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Colorado Water Conservation Board <br /> The Department of Natural Resources <br /> August 12, 2015 <br /> Page 8 <br /> This opinion is provided to you solely for the purpose of complying with the <br /> requirements of the closing of the Loan. <br /> Whenever our opinion herein with respect to the existence or absence of facts is indicated <br /> to be based upon our knowledge or belief, it is intended to signify that, during the course of our <br /> representation of Borrowers as herein described, no information has come to the attention of <br /> Nicole R. Nies, the attorneys in our firm actively engaged in giving substantive attention to the <br /> matters referenced in this opinion, which would give us actual knowledge of the existence or <br /> absence of such facts. However, except to the extent expressly set forth herein, we have not <br /> undertaken an independent investigation to determine the existence or absence of such facts, we <br /> accept no responsibility to make any such investigation, and no inference as to our knowledge of <br /> the existence or absence of such facts should be drawn from our representation of Borrowers. <br /> This opinion is being issued in the State and by issuing this opinion, we shall not be <br /> deemed to be transacting business in any other state. All actions or proceedings arising directly, <br /> indirectly or otherwise in connection with, out of, related to or from this opinion shall be litigated <br /> in a court having situs within the State. We do not consent to the jurisdiction of any local, state <br /> or federal court located outside of the State. <br /> We disclaim any obligation to advise you of changes in State law, if any, which have <br /> been enacted but have not become effective as of the date of this opinion letter. <br /> The foregoing opinions are being furnished only to Lender and are solely for the benefit <br /> of Lender in connection with the Loan. This opinion may not be relied upon by Lender's <br /> permitted successors or assigns for any other purpose, or relied upon by any other person, firm or <br /> corporation for any purpose, without our prior written consent. Lender may deliver copies of this <br /> opinion to its accountants, attorneys and other professional advisors and to regulatory agencies <br /> having jurisdiction over Lender. Other than as specified, Lender will not copy or distribute this <br /> letter to any third party. Nothing herein shall change the date of this opinion letter or the content <br /> of any opinions herein, however, except as this opinion letter may be supplemented or amended <br /> by subsequent letters referring to this letter. <br /> Very truly yours, <br /> HOFFMAN CREWS NIES <br /> WAGGENER & FOSTER LLP <br /> Attuilk CrCiA/ (AZA <br /> ,V Li" <br />