CT2015-164 Amend1 Attorney Opinion Letter

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Colorado Water Conservation Board The Department of Natural Resources August 12, 2015 Page 7 practice or course of conduct has been created modifying any provision of such documents; K. We have assumed that none of the parties upon whom we have relied for purposes of this opinion has perpetrated a fraud upon either Lender, Borrowers, or us; L. Our opinions are limited to matters expressly stated herein, and no opinion is to be implied or inferred beyond matters expressly stated; M. We have not reviewed and do not opine as to the accuracy or completeness of any financial, accounting, statistical or budget information furnished to Lender; and N. Our opinions are based upon facts, laws, and conditions as they exist on the date of this letter or, as to any fact or condition referenced herein and contained in any certificate, search, Loan Documents, or the Loan Modification Documents, as of the earlier date indicated therein, and we have no obligation to update our opinions for events occurring subsequent to the date hereof or referenced herein. The opinions expressed herein are based only on laws in effect as of this date, and in all respects are subject to and may be limited by future legislation as well as future case law. We undertake no duty to advise you of the same. The opinions set forth herein should not be construed by you as a guaranty that a court considering such matters would not rule in a manner contrary to the opinions set forth above. The opinions expressed in this letter are solely for the use of the Lender and any assignee of Lender's rights under the Loan Documents or Loan Modification Documents, and this opinion may not be relied on by any other persons or reproduced without our prior written approval. The opinions expressed in this letter are limited to the matters set forth in this letter, and no other opinion should be inferred beyond the matters expressly stated. We have not conducted any inquiry, review, examination, or investigation of court dockets, tribunal lists or other similar proceedings or of title records, mortgage records, Uniform Commercial Code filings or other similar records. For purposes of this opinion letter, we have not considered or been asked to review any reports of investigation, if any, of any governmental agencies, or conducted any independent investigation or evaluation of other pertinent public records, land use records or zoning for the collateral securing the Loan, or which pertain to or which might disclose evidence of hazardous or toxic waste contamination at, on or adjacent to the Property securing the Loan. We expressly exclude any matters relating to land use or zoning and the impacts or potential impacts from such contamination, if any, from the basis and scope of this opinion letter. Further, we express no opinion as to the local, state or federal laws, regulations, ordinances or codes relating to zoning, building, subdivision, land use, environmental or similar matter of the compliance of the collateral securing the Loan or any improvements thereon.