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Ms. Peg Mason <br /> November 30, 2015 <br /> Page 2 <br /> (4) Attached to the Contract Amendment as Appendix D are original Resolutions of <br /> the Board of Director of Borrower which said Resolutions approve the Contract <br /> Amendment and attached Appendix documents including the authorization for <br /> the corporate officers to sign said Contract Amendment and other necessary <br /> documents on behalf of Borrower; <br /> (5) In accordance with the Articles of Incorporation (as Amended, specifically the <br /> Amendment to the Articles of Incorporation dated December 26, 1901 regarding <br /> Fossil Creek Reservoir), and in accordance with the Bylaws of Borrower (see Bylaw <br /> IV.H.4. attached as Exhibit "A"), the Board of Directors has power and authority to <br /> enter into this Contract Amendment and said Contract Amendment and other <br /> necessary documents need not be approved by the Shareholders; <br /> (6) That neither the Articles of Incorporation, Bylaws, Rules and Regulations, or state <br /> or local laws prevent Borrower and its duly elected or appointed directors and <br /> officers from entering into and signing the Contract Amendment and Appendix <br /> documents; and <br /> (7) The Contract Amendment and Appendix documents will be valid and binding <br /> against Borrower if the Colorado Water Conservation Board accepts and executes <br /> said Contract Amendment. <br /> For this opinion we have been provided the documents listed on Exhibit "B". Our opinion <br /> is solely based up-on these documents and we have not made any independent investigation or <br /> review. Our liability for this opinion letter is limited to the amount of attorney fees paid for this <br /> opinion by Borrower. <br /> Very truly yours, <br /> LIND, OT N IFF & ROOT LP <br /> nne . ind <br /> KFL/sm <br />