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Orten <br /> Cava nag h t x. Aaron Goodlock <br /> Holmes, <br /> 1 Direct:720.221.9787 <br /> L LC agoodlockeochhoalaw.com <br /> A T T O R N E Y S A T I. A W <br /> March 12, 2014 <br /> First Class Mail and Via Email se?.mason a)state.co.us <br /> State of Colorado, De'artment of Natural Resources <br /> Colorado Water Cons Board <br /> Attn: Construction Fu d Section <br /> 1313 Sherman Street, 1'oom 721 <br /> Denver, CO 80203 <br /> Re: Amendment 1. 1 to the Original Loan Contract C150327 from' the Department of <br /> Natural Resources, Colorado Water Conservation Board to Big Elk Meadows <br /> Association <br /> To Whom it May Con, ern: <br /> Orten Cavanagh & olmes, LLC has been retained by Big Ells Meadows Association <br /> ("Association") to pro ide our opinion as to the Association's authori y to amend the original <br /> loan contract ("Loan mendment") with the State of Colorado for th use and benefit of The <br /> Department of Natural Resources, Colorado Water Conservation Board "CWCB" or"State"). <br /> In connection with the Loan Amendment and for purposes of this opini n, we have reviewed the <br /> following documents: <br /> 1. Original Loan ontract No. C150327 dated January 14, 2012 etween CWCB and the <br /> Association("original Loan Contract") <br /> 2. Amendment No. 1 to the Original Loan Contract C 150327 ("Conttract Amendment") <br /> 3. Resolution oft e Association dated March 9, 2014 <br /> The foregoing are referred to in this letter as the "Loan Amendment Documents." <br /> We have also reviewed the following documents: <br /> 1. Declaration for he Community, including the following: <br /> a. Declarat on and Agreement of Protective Covenants, recorded August 3, 1966 at <br /> Reception No. 921200, Larimer County Clerk and Recorder. <br /> b. Declarat on and Agreement of Protective Covenants, recorded August 3, 1966 at <br /> Reception No. 822910, Boulder County Clerk and Recorder. <br /> c. Declarat on and Agreement of Protective Covenants (first revision), recorded <br /> Decemb,r 13, 1988 at Reception No. 00957455, Bou der County Clerk and <br /> Recorde <br /> 1445 Market Stree ,Suite 350 • Denver,CO 80202 • 720-221-9780 ph • 720-221-9781 fax <br /> 14 N.Sierra Madre Street, .uite A-1 • Colorado Springs,CO 80903 • 719-457-8420 ph • 719-457-8419 fax <br /> 888-841-'.149 toll free • www.ochhoalaw.com • info @ochhoalaw.com <br />