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AMENDMENT NO. 1 TO SECURITY AGREEMENT <br /> DEBTOR: C. R. EVANS <br /> SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br /> Loan Contract: C153748 <br /> Date of Loan Contract: March 24, 1997, amended March 9, 1998 and <br /> November 20, 2003 <br /> The Parties have amended the LOAN CONTRACT to release 1,376 shares of Excelsior <br /> Irrigating Company stock and retain 500 shares of Excelsior Irrigating Company stock, <br /> evidenced by Certificate No. 9, as security for the loan. <br /> The Secured Party hereby releases its security interest in 1 ,376 shares of Excelsior <br /> Irrigating Company stock. <br /> The Parties expressly agree that this Amendment is supplemental to the Security <br /> Agreement and all terms, conditions, and provisions thereof, unless specifically modified <br /> below, are to apply to this Amendment as though they were expressly rewritten, <br /> incorporated, and included herein. <br /> DEBTOR: C. R. Evans <br /> eiR. <br /> Secured Party: Coloradn,WatertiConservation, <br /> Board <br /> 1 c `'.. Y f.x <br /> By 1. <br /> Rod Kuherich, Director` <br /> Appendix 3 to Loan Contract C153748 Amendment No. 2 <br />