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Amendment No. 1 to Deed of Trust Date: November 24, 2003 Grantor (Borrower): The Tunnel Water Company Beneficiary (Lender): Colorado Water Conservation Board Date of Original Deed of Trust: July 11, 2001 Recording Date of Original Deed of Trust: September 26,2001 County of Recording ("County"): Larimer Deed of Trust Recording Information: Reception No. 2001086379 Loan Contract: C150065 dated July 11, 2001, amended November 24, 2003 Promissory Note: $1,881,400.48,4.3%,30 years, dated November 24, 2003 This Amendment to the Deed of Trust is between the Grantor and the Public Trustee of the County, State of Colorado. The Original Deed of Trust was recorded to secure repayment of the indebtedness evidenced by Loan Contract dated July 11, 2001 and the Promissory Note dated July 11, 2001 between the Grantor and the Beneficiary. The amount of the loan to the Grantor was decreased from $2,080,000 to $1,881,400.48. The Grantor and Beneficiary have agreed to amend the Original Deed of Trust to reflect the loan amount of $1,881,400.48. NOW THEREFORE, the Beneficiary and Grantor agree that: 1. The second full paragraph of the Original Deed of Trust is hereby amended to read as follows: Witnesseth, that whereas Grantor has executed a promissory note dated November 24, 2003 in . the amount of $1,881,400.48 which replaces and supercedes the original promissory note dated July 11, 2001 in the amount of $2.,080,000.00 as set forth in Contract No. C150065, dated July 11, 2003, and amended November 24, 2003, payable to the order of the Colorado Water Conservation Board ("CWCB'? the beneficiary herein, whose address is 1313 Sherman Street, Room 721, Denver, Colorado 80203, payable in 30 annual installments, in accordance with said promissory note (dated November 24, 2003), or until the loan is paid in full. Appendix C to Loan Contract C150065 Amendment No.1