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� <br />� <br /> I� <br /> I� <br />May 17, 2010 <br />�:, ° VRANESH AND RAISCH, LLP <br />� ATT�RNEYS AT LAW <br />1720 14ih Street, Suite 20Q P.Q. Box 871 Boulder, Colorado 803Q6 <br />Phone: 303.443.6 I S 1 Fa�c: 3Q3.443.9586 <br />www.vrlaw.com <br />Yia Fedex and emaid (Gregorvtimm a��co�n) <br />Exhibit � <br />Greg Timrn <br />� 31 N Tejon, Suite 500 <br />Colorado Springs, CO 8Q903 <br />Re: Swans Nest Metropalitan Distnict <br />Settlement with Breckenridge Meadows Development Company <br /> I� <br /> I� <br />� <br />� <br />Dear Greg: <br />Enolosed are the foliowing: <br />1. Resalution of the District Board approving ti2e settlement and directing the President and <br />Secretary af tk�e District to take all ac#ions ne�essary to implement that settlement. <br />2. Resolution af the Dis#rict Board adopting a supplemental hudget and appropriation for <br />the additianal revenues and expenditures associated with the settlement. <br />3. Copy of the check payable to Breckenridge Meadows Developznent Campany in the <br />amount of $85,000. <br />4. Capy ofthe Promissory Nate executed by the District in favor of Breckenridge Meadaws <br />Development Compat�y for $200,000. You will note tha# the District agreed to yo�a�r request to <br />increase the interest rate to 6%, with a default rate af 1S%. Also, the District has agreed to retain <br />the Qctober 2010 pay off date which was included in my draft documents. <br />5. Copy of the Deed of Trust executed by the District for the benefit of the Breckenridge <br />Meadows Deveiopment Campany to secure the Promissory Note. <br />6. Special Warranty Deed (ta be signed by Breckenridge Meadows Development <br />Company). <br />7. Quitc�aax� Deed {ta be signed by Breckenridge Meadows Development Company). <br />The two resolutians were obtained in response to the concerns that you raised in your April 19, <br />2a10 exnaiL In particular, the first resalution sets out the tenms of the settlexnent we negotiated -- <br />the District will pay Breckenridge Meadows Develapment Company $255,000 for the water <br />rights and related assets described in the Special Warranty Deed and QuitcIaim Deed wiih a cash <br />S:1Client45WAn's NestiTimm Itr of5.11.10.doc <br />� <br />