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1KIC <br /> Toussaint Nemer&Coaty August,2010 <br /> Attorneys At Law <br /> Richard W. Toussaint Department of Natural Resources <br /> Rtoussaint @tnclaw.com Colorado Water Conservation Board <br /> Construction fund Section <br /> Raule G. Nemer 1313 Sherman Street,Room 721 <br /> Rnemer @tnclaw.com Denver, Colorado 80203 <br /> John D. Coaty <br /> Jcoaty @tnclaw.com Re: Stagestop Owners Association Contract No. C150310 <br /> June E. Anglin Ladies and Gentlemen: <br /> Janglin @tnclaw.com <br /> As counsel for the Stagestop Owners Association, Inc., a Colorado <br /> nonprofit corporation, ("Stagestop") we have examined duly executed originals of <br /> the loan transaction consisting of the Loan Contract dated August 221 2010 by and <br /> between the Department of Natural Resources, Colorado Water Conservation <br /> Board as lender and Stagestop as borrower (the "Contract") and the Appendix <br /> documents consisting of the Project Summary, Promissory Note, Stagecoach <br /> Resolutions, Security Agreement, and Deed of Trust (collectively, the <br /> "Transaction Documents"), the proceedings of Stagestop to authorize and execute <br /> the Contract and Transaction Documents, and Stagestop's governing documents. <br /> Based upon said examination and upon such other examination as we have deemed <br /> necessary or appropriate,it is our opinion that: <br /> 1. The Contract and Transaction Documents have been executed by <br /> Stagestop's duly elected or appointed officers who have been authorized to execute <br /> the contract and transaction documents and bind Stagecoach as set forth in the <br /> Resolutions of Board of Directors. <br /> 2. The Resolutions of Board of Directors were duly adopted by Stagestop's <br /> Board of Directors. <br /> 3 There are not provisions in Stagestop's Articles of Incorporation, By-laws, <br /> Covenants, or any state or federal law that prevent the Contract from binding <br /> Stagestop. <br /> 4. The Contract will be valid and binding against Stagestop if entered into by <br /> 303.674.0800 Tel CWCB. <br /> 303.674.8492 Fax This Opinion of Counsel may be relied upon by Department of Natural <br /> Resources, Colorado Water Conservation Board. <br /> tnclaw.com Web <br /> . ai t,Nemer&Coaty,P.C. <br /> 32065 Castle Court <br /> Suite 150 't 0 <br /> Ri ' '.. Toussaint <br /> Centerpoint I Building Att'rney for the Stagestop Owners Association,Inc. <br /> Evergreen, CO 80439 <br />