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Colorado Water Conservation Board <br /> Town of Firestone, Colorado <br /> March 15, 2017 <br /> Page 3 <br /> We are opining only upon those matters set forth herein, and we are not passing <br /> upon any federal or state tax consequences arising from the receipt or accrual of interest on or the <br /> ownership or disposition of the Loan Documents. <br /> This opinion letter is issued as of the date hereof and we assume no obligation to <br /> revise or supplement this opinion letter to reflect any facts or circumstances that may hereafter <br /> come to our attention or changes in law that may hereafter occur. <br /> In connection with the execution and delivery of the Loan Documents, we have <br /> represented the Borrower which is our sole client in this transaction. Delivery of this letter to the <br /> CWCB does not establish an attorney-client relationship between the CWCB and this firm. <br /> This opinion letter is furnished to you solely for your information and benefit in <br /> connection with the initial execution and delivery of the Loan Documents and may not be relied <br /> upon by you for any other purpose or relied upon by any other person without the prior written <br /> consent of this firm. <br /> Respectfully submitted, <br /> �56,� 5Aew <br /> BUTLER SNOW LLP <br />