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9. The undersigned President and Secretary have duly manually executed and attested, <br /> respectively,the Loan Documents,and the seal of the Ditch Company has been impressed on the Loan <br /> Documents. <br /> 10. To the best of our knowledge,the Ditch Company has complied with all the agreements <br /> and satisfied all the conditions on its part to be performed or satisfied under the Loan Documents at or <br /> prior to the date hereof. <br /> 11. The authorization, execution and delivery of the Loan Documents by the Ditch <br /> Company,the observance and performance by the Ditch Company of its duties,covenants,obligations <br /> and agreements thereunder and the consummation of the transactions contemplated therein do not and <br /> will not contravene any existing law or result in a breach or violation of any of the terms and provisions <br /> of or constitute a default under, any outstanding instruments relating to the bonds, notes or other <br /> indebtedness of or relating to the Ditch Company. <br /> 12. There is no reason within our knowledge why the Ditch Company may not deliver the <br /> Loan Documents. <br /> 13. This certificate is for the benefit of the owner of the Loan Documents. <br /> WITNESS our hands and the seal of The Louden Irrigating Canal &l Reservoir Company, <br /> Larimer County,Colorado this 5th day of December,2014. <br /> AO <br /> Pr sident—Dale A. each 1 <br /> f. <br /> s,. . /` ti4 <br /> Secretary—Ro*eft Dickinson <br /> (CORPORATE SEAL) <br /> Page 3 of 3 <br />