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AMENDMENT NO. 1 TO SECURITY AGREEMENT <br />DEBTOR: BOULDER AND WHITE ROCK DITCH AND <br />RESERVOIR COMPANY <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />DATE OF ORIGINAL SECURITY AGREEMENT: FEBRUARY 13, 2009 <br />Original Promissory Note: $2,430,060, dated February 13, 2009, <br />Interest at the rate of 3.45% per annum <br />with annual payment for a period of 30 <br />years or until paid in full. <br />ORIGINAL LOAN CONTRACT: C 150279, DATED FEBRUARY 13, 2009 <br />11. The Parties have amended the ORIGINAL LOAN CONTRACT and Promissory Note <br />to increase the loan amount from $2,430,060 to $2,864,164 and hereby amend <br />the original Security Agreement to document the change of loan amount. <br />12. 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: C150279, dated December 15, 2009 <br />Replacement Promissory Note: $2,864,164, dated December 15, 2009, <br />interest at the rate of 3.45% 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 />ATTEST: <br />sy <br />Dan Grant, Secretary- Treasurer <br />December 15, 2009 <br />DEBTOR: Boulder and White Rock Ditch and <br />Reservoir Company <br />Van Thuyne, - W-i u I i u s <br />ZfEsident <br />Appendix C to Loan Contract C150279 Amendment No. 1 <br />