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AMENDMENT NO. 1 TO SECURITY AGREEMENT <br />DEBTOR: GRAND RIVER DITCH COMPANY <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />DATE OF ORIGINAL SECURITY AGREEMENT: September 17, 2010 <br />Original Promissory Note: $518,130, dated September 17, 2010, Interest <br />at the rate of 4.20% per annum with annual <br />payment for a period of 30 years or until paid in <br />full. <br />ORIGINAL LOAN CONTRACT: C150311, DATED September 17, 2010 <br />1. The Parties have amended the ORIGINAL LOAN CONTRACT and Promissory Note to <br />decrease the loan amount from $518,130 to $91,973.23 and hereby amend the <br />original Security Agreement to document the change of the loan amount to <br />$91,973.23. <br />2. The Parties expressly agree that this Amendment is supplemental to the Original <br />Security Agreement and all terms, conditions, and provisions thereof, unless <br />specifically modified below, are to apply to this Amendment as though they were <br />expressly rewritten, incorporated, and included herein. <br />Amended Loan Contract: C150311, dated July 23, 2012 <br />Replacement Promissory Note: $91,973.23, dated July 23, 2012, interest at the <br />rate of 4.20% per annum with annual payments <br />for a period of 30 years or until paid in full <br />Date of Amended Security Agreement: July 23, 2012 <br />DEBTOR: GRAND RIVER DITCH COMPANY <br />SEAL <br />Alvin Hansen, President <br />ATTEST: <br />By <br />Scgft Fields, Secretary <br />Appendix A to Loan Contract C150311 Amendment No. 1 <br />