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CONTRACT AMENDMENT Amendment No.1 Original Loan Contract No. CORE: CT2015-049 C150320 Original CMS No. 37039 Amendment No. 1 CMS No. 82780 1) PARTIES This Amendment No. 1 (AMENDMENT) to the above-referenced ORIGINAL CONTRACT (hereinafter called the ORIGINAL CONTRACT) is entered into by and between the Thunderbird Water and Sanitation District, ("Borrower" or "District"), Douglas County, Colorado, a quasi-municipal corporation duly organized and existing as a water and sanitation district pursuant to C.R.S. Title 32, 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 The Thunderbird Water and Sanitation District was approved for a loan, from the CWCB, totaling $318,150.00 on July 1, 2011, to finance the Lambert Ranch Water Rights Purchase (PROJECT). The Parties agree to amend the contract to make changes to dates and correct the description of eligible legal expenses, in regard to the PROJECT. 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. 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. CT2015-049 (C150320) is modified as follows: a) Replace the language in Paragraph 8c, Page 3 of the ORIGINAL CONTRACT, with the following language: The obligation of the BORROWER to make the annual payment due under this Contract shall constitute a general obligation of the BORROWER, and the full faith and credit of the BORROWER is hereby pledged for the payment thereof. Pursuant to its statutory authority, the Election held within the District on November 2, 2010, and as permitted by law, the BORROWER shall cause to be levied on all the taxable property within the District, in addition to all other taxes, direct annual taxes in amounts sufficient to pay this loan as required by the terms of this CONTRACT and the PROMISSORY NOTE, without limitation of rate and in amounts sufficient, when combined with any other legally available monies of the BORROWER, to pay when due the annual payment due under this Contract. Page 1 of 3