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RESOLUTIONS OF THE BOARD OF DIRECTORS <br /> OF WADLEY FARMS, FILING NO. 3 HOMEOWNER'S ASSOCIATION <br /> The Board of Directors of Wadley Farms, Filing No. 3 Homeowner's Association (Company), at a meeting held ,..141 <br /> . <br /> iso 11"eat2, atilitANThi., Colorado, adopted the following RESOLUTIONS concerning a secured loan from the State of Colorado <br /> Water Conservation Board (CWCB), for the purpose of the purchase of Water Rights in the amount of$727,200 or such <br /> actual amount, more or less, as may be needed by the Company and available from the CWCB including the CWCB loan <br /> origination fee of 1% of the LOAN AMOUNT. <br /> At said meeting, the Board charged that these RESOLUTIONS are irrepealable during the term of the loan and, <br /> pursuant to the Company's bylaws, authorized the President and Corporate Secretary, RESOLVED as follows. <br /> 1. to enter into and comply with the terms of a contract with the CWCB for a loan in the amount of$727,200, or such actual <br /> amount, more or less, as needed to finance the PROJECT costs, including the CWCB loan origination fee of 1%; and <br /> 2. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual amounts due under the <br /> LOAN CONTRACT, and to pledge assessment revenues and the Company's right to receive said revenues for repayment of <br /> the loan; and <br /> 3. to place said pledged revenues in a special account separate and apart from other Company revenues; and <br /> 4. to make the annual payments required by the PROMISSORY NOTE and to make annual deposits to a debt service reserve <br /> fund, and <br /> 5. to pledge, as Collateral, for the loan, the Company's assessment revenues backed by a rate covenant and the <br /> purchased Water Rights, which consist of two(2) shares in the Farmers High Line Canal and Reservoir Company; and <br /> 6. to execute all documents as required by the LOAN CONTRACT, including, but not limited to, a PROMISSORY NOTE, SECURITY <br /> AGREEMENT, DEED OF TRUST and STOCK ASSIGNMENT necessary to convey a security interest in said property to the <br /> CWCB; and <br /> 7. to take such other actions and to execute such other documents as may be necessary to consummate and implement the <br /> loan. <br /> CERTIFICATION <br /> THE UNDERSIGNED, THE PRESIDENT AND THE CORPORATE SECRETARY HEREBY CERTIFY THAT THE FOREGOING ARE TRUE AND <br /> CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE COMPANY'S BOARD OF DIRECTORS DULY CALLED AND <br /> HELD AS ABOVE RECITED, PURSUANT TO THE COMPANY'S BYLAWS,AND THAT SAID RESOLUTIONS HAVE NOT BEEN AMENDED OR <br /> RESCINDED. �K \ <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE COMPANY THE 2 J DAY OF .aiv\. A__ 201 . f <br /> (S E A L) taDuct le y Fruvyyts L; 3 <br /> 0 Ac <br /> 45 . '''By ./_ i∎r.�. <br /> V Signa <br /> ATTEST: ' <br /> • <br /> NAME: <br /> „„��)) L .4.• - <br /> By 110'/ �./ `= TITLE: 1Y't°St <br /> Si. ature of Corporate Secretary <br /> DATE: I/a l ao z 4- <br /> DATE: /A5/20/ <br /> Appendix 3 to Loan Contract C150379 <br /> Page 1 of 1 <br />