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January 28, 2014 <br /> Page 2 <br /> I have confirmed that Wadley Farms, Filing No. 3 Homeowners' Association, with <br /> offices at 1499 West 121st Avenue, Suite 100, Westminster, Colorado 80234, the Borrower, is a <br /> Colorado non-profit corporation in good standing with the Colorado Secretary of State's Office. <br /> The Borrower intends to use the loan proceeds to purchase two (2) shares in the Farmers <br /> Highline Canal and Reservoir Company, a Colorado mutual ditch organization to increase the <br /> reliability of the Borrower's non-potable irrigation water and fire protection system by increasing <br /> its water supply. <br /> In order to perfect CWCB's security interest in the collateral (i.e. the two shares in <br /> Farmers Highline Canal and Reservoir Company), we are going to close in escrow with our <br /> Sellers and not release funds until, the escrow agent obtains a reissued stock certificate in the <br /> name of my client and CWCB to secure payment of this Loan Contract. If necessary, we will <br /> deliver this reissued stock certificate to you for safekeeping until the loan is repaid. <br /> Finally, it is my opinion that the Board of Directors of the Wadley Farms Filing No. 3 <br /> Homeowners' Association has the authority to levy assessments upon its homeowners to pay this <br /> Loan Contract and further the recorded covenants of Wadley Farms Filing No. 3 Homeowners' <br /> Association provide for homeowner assessments to meet the common expenses of the <br /> organization, including assessments relating to irrigation and fire protection. <br /> Thanks in advance for your cooperation. Please call if you have any questions. <br /> Very truly yours, <br /> t(frift <br /> Timothy 1 an <br /> t flanagan aJfsf-law.corn <br /> TJF/clm <br /> cc: Wadley Farms, Filing No. 3 Homeowners' Association Board of Directors <br /> c/o Brett Ginther, Director <br /> Homestead Management <br />