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The Department of Natural Resources <br /> Colorado Water Conservation Board <br /> Attn: Construction Fund Section <br /> February 12, 2009 <br /> Page 4 <br /> k. Lender has all necessary power to make, and is authorized to make, the <br /> Loan. <br /> Each of the Loan Documents has been duly authorized, executed and <br /> delivered by Lender to the extent required. <br /> m. That the Certificate of Good Standing is accurate. <br /> Based on the foregoing, and expressly subject to the qualifications, limitations, <br /> and exceptions contained herein, it is our opinion that: <br /> 1. Borrower is a non-profit company, duly formed, validly existing, and is in <br /> good standing under the laws of the State of Colorado. <br /> 2. Borrower is qualified to do business in the State of Colorado, the only <br /> jurisdiction where such qualification is necessary. <br /> 3. Borrower is authorized to enter into and execute the Loan Contract, <br /> Promissory Note, Security Agreement and Deed of Trust. <br /> 4. The Loan Contract has been duly executed by officers of the Borrower <br /> who have been duly appointed and are authorized to execute the Loan Contract and to <br /> bind the Borrower. <br /> 5. The resolutions of the Borrower authorizing the execution and delivery of <br /> the Loan Contract were duly adopted by the Borrower's board of directors. <br /> 6. There are no provisions in the Borrower's articles of incorporation or <br /> bylaws that prevents the Loan Contract, Promissory Note, Security Agreement and <br /> Deed of Trust from binding the Borrower. <br /> 7. The Loan Documents are legal, valid, binding and enforceable against the <br /> Borrower in accordance with their terms. <br /> 8. The Loan, as expressed in the Loan Documents, will not result in or <br /> constitute a violation of the usury laws of the State of Colorado. <br />