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CLAY and DODSON,P.C. <br /> 415 Palmer St. <br /> P.O. Box 38 <br /> Delta CO 81416 <br /> (970) 874-9777 <br /> (970)874-7224 fax <br /> aaronclay @gwestoffice.net <br /> April 15, 2014 <br /> Colorado Water Conservation Board <br /> Denver CO <br /> Re: Lone Cabin Ditch and Reservoir Company <br /> Loan Contract No. C150361 <br /> Ladies and Gentlemen: <br /> As counsel for Lone Cabin Ditch and Reservoir Company (the "Company"), I have <br /> examined Loan Contract No. C150361, in the amount of$252,803.00 (the "Contract") and such <br /> other documents, instruments and records as I have considered relevant. Based upon such <br /> examination, and such research and investigation as I have deemed necessary, I am of the <br /> opinion that: <br /> 1. The Company is a mutual ditch and reservoir company incorporated in the State <br /> of Colorado, duly organized and existing under the provisions of the laws of the State of <br /> Colorado. The Contract has been duly executed by officers who are duly elected or appointed <br /> and are authorized to execute the Contract and to bind the Company. <br /> 2. The Board of Directors of the Company duly adopted a Resolution authorizing the <br /> Company to enter into the Contract, and, since its adoption, the Resolution has not been <br /> rescinded or modified in any respect. <br /> 3. The Contract and all terms and provisions thereof are authorized by the articles of <br /> incorporation and bylaws of the Company, and the Company has the power and authority to <br /> enter into the transactions contemplated by the Contract and to carry out its obligations <br /> thereunder. <br /> 4. The Contract will be valid and binding against the Company if entered into by the <br /> Colorado Water Conservation Board.A i S cerely, <br /> e.i.A.AA.,- /7,661.2/ <br /> Aaron R. Clay <br />