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CONTRACT AMENDMENT Amendment No.1 Original Loan Contract Amendment CMS # 60331 CLIN Routing #09 PDA 00049 (FY09) Contract #C150273 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 Ogilvy Augmentation Company, 822 r Street, Suite 760, Greeley, CO 80631, a Colorado nonprofit corporation (hereinafter called "BORROWER" or "COMPANY "), 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 Ogilvy Augmentation Company was approved for a CWCB loan totaling $523,584 on November 12, 2008, which is incorporated herein by reference, to finance the Ogilvy Augmentation Company Well Augmentation Project. The original Deed of Trust recorded in Weld County, Colorado, on September 9, 2010, pledged, as collateral, an undivided one - hundred percent interest in six (6) shares of the Greeley Irrigation Company. CWCB, as lien holder, will now take possession of the six (6) shares of Greeley Irrigation Company, until such time as the the loan is paid in full. Stock transfer forms and stock assignment forms will be completed. After the stock certificates are transferred, new stock certificate numbers will be issued by Greeley Irrigation Company. The new stock certificate numbers will be filled in on the Amendment No.1 to Deed of Trust, Contract No. C150273 and the Amendment No.1 to Deed of Trust will be recorded in Weld County, Colorado. 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. The Parties agree to replace the Colorado Special Provisions with the most recent version (if such have been updated since the ORIGINAL CONTRACT and any modification thereto were effective) as part consideration for this AMENDMENT. If applicable, such Special Provisions are attached hereto and incorporated by reference herein as APPENDIX A. 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. C150273 and all prior amendments thereto, if any, are modified as follows: a) The BORROWER agrees that it shall execute the following documents: I. AMENDMENT No.1 TO DEED OF TRUST, attached hereto as APPENDIX B and incorporated Page 1 of 3 Effective Date: 1/6/09