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AMENDMENT NO. 1 TO SECURITY AGREEMENT <br />DEBTOR: SANCHEZ DITCH AND RESERVOIR COMPANY <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />DATE OF ORIGINAL SECURITY AGREEMENT: AUGUST 20, 1992 <br />ORIGINAL PROMISSORY NOTE: $287,139.36 DATED AUGUST 20, 1992 INTEREST AT <br />THE RATE OF 3.00% WITH ANNUAL PAYMENT OF <br />$11,485.57 FOR A PERIOD OF 25 YEARS OR UNTIL PAID <br />IN FULL. <br />ORIGINAL LOAN CONTRACT: C153623, DATED AUGUST 20, 1992 AS AMENDED <br />MARCH 25, 2013 <br />1. Pursuant to the Board's approval of an annual loan payment deferral, the September 2011 <br />annual loan payment of $11,485.57 and the interest of $2,146.75 were deferred by CWCB. <br />The unpaid interest was added to the loan principal changing the new loan principal amount to <br />$73,705.22. <br />2. The Parties expressly agree that this Amendment is supplemental to the Security Agreement <br />dated August 29, 1992, Paragraph A. 14, Page 8 of the ORIGINAL CONTRACT and all terms, <br />conditions, and provisions thereof, unless specifically modified below, are to apply to this <br />Amendment as though they were expressly rewritten, incorporated, and included herein. <br />Amended Loan Contract: Amendment No. Ito Loan Contract No.C153623 <br />Replacement Promissory Note: $73,705.22, dated March 25, 2013, interest at the <br />rate of 3.00% per annum with annual payments for a <br />period of 6years or until paid in full. <br />Date of Amended Security Agreement: March 25, 2013 <br />DEBTOR: SANCHEZ DITCH AND RESERVOIR COMPANY <br />SEAL <br />ATTEST: <br />Date 8` /3 —/3 dWZ By /lass <br />Slgnatureffi e <br />Date a- /3 -/ 3 <br />Signature/Title <br />Appendix C to Amendment No.1 <br />Loan Contract C153623 <br />Page 1 of 1 <br />