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AMENDMENT NO. 1 TO SECURITY AGREEMENT <br />DEBTOR: Last Chance Ditch Company <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />DATE OF ORIGINAL SECURITY AGREEMENT: SEPTEMBER 22, 2011 <br />ORIGINAL PROMISSORY NOTE: $185,436.00.00 DATED SEPTEMBER 22, 2011, <br />INTEREST AT THE RATE OF 4.65% PER ANNUM WITH <br />ANNUAL PAYMENT FOR A PERIOD OF 30 YEARS OR UNTIL <br />PAID IN FULL. <br />ORIGINAL LOAN CONTRACT: C150318, DATED NOVEMBER 21, 2011 <br />1. The Parties have amended the ORIGINAL LOAN CONTRACT and Promissory Note to decrease <br />the loan amount from $185,436.00 to $166,460.62, 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.C150318 <br />Replacement Promissory Note: $166,460.62 dated March 22, 2013, interest at the <br />rate of 4.65% 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: Last Chance Ditch Company <br />SEAL <br />Signature/Title <br />ATTEST: <br />By L�tc/ ra0l,, 1) F, <br />Signature/Title <br />Appendix B to Amendment No. 1 <br />Loan Contract C150318 <br />Page 1 of 1 <br />