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AMENDMENT N0.1 TO PROMISSORY NOTE Date: March 25, 2013 Borrower: Sanchez Ditch and Reservoir Company Principal Amount: $ 73,705.22 Interest Rate: 3.00% per annum Amended Term of Repayment: 6 years Original Loan Contract No.: C153623, dated August 20, 1992 Loan Payment: As of August 2013, new loan payment is $16,485.57 until loan is paid off. Payment Initiation Date *: August 1, 2011 Maturity Date *: August 1, 2017 * Payment Initiation Date and Maturity Date fields are filled in after the project has been substantially completed. 1. FOR VALUE RECEIVED, the BORROWER promises to pay the Colorado Water Conservation Board ( "CWCB "), the Principal Amount plus Interest for the Term of Repayment, pursuant to the LOAN CONTRACT and this PROMISSORY NOTE (NOTE). 2. This AMENDMENT No.1 TO PROMISSORY NOTE, dated March 25, 2013 replaces and supersedes the PROMISSORY NOTE, Paragraph A. 13, Page 7 of the ORIGINAL CONTRACT dated August 20, 1992. 3. The BORROWER has paid the August, 2012 annual payment of $11,485.57. As of August 2013, principal and interest shall be paid annually in the new loan payment of $16,485.57 until loan is paid off. All principal, interest, and late charges, if any, then remaining unpaid shall be due and payable on or before the Maturity Date. 4. Payments shall be made to the Colorado Water Conservation Board at 1313 Sherman Street, Room 721, Denver, Colorado 80203. 5. The CWCB may impose a late charge in the amount of 5% of the annual payment if the CWCB does not receive the annual payment within 15 calendar days of the due date. 6. This NOTE may be prepaid in whole or in part at any time without premium or penalty. Any partial prepayment shall not postpone the due date of any subsequent payments or change the amount of such payments. 7. All payments received shall be applied first to late charges, if any, next to accrued interest and then to reduce the principal amount. Appendix B to Amendment No. 1 Loan Contract C153623 Page 1 of 2