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<br />RE~OLUTIONS OF THE BOARD OF DIRECTORS <br />OF LAZY 0 RANCH HOMEOWNERS' ASSOCIATION <br /> <br />The Board of Directors of Lazy 0 Ranch Homeowners' Association (Company), at a <br />meeting held May 2, 2007, at Snowmass, Colorado, adopted the following resolutions <br />concerning a secured loan from the State of Colorado Water Conservation Board <br />(CWCB), for the purpose of construction of a secondary water system in the amount of <br />$152,258 or such actual amount, more or less, as may be needed by the Company and <br />available from the CWCB including the CWCB loan origination fee of1 % of the loan <br />amount. <br /> <br />At said meeting, the Board charged that these resolutions are irrepealable during the <br />term of the loan and, pursuant to the Company's bylaws, authorized the President and <br />Corporate Secretary, RESOLVED as follows. <br />1. to enter into and comply with the terms of a contract with the Colorado Water <br />Conservation Board for a loan in the amount of $152,258, or such actual amount, <br />more or less, as needed to finance the project costs, including the CWCB loan <br />origination fee of 1 %, and <br />2. to levy and collect assessments from the shareholders in an amount sufficient to <br />pay the annual amounts due under the Loan Contract, and <br />3. to make the annual payments required by the promissory note and to make annual <br />deposits to a debt service reserve fund, and <br />4. to pledge up to 1.90 cubic feet per second interest in the Williams No. 1 ditch, <br />irrigating approximately 30 acres of Lazy 0 common pasture area, and <br />5. to execute all documents as required by the loan contract, including, but not <br />limited to, a Deed of Trust and a Promissory Note, and <br />6. to take such other actions and to execute such other documents as may be <br />necessary to consummate and implement the loan. <br /> <br />CERTIFICATION <br /> <br />THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY <br />THAT THE FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A <br />MEETING OF THE COMPANY'S BOARD OF DIRECTORS DULY CALLED AND HELD AS ABOVE <br />RECITED, PURSUANT TO THE COMPANY'S BYLAWS, AND THAT SAID RESOLUTIONS HAVE NOT <br />BEEN AMENDED OR RESCINDED. <br /> <br />GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY July 3, 2007.~../) ()/ <br /> <br /> <br />(SEAL) BY!~~ <br />Edwin Glickman, President <br /> <br /> <br />h <br /> <br />rate Secretary <br /> <br />ApPENDIX 3B TO LOAN CONTRACT C 150236 <br />