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<br />AMENDMENT NO.1 TO SECURITY AGREEMENT <br /> <br />DEBTOR: THE GLENWOOD IRRIGATION COMPANY <br /> <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br /> <br />DATE OF ORIGINAL SECURITY AGREEMENT: NOVEMBER 2,2002 <br /> <br />Original Promissory Note: $386,000, dated November 2, 2002, Interest at the <br />rate of 4% per annum with annual payment for a <br />period of 30 years or until paid in full. <br /> <br />ORIGINAL LOAN CONTRACT: C150106, DATED NOVEMBER 2,2002 <br /> <br />1. The Parties have amended the ORIGINAL LOAN CONTRACT and Promissory Note to decrease <br />the loan amount from $386,000 to $117,608,25 and hereby amend the original Security <br />Agreement to document the change of the loan amount <br /> <br />2. 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 /> <br />Amended Loan Contract: C150106, dated November 2, 2002, and amended <br />August 1 , 2003 <br /> <br />Replacement Promissory Note: $117,608.25, dated August 1, 2003 interest at the <br />rate of 4% per annum with annual payments for a <br />period of 30 years or until paid in full <br /> <br />Date of Amended Security Agreement: August 1, 2003 <br /> <br />DEBTOR: The Glenwood Irrigation Company <br /> <br />CORPORATE <br />SEAL <br /> <br />By <<~ <br /> <br />. Carter T. on, President <br /> <br />ATTEST: <br />B(i <br /> <br />Ra and F. Thompson, Sec tary <br /> <br /> <br />Appendix B to Loan Contract C1501 06 Amendment No.1 <br />