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AMENDMENT NO. 1 TO SECURITY AGREEMENT <br />DEBTOR: Louden Irrigating Canal and Reservoir Company, <br />Inc. <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />DATE OF ORIGINAL SECURITY AGREEMENT: APRIL 1, 2009 <br />ORIGINAL PROMISSORY NOTE: $263,610 DATED APRIL 1, 2009, INTEREST AT THE <br />RATE OF 3.50% PER ANNUM WITH ANNUAL PAYMENT <br />FOR A PERIOD OF 30 YEARS OR UNTIL PAID IN FULL. <br />ORIGINAL LOAN CONTRACT: C150268, DATED APRIL 28, 2009 <br />1. The Parties have amended the ORIGINAL LOAN CONTRACT and Promissory Note to decrease <br />the loan amount from $263,610.00 to $189,842.76 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.C150268 <br />Replacement Promissory Note: $189,842.76 dated March 22, 2013, interest at the <br />rate of 3.50% 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: Louden Irrigating Canal and Reservoir <br />Company, Inc. <br />SEAL <br />By <br />Signa ure/Title <br />ATTEST- <br />I <br />By /w <br />Signature /Title Ll <br />Appendix B to Amendment No. 1 <br />Loan Contract C150268 <br />Page 1 of 1 <br />