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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 7 <br /> changed in the future. We have no obligation or duty to update or supplement this <br /> opinion for events or changes in the law occurring after the date of this letter. <br /> The attorneys participating in the preparation of this opinion are in good standing <br /> and currently licensed to practice law in the State of Colorado. <br /> This opinion is solely for the benefit of the addressees hereof, and may not be <br /> relied upon in any manner by any other person or entity. Except to the extent <br /> authorized by the Accord, this Opinion Letter is furnished by the Bendelow Law Firm, <br /> P.C. as counsel for Borrower and may be relied upon by Lender only in connection with <br /> the Loan, and may not be used or relied upon by any other person or for any purpose <br /> whatsoever, without in each instance, our written consent. <br /> Respectfully, <br /> BENDELOW LAW FIRM, P.C. <br /> 1\Z— <br /> Edward M. Bendelow, Esq. <br /> c: <br /> The Boulder and White Rock Ditch and Reservoir Company <br />