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0 Orten State of Colorado <br /> Cavanagh The Department ofNatural Resources <br /> Colorado Water Conservation Board <br /> ■ Richmond & January 25,2012 <br /> Holmes LLC Page 4 <br /> A t t o r n e y s at L a w <br /> H. Fraud. We have 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 the attorneys in our firm. <br /> I. Financial,Accounting or Statistical Information. We have made no examination or <br /> investigation to verify the accuracy or completeness of any financial, accounting or statistical <br /> information and express no opinion with respect thereof. <br /> J. Licensed Only In Colorado. For purposes of this opinion, we are licensed to practice law <br /> only in the State of Colorado, and express no opinion with respect to the effect of any laws <br /> other than the laws of the State of Colorado and the United States upon the validity and <br /> binding effect of the Loan Documents and the other matters contained in this opinion letter. <br /> K. Use of Opinions. Our opinion is limited in its use to reliance by the addressees and their <br /> counsel in connection with the loan transaction. No other use or distribution of this opinion <br /> may be made without our prior written consent. <br /> L. Subsequent Events. We assume and have no obligation to update this opinion letter for <br /> events occurring 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 to the Association. <br /> Sincerely, <br /> N • AVANAGH RICHMOND & HOLMES, LLC <br /> c:Board of Directors,Big Elk Meadows Association <br /> Leonard Arnold,Elk Ridge Consulting <br />