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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 6 <br /> iii. The effect of general principles of equity, whether applied by a court of law <br /> or equity. This limitation includes principles: (a) governing the availability of specific <br /> performance, injunctive relief or other equitable remedies which generally place the <br /> award of such remedies, subject to certain guidelines, in the discretion of the court to <br /> which application for such relief is made; (b) affording equitable defenses (e.g., waiver, <br /> !aches and estoppel) against a party seeking enforcement; (c) requiring good faith and <br /> fair dealing in the performance and enforcement of a contract by the party seeking its <br /> enforcement; (d) requiring reasonableness in the performance and enforcement of an <br /> agreement by the party seeking enforcement of the contract; (e) requiring consideration <br /> of the materiality of (i) the Client's breach and (ii) the consequences of the breach to the <br /> party seeking enforcement; (f) requiring consideration of the impracticability or <br /> impossibility of performance at the time of attempted enforcement; and (g) affording <br /> defenses based upon the unconscionability of the enforcing party's conduct after the <br /> parties have entered into the contract. <br /> We have made no examination of, and no opinion is rendered as to, the state of <br /> title to the collateral for the Loan or the relative priority of the Lender's security interests <br /> or the existence or priority of any liens, charges, or encumbrances thereon. As to such <br /> matters we understand that you are relying on title insurance and your title insurer. <br /> We expressly disclaim any liability or loss that may accrue to Lender as a result <br /> of Lender's misapplication of any state or federal law, rule or regulation regarding <br /> interest rates or installment payment sums, the erroneous filling in of information in form <br /> documents, filing errors and similar operational or administrative errors of Lender or its <br /> agents or employees. <br /> The opinions expressed herein are limited to the matters expressly set forth <br /> herein, and no opinion may be implied or inferred beyond the specific language and <br /> scope so stated. <br /> The opinions herein represent our reasoned judgment regarding certain matters <br /> of law, based upon the facts presented or assumed, and are not, and should not be <br /> construed or considered as, a guarantee. <br /> The above opinions are hereby specifically qualified by reference to and are <br /> based solely upon laws, rulings and regulations in effect on the date hereof and are <br /> subject to modification to the extent that such laws, rulings and regulations may be <br />