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RESOLUTIONS OF THE BOARD OF DIRECTORS AND MEMBERSHIP <br /> OF BIG ELK MEADOWS ASSOCIATION <br /> The Board of Directors and Membership of Big Elk Meadows Association(Association),at a Members <br /> Annual meeting held May 27. 2017, located at 42 Willow Drive, Lyons, Colorado, approved a modification to a <br /> loan from the Colorado Water Conservation Board (CWCB), authorizing the form and execution of a loan <br /> contract amendment and the appendices thereto; pledging certain funds as security for the repayment of <br /> amounts specified in the Loan Contract Amendment No.CT2o15-o39. <br /> At said meeting,the Board of Directors and Membership charged that these resolutions are <br /> irrepealable during the term of the loan and,pursuant to the Company's bylaws,authorized the Board of <br /> Directors and officers, RESOLVED as follows: <br /> 1. to modify the terms of the Loan Contract #CT2015-o39 with the Colorado Water Conservation Board, <br /> increasing the loan contract amount from$1,515,000.00 to$2,020,000.00,and <br /> 2. to levy and collect assessments from the membership in an amount sufficient to pay the annual amounts <br /> due and to pledge assessment revenues and the Association's right to receive said revenues for repayment <br /> of the loan,and <br /> 3. to place said pledged revenues in a special account separate and apart from other Company revenues,and <br /> 4. to make the annual payments required by the AMENDMENT TO PROMISSORY NOTE and to make annual <br /> deposits to a debt service reserve fund,and <br /> 5. to amend to (1)increase the total loan amount by$505,000.00, (2) change the loan maturity date to March <br /> 1,2050, (3)add three additional years of no interest for a total of six years of no interest,and(4)change the <br /> Project end date to February 26,2020,and <br /> 6. to execute all documents as required, including the Loan Contract Amendment No. 1 and all Amendment <br /> Appendices, including but not limited to, the Amended Promissory Note,Amended Security Agreement, <br /> and Amended Deed of Trust necessary to convey a security interest in said property to the CWCB,and <br /> 7. to take such other actions and to execute such other documents as may be necessary to consummate and <br /> implement the loan. <br /> CERTIFICATION <br /> THE UNDERSIGNED, RESPECTIVELY,THE PRESIDENT AND SECRETARY OF THE ASSOCIATION,HEREBY CERTIFY THAT THE <br /> FOREGOING ARE TRUE AND CORRECT COPIES OF RESOLUTIONS DULY ADOPTED AT A MEETING OF THE ASSOCIATION <br /> MEMBERS DULY CALLED AND HELD AS ABOVE RECITED, PURSUANT TO THE ASSOCIATION'S BYLAWS, AND THAT SAID <br /> RESOLUTIONS HAVE NOT BEEN AMENDED OR RESCINDED. � <br /> GIVEN UNDER OUR HANDS AND THE SEAL OF THE ASSOCIATION THE I 1\ DAY OF - .° 2017. <br /> (SEAL) <br /> By <br /> ure <br /> ATTEST: <br /> s Name:(-- On\0 tle- <br /> B <br /> Y(74(el--,,..ZiZe / Title: i ka-6-1 <br /> Signature of Corpo'ate Secretary . 1 _�� <br /> Date: (q`'�] ✓/// Date: <br /> 1`�� <br /> Appendix E <br /> Page 1 of I <br />