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Big Elk Meadows Association <br />January 17, 2014 (Updated January 29, 2014) <br />Page 3 of 3 <br />Agenda Irem 17a <br />loan repayment period would be modified so the first payment is due February 1, 2017 with the last <br />payment due on February 1, 2046. <br />Collateral <br />Collateral for this loan, as described in the recorded Deed of Trust, is "An undivided one-hundred <br />percent interest in the E'/2 of the N'/2 of the N'/2 of Section 2, T3N, R72W of the 6`" Principal <br />Meridian, located in Boulder County, Colorado, containing 40 acres of land." As described, the <br />legal description covers two quarter-quarter sections (NE '/4 of the NE `/a and NW '/a of the NE '/a) <br />totaling 80 acres. With the loan deferral amendment, the Deed of Trust will be amended to precisely <br />describe the 40 acres that is the collateral. The amended Deed of Trust collateral statement will be <br />corrected to read: <br />An undivided one-hundred percent interest in the NE '/4 of the NE '/4 of Section 2, T3N, <br />R72W of the 6`h Principal Meridian, located in Boulder County, Colorado, containing 40 <br />acres of land. <br />This legal description correctly identifies the 40 acres as shown in the 2011 Feasibility Study maps. <br />cc: Roger Vesely, President, Big Elk Meadows Association <br />Susan Schneider/Jennifer Mele, Colorado Attorney General's Office <br />Attachments: Big Elk Meadows — January 11, 2014 Letter <br />Revised Repayment Schedule <br />