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State of Colorado <br /> The Department of Natural Resources <br /> Colorado Water Conservation Board <br /> February 17,2014 <br /> Page 2 <br /> c. Declaration and Agreement of Protective Covenants (first revision), recorded <br /> December 13, 1988 at Reception No. 00957455, Boulder County Clerk and <br /> Recorder. <br /> d. Declaration and Agreement of Protective Covenants (first revision), recorded <br /> December 14, 1988 at Reception No. 88059452, Larimer County Clerk and <br /> Recorder <br /> e. Technical Amendment to the Declaration: Notice of Owner Association Address <br /> under Declaration: recorded March 20, 2008 at Reception No. 2917441, Boulder <br /> County Clerk and Recorder; and March 20, 2008 at Reception No. 20080017358, <br /> Larimer County Clerk and Recorder <br /> f. Second Amended and Restated Declaration and Agreement of Protective <br /> Covenants, recorded October 8, 2013 at Reception No. 03346519, Boulder <br /> County Clerk and Recorder; and October 7, 2013 at Reception No. 20130075923, <br /> Larimer County Clerk and Recorder <br /> g. Collectively, the foregoing are referred to as the"Declaration" <br /> 2. Certificate of Incorporation of Big Elk Meadows Association, filed August 2, 1966 with <br /> the Colorado Secretary of State ("Articles"). <br /> 3. By Laws of the Big Elk Meadows Association, adopted January 19, 1967, revised March <br /> 31, 1975 and March 28, 1983 ("Bylaws"). <br /> We have also made such other investigations of law and fact as we deemed necessary to render <br /> the opinions set forth in this letter. <br /> Attorney's Opinion <br /> Based on the foregoing and subject to the limitations and qualifications in this letter, we are of <br /> the opinion that: <br /> 1. The Loan Contract has been or is expected to be duly executed by officers of the <br /> Association, which officers are duly elected or appointed and are authorized to execute the <br /> Loan Contract and to bind the Association. <br /> 2. The resolutions of the Association authorizing the execution and delivery of the Loan <br /> Contract have been or are expected to be duly authorized by the Association's Board of <br /> Directors. <br /> 3. There are no provisions in the Association's Articles or Bylaws, or Declaration, or any state <br /> or local law that prevents the Loan Contract from binding the Association. <br /> 4. The Loan Contract will be valid and binding against the Association if entered into by Big <br /> Elk Meadows Association and the CWCB, except as may be limited by applicable <br />