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<br />AMENDMENT NO.1 TO SECURITY AGREEMENT <br /> <br />DEBTOR: THE LOMA DITCH AND LATERAL COMPANY <br /> <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br /> <br />DATE OF ORIGINAL SECURITY AGREEMENT: NOVEMBER 1,2002 <br /> <br />ORIGINAL PROMISSORY NOTE: $250,235, dated November 1, 2002, Interest <br />at the rate of 2.75% per annum with annual <br />payment for a period of 30 years or until paid <br />in full. <br /> <br />ORIGINAL LOAN CONTRACT: C150114, DATED NOVEMBER 1,2002 <br /> <br />1. The Parties have amended the ORIGINAL LOAN CONTRACT and Promissory Note to <br />decrease the loan amount from 5250,235 to $233,756.86 and hereby amend the <br />original Security Agreement to document said decrease. <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 <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: C150114, dated November 1, 2002, amended <br />March 1, 2004 <br /> <br />Replacement Promissory Note: $233,756.86, dated March 1, 2004, interest at <br />the rate of 2.75% per annum with annual <br />payments for a period of 30 years or until paid in <br />full <br /> <br />Date of Amendment to Security Agreement: March 1, 2004 <br /> <br />DEBTOR: The Loma Ditch and Lateral <br />Company, a Colorado nonprofit corporation <br /> <br />(S E A L) <br /> <br /> <br />Atte~t <br /> <br />ByQ"'<f-' j) 7t/L~'A/"';'.J <br /> <br />Ja D. Williams, Corporate Secretary <br /> <br />Appendix 2 to Loan Contract C150114 Amendment No.1 <br />