOR A PERIOD OF 30 YEARS OR UNTIL PAID IN <br />FULL. <br />ORIGINAL LOAN CONTRACT: C150323, DATED MARCH 13, 2012 <br />1. The Parties have amended the ORIGINAL LOAN CONTRACT and Promissory Note to decrease <br />the loan amount from $124,533.00 to $112,958.24, and hereby amend the original Security <br />Agreement to document the change of loan amount. <br />2. The Parties expressly agree that this Amendment is supplemental to the Security Agreement <br />and all terms, conditions, and provisions thereof, unless specifically modified below, are to <br />apply to this Amendment as though they were expressly rewritten, incorporated, and included <br />herein. <br />Amended Loan Contract: Amendment No. 1 to Loan Contract No.C150323 <br />Replacement Promissory Note: $112,958.24 dated March 22, 2013, interest at the <br />rate of 3.60% per annum with annual payments for a <br />period of 30 years or until paid in full <br />Date of Amended Security Agreement: March 22, 2013 <br />DEBTOR: The Jackson Ditch Company <br />SEAL <br />By: <br />ATTEST: <br />Signature/Title R i6eni- <br />By: c <br />Signature/Title 515C►ru <br />Appendix B to Amendment No. 1 <br />Loan Contract C150323 <br />Page 1 of 1 <br />