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' C { State of Colorado <br /> aen n 1 The Department of Natural Resources <br /> ilt Cava n a g h & Colorado Water Conservation Board <br /> �-+,!Y� March 12,2014 <br /> Holm - s, LLC Page <br /> A T T O R F J V S T L A W <br /> H. Fraud. We hay- assumed that none of the parties upon whom we have relied for purposes of <br /> this opinion letter have perpetrated a fraud upon our firm or upon he attorneys in our firm. <br /> I. Financial Acc o untin' or Statistical Information. We hay made no examination or <br /> investigation to erify the accuracy or completeness of any financ al, accounting or statistical <br /> information and express no opinion with respect thereof <br /> J. Licensed In Co orado. For purposes of this opinion, we are licensed to practice law only in <br /> the State of Co orado, and express no opinion with respect to lie effect of any laws other <br /> than the laws o■ the State of Colorado and the United States upon the validity and binding <br /> effect of the Loan Amendment Documents and the other matters contained in this opinion <br /> letter. <br /> K. Use of O inio s. Our opinion is limited in its use to reliance y the addressees and their <br /> counsel in corn ction with the loan amendment transaction. No other use or distribution of <br /> this opinion ma be made without our prior written consent. <br /> L. Subsequent E ents. We assume and have no obligation to u date this opinion letter for <br /> events occurrin subsequent to the date of this letter. <br /> Please do not hesitate to contact us if we may be of further assistance to you in your analysis of <br /> the Loan Amendment to the Association. <br /> Sincerely, <br /> // <br /> Aaron , .Goo ck <br /> ORTEN ,IVANA H & HOLMES, LLC <br /> AG/jc <br /> c:Board of Directors,Big Elk Meadows Association <br /> 00727975.DOC <br />