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AMENDMENT NO. 1 TO SECURITY AGREEMENT <br />DEBTOR: CEDAR MESA DITCH AND RESERVOIR COMPANY <br />SECURED PARTY: COLORADO WATER CONSERVATION BOARD <br />DATE OF ORIGINAL SECURITY AGREEMENT: MAY 1, ZOO2 <br />ORIGINAL PROMISSORY NOTE <br />$100,000, DATED MAY 1, 2002, INTEREST AT THE RATE <br />OF 3.25% PER ANNUM WITH ANNUAL PAYMENT FOR A <br />PERIOD OF 20 YEARS OR UNTIL PAID IN FULL. <br />ORIGINAL LOAN CONTRACT: C150O87, DATED MAY 1, 2002 <br />Collateral: a security interest in all revenues derived from <br />assessments on stock and all of DEeroR's right to <br />receive said assessment revenues to repay the <br />indebtedness on the amount loaned to Debtor by <br />Secured Party, as described in Pledge of Property <br />provisions in Contract No. C150087 dated May 1, 2002 <br />(coNrw�.cr), hereinafter called the COLLATERAL to <br />secure payment of the indebtedness evidenced by <br />the Promissory Note dated May 1 2002, between the <br />above named parties, payable to the SecuRe� Pa,RrY, <br />the loan amount of $100,000 for a period of 20 years <br />in accordance wiYh said Promissory Note or until all <br />principal and interest are paid in full. <br />The Parties have amended the ORi�iNa� LoaN CoNrRa.Cr and Promissory Note to increase <br />the loan amount from $100,000 to $150,000 and hereby amend the original Security <br />Agreement to document the change of the loan amount. <br />2. The Parties expressiy agree that this Amendment is supplemental to the Security <br />Agreement and all terms, conditions, and provisions thereof, unless specifically modified <br />below, are to apply to this Amendment as though they were expressly rewritten, <br />incorporated, and included herein. <br />Amended Loan Contract: C150087, dated May 1, 2002, amended February 1, <br />2003 <br />Replacement Promissory Note: $150,000, dated February 1, 2003, interest at the rate <br />of 3.25% per annum with annual payments for a <br />period of 30 years or until paid in full <br />Date of Amended Security Agreement: February 1, 2003 <br />DeeTOR: Cedar Mesa Ditch and Reserooir <br />Compa , a Colorado nonprofit corporation <br />S E A L By � i � , � o <br />� <br />Herschel G. Bur s, President <br />ATTEST: <br />g ��G e"`� C ��.� <br />Robert E. Phillips, Gorporate S cretary <br />Attachment C to Contract C150087,�Amendment No. 1 <br />