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Petroceo Family Limited Partnership, LLLP <br /> ' a C a 14110 Brighton Road <br /> Brighton, Colorado 80601 <br /> 303-659-6498 Fax: 303-659-7645 <br /> May 16,2014 !i.Lt J° s2AC ..1_. <br /> Peg Mason <br /> Colorado Water Conservation Board <br /> Department of Natural Resources <br /> 1580 Logan St., Ste.#600 <br /> Denver,CO 80203 <br /> Re: Change in collateral <br /> Hi Peg, <br /> As you and Stephanie discussed on the phone today, I would like to go ahead with the amendment to <br /> the loan,reflecting the change in collateral with the Colorado Water Conservation Board loan. We <br /> would like to use Fulton shares as collateral in place of the Cache La Poudre shares. The certificates <br /> to remove are as follows... <br /> 8 shares-The New Cache La Poudre Irrigating Co.#4915 <br /> 6 shares-The Cache La Poudre Reservoir Company#4136 <br /> The certificates we would like to pledge in place of the above are listed below... <br /> 48 shares—The Fulton Irrigation Ditch Company#4021 <br /> 23 shares—The Fulton Irrigation Ditch Company#4022 <br /> 1 share-The Fulton Irrigation Ditch Company#4029 <br /> I spoke with our attorney May 15,2014 and he stated it would not be an issue as far as he could see <br /> changing collateral on the loan and would have no problem providing a new attorney letter. The <br /> following is an initial list of the documents that we identified for the loan modification,based on the <br /> assumption that the only recorded document for the loan are the deeds of trust and that possibly the <br /> security agreement was filed with the secretary of state: <br /> 1. Releases of deed of trust for the 6 New Cache and 8 Poudre Reservoir shares. <br /> 2. Amended deed of trust or partial release of deed of trust for the Radcliffe Fulton shares(1 still <br /> used as collateral,4 not purchased). <br /> 3. Deed of trust for the 23 Lammers Fulton shares to be added as collateral. <br /> 4. New or amended security agreement and to void previous security agreement if not filed or a <br /> termination if filed. <br /> 5. New assignments for the Radcliffe shares and Lammers shares. <br /> 6. Void the previous assignments for the Radcliffe,New Cache and Poudre Reservoir shares. <br /> In addition, as you&Stephanie discussed it appears that we will still have the 110%percent of loan <br /> value using the Fulton shares based on the TZA appraisal,which states a range of$11,000-$15,000 <br /> without a dry-up covenant and$16,500-$22,500 with a dry-up covenant. <br /> If there is anything further you need from me,please feel free to contact Stephanie or myself and we <br /> will do our best to get it taken care of. <br /> R ards, A/ <br /> D i4 ° . 'etrocco, r. <br />