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AMENDMENT NO. 1 TO SECURITY AGREEMENT <br />DEBTOR: FARMERS PAWNEE CANAL COMPANY <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />DATE OF ORIGINAL SECURITY AGREEMENT: DECEMBER 15, 2008 <br />Original Promissory Note: $227,250, dated December 15, 2008, Interest <br />at the rate of 2.50% per annum with annual <br />payment for a period of 30 years or until paid in <br />full. <br />ORIGINAL LOAN CONTRACT: C150272, DATED DECEMBER 15, 2008 <br />8. The Parties have amended the ORIGINAL LOAN CONTRACT and Promissory Note to <br />increase the loan amount from $227,250 to $255,530, and hereby amend the original <br />Security Agreement to document the change of loan amount. <br />9. The Parties expressly agree that this Amendment is supplemental to the Security <br />Agreement and all terms, conditions, and provisions thereof, unless specifically <br />modified below, are to apply to this Amendment as though they were expressly <br />rewritten, incorporated, and included herein. <br />Amended Loan Contract: C150272, dated April 1, 2011 <br />Replacement Promissory Note: $255,530, dated April 1, 2011, interest at the <br />rate of 2.50% per annum with annual payments <br />for a period of 30 years or until paid in full <br />Date of Amended Security Agreement: April 1, 2011 <br />DEBTOR: Farmers Pawnee Canal Company <br />SEAL <br />BYE /`f ,�� <br />Steve \/Vagrxdr, President <br />ATTEST: <br />By <br />L lob an;6, Secretary- asuT rer <br />C (Sc 1. -7 Z <br />Appendix C to Loan Contract C111272- <br />