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AMENDMENT NO. 1 TO SECURITY AGREEMENT <br /> DEBTOR: Montezuma Valley Irrigation Company <br /> SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br /> DATE OF ORIGINAL SECURITY AGREEMENT: JULY 2, 2012 <br /> ORIGINAL PROMISSORY NOTE: $338,603.00 DATED JULY 2, 2012, INTEREST AT THE <br /> RATE OF 2.75% PER ANNUM WITH ANNUAL PAYMENT <br /> FOR A PERIOD OF 30 YEARS OR UNTIL PAID IN FULL. <br /> ORIGINAL LOAN CONTRACT: C150333, DATED AUGUST 24,2012 <br /> 1. The Parties have amended the ORIGINAL LOAN CONTRACT and Promissory Note to decrease <br /> the loan amount from $338,603.00 to $252,225.22 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.C150333 <br /> Replacement Promissory Note: $252,225.22 dated July 2, 2012, interest at the rate <br /> of 2.75% per annum with annual payments for a <br /> period of 30 years or until paid in full <br /> Date of Amended Security Agreement: July 15, 2013 <br /> VIRGINIA L MARTIN DEBTOR: Montezuma Valley Irrigation Compan, <br /> NOTARY PUBLIC <br /> STATE OF COLORADO A Colorado nonprofit corporation <br /> My Commission Expires:/1 Q5- I` <br /> By .hezzi4 <br /> f Sig na6 refTitle <br /> ATTEST: <br /> Signa re Itt'e <br /> Appendix B to Amendment No. 1 <br /> Loan Contract C150333 <br /> Page 1 of 1 <br />