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<br />AMENDMENT NO. 1 TO SECURITY AGREEMENT <br /> <br />DEBTOR: THE TUNNEL WATER COMPANY <br /> <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br /> <br />DATE OF ORIGINAL <br />SECURITY AGREEMENT: JULY 11,2001 <br /> <br />Original Promissory Note: $2,080,000, dated July 11, 2001, Interest at the rate of <br />4.3% per annum with annual payment for a period of 30 <br />years or until paid in full. <br /> <br />Original Loan Contract: C150065 DATED JULY 11, 2001 <br /> <br />a. The Parties have amended the ORIGINAL LOAN CONTRACT and Promissory Note to <br />decrease the loan amount from $2,080,000 to $1,881,400.48 arid hereby amend the <br />original Security Agreement to evidence of the decreased loan amount. <br /> <br />b. The Parties expressly agree that this Amendment is supplemental to the Original <br />Security Agreement and all terms, conditions, and provisions thereof, unless specifically <br />modified below, are to apply to this Amendment as though they were expressly <br />rewritten, incorporated, and included herein. <br /> <br />. Amended Loan Contract: C150065, dated July 11, 2001, amended <br />. November 24, 2003 <br /> <br />Replacement Promissory Note: $1,881,400.48 dated November 24,.2003, interest <br />at the rate of 4.3% with annual payments for a <br />period of 30 years or until paid in full <br /> <br />Date of Amended Security Agreement: November 24, 2003 <br /> <br />DEBTOR: The Tunnel Water Company . <br /> <br />CORPORATE <br />SEAL <br /> <br />BY~~ <br /> <br />Fred Walker, President <br /> <br />ATT~ lEil L <br />By. . W. <l ." L; 0 - <br />Dana M. Parker, Corporate Secretary <br /> <br />Appendix B to Loan Contract C150065 Amendment No.1 <br />