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' Orten <br /> C a v a n a g Fh CSC Aaron Goodlock <br /> FEB 1 2014 Direct:720.221.9787 <br /> Holmes, L LC agoodlock(o ochhoalaw.com <br /> A T T O R N E 1' S AT L A W f'O1AIrEf: frr', = <br /> February 17, 2014 <br /> Via Email and First Class Mail <br /> State of Colorado, Department of Natural Resources <br /> Colorado Water Conservation Board <br /> Attn: Construction Fund Section <br /> 1313 Sherman Street,Room 721 <br /> Denver, CO 80203 <br /> peg.mason @state.co.us <br /> Re: New Loan from the Department of Natural Resources, Colorado Water Conservation <br /> Board to Big Elk Meadows Association <br /> To whom it may concern: <br /> Orten Cavanagh & Holmes, LLC has been retained by Big Elk Meadows Association <br /> ("Association") to provide our opinion as to the Association's authority to enter into a new loan <br /> contract ("Loan") with State of Colorado for the use and benefit of The Department of Natural <br /> Resources, Colorado Water Conservation Board("CWCB"or"State"). <br /> In connection with the Loan and for purposes of this opinion, we have reviewed the following <br /> documents: <br /> 1. Loan Contract No. C150391 dated January 27, 2014 between CWCB and the <br /> Association("Loan Contract") <br /> 2. Project Summary for Contract No. C150391 <br /> 3. Promissory Note dated January 27, 2014 from the Association to CWCB <br /> 4. Resolutions of the Association dated February 15, 2014 <br /> 5. Security Agreement dated January 27, 2014 between the Association to CWCB <br /> 6. Deed of Trust dated January 27, 2014 from the Association for the benefit of CWCB <br /> The foregoing are referred to in this letter as the"Loan Documents." <br /> We have also reviewed the following documents: <br /> 1. Declaration for the Community, including the following: <br /> a. Declaration and Agreement of Protective Covenants, recorded August 3, 1966 at <br /> Reception No. 921200, Larimer County Clerk and Recorder. <br /> b. Declaration and Agreement of Protective Covenants, recorded August 3, 1966 at <br /> Reception No. 822910, Boulder County Clerk and Recorder. <br /> 1445 Market Street,Suite 350 • Denver, CO 80202 • 720-221-9780 ph • 720-221-9781 fax <br /> 14 N.Sierra Madre Street,Suite A-1 • Colorado Springs, CO 80903 • 719-457-8420 ph • 719-457-8419 fax <br /> 888-841-5149 toll free • www.ochhoalaw.com • info @ochhoalaw.com <br />