CT2015-164 Amend1 Attorney Opinion Letter

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Colorado Water Conservation Board The Department of Natural Resources August 12, 2015 Page 6 D. We did not represent Original Borrowers or Borrowers in connection with the Loan as originally made pursuant to the Loan Documents and did not provide an opinion in connection therewith. Accordingly, we express no opinion with respect to the loan initially extended by Lender to Original Borrowers or the original Loan Documents executed in connection therewith. E. We express no opinion with respect to the attachment and perfection of Lender's security, security interests or liens in the Property, the status of title to the Property (real or personal) or the priority of the Lender's security interests or liens. F. We express no opinion as to the legality, validity, or enforceability of any provision of any of the Loan Documents or Loan Modification Documents purporting to: (i) preclude the modification of any of the Loan Documents or Loan Modification Documents through conduct, custom, or course of performance, action, or dealing; (ii) waive any equitable or statutory rights or remedies of Borrowers that by law may not be waived; (iii)require the payment or reimbursement by Borrowers of any fees, costs, expenses or other amounts that are unreasonable in nature or amount; (iv) waive notice, opportunities to cure or redeem in the event of a default, or rights of recourse against a party in the event of willful, wanton or intentional misconduct by such party, each such waiver may be found by a court to be unenforceable; or (v) waive the doctrine of laches or any applicable statute of limitations; G. Certain provisions of the Loan Documents and Loan Modification Documents may be rendered ineffective by applicable laws and judicial decisions governing such provisions, but such laws and judicial decisions should not eliminate the principal benefits of the security interests intended to be provided by the Loan Documents and Loan Modification Documents. H. We express no opinion as to the enforceability of cumulative remedies to the extent such cumulative remedies purport to or would have the effect of compensating the party entitled to the benefits thereof in amounts in excess of the actual loss suffered by such party; I. The rights of Borrowers, as the case may be, to receive notices under Sections 4-9- 611, 4-9-620, 38-38-101, et seq. of the Colorado Revised Statutes and other applicable laws may not be waived prior to default, and the failure to comply with such notice requirements may affect Lender's ability to enforce its liens and security interests or bar the recovery of any deficiency remaining after the retention or sale of repossessed collateral; J. Provisions in the Loan Documents and Loan Modification Documents specifying that terms of the documents may only be modified or waived in writing may not be enforced to the extent that an oral agreement or an implied agreement by trade