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AMENDMENT NO. 1 TO SECURITY AGREEMENT <br />DEBTOR: Pagosa Area Water & Sanitation District, acting by <br />and through its Water Activity Enterprise <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />DATE OF ORIGINAL SECURITY AGREEMENT: JULY 21, 2008 <br />ORIGINAL PROMISSORY NOTE: $11,217,000.00 DATED JULY 21, 2008, INTEREST AT <br />THE RATE OF 3.50% PER ANNUM WITH ANNUAL <br />PAYMENT FOR A PERIOD OF 30 YEARS OR UNTIL PAID IN <br />FULL. <br />ORIGINAL LOAN CONTRACT: C150261, DATED SEPTEMBER 18, 2008 <br />1. The Parties have amended the ORIGINAL LOAN CONTRACT and Promissory Note to decrease <br />the loan amount from $11,217,000.00 to $9,219,363.70, and hereby amend the original <br />Security 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.C150261 <br />Replacement Promissory Note: $9,219,363.70, 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 />X1,,1111 , <br />AN I) S,' , DEBTOR <br />acting b <br />E L <br />By <br />ATTEST: d '� <br />/fill 1 1 <br />By /�il�i <br />osa Area Water & Sanitation District, <br />through its Water Activity Enterprise <br />Signature/Title <br />c/. Z 5, 13 <br />Appendix B to Amendment No. 1 <br />Loan Contract C150261 <br />Page 1 of 1 <br />