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CONTRACT AMENDMENT Amendment No. 1 Original Loan Contract No. CORE No. CT2015-042 C150322 Original CMS No. 44274 Amendment CMS No. 85567 1) PARTIES This Amendment No.1 (AMENDMENT) to the above-referenced ORIGINAL LOAN CONTRACT (hereinafter called the ORIGINAL CONTRACT) is entered into by and between the Lake Canal Reservoir Company, located at a new address of 730 Ash Mesa Road, Delta, CO 81416, recorded with the Colorado Secretary of State, (hereinafter called "BORROWER"), and the STATE OF COLORADO (hereinafter called the "STATE") acting by and through the Department of Natural Resources, Colorado Water Conservation Board, (hereinafter called "CWCB"). 2) EFFECTIVE DATE AND ENFORCEABILITY This AMENDMENT shall not be effective or enforceable until it is approved and signed by the Colorado State Controller or designee (hereinafter called the "EFFECTIVE DATE"), but shall be effective and enforceable thereafter in accordance with its provisions. 3) FACTUAL RECITALS The Lake Canal Reservoir Company requested an increase to its existing CWCB LOAN CONTRACT NUMBER CT2015-042 for the North Gray Reservoir Rehabilitation (PROJECT). The Project is to remove the storage restriction imposed by the State Engineer's Office. The requested increase in loan amount is due to modifications necessary to the outlet and interconnects structure between North and South Gray Reservoirs. This request increases the existing CWCB loan amount, from $116,625 to $204,298. At its November 18, 2015 meeting, the CWCB approved increasing this loan by $87,673. 4) CONSIDERATION Consideration for this AMENDMENT to the ORIGINAL CONTRACT consists of the payments that shall be made pursuant to this AMENDMENT and ORIGINAL CONTRACT and the promises and agreements herein set forth. The Parties acknowledge that the mutual promises and covenants contained herein and other good and valuable consideration are sufficient and adequate to support this AMENDMENT. 5) LIMITS OF EFFECT This AMENDMENT iS incorporated by reference into the ORIGINAL CONTRACT, and the ORIGINAL CONTRACT and all prior amendments thereto, if any, remain in full force and effect except as specifically modified herein. 6) MODIFICATIONS. The ORIGINAL CONTRACT No. CT2015-042 (C150322) and all prior amendments thereto, if any, are modified as follows: a) Amend this contract to increase the total loan amount by $87,673, increasing the LOAN CONTRACT total amount from $116,625 to $204,298. The terms for the additional loan amount shall remain at an interest rate of 2.10% per annum and a repayment period of 30 years. A loan service fee of 1% is included in the additional loan amount, in accordance with CWCB Policy Number 16. b) The BORROWER agrees that it shall execute the following documents, all of which shall set forth the revised loan amount of$204,298: Amendment No. 1 Page 1 of 4