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FISCHER, BROWN, BARTLETT & GUNN, PC <br /> MARGARET A.(Meg)BROWN 11.1 WARD H.FISCHER(1929-1996) <br /> DANIEL K.BROWN %10PvWILLIAM H.BROWN(Of Counsel) <br /> BRENT A.BARTLETT WILLIAM C.GUNN(Of Counsel) <br /> LISA A.LARSEN WILLIAM R.FISCHER(Of Counsel) <br /> SARAJ.L.IRBY ATTORNEYS AT LAW <br /> DONALD E.FRICK Phone:970.407.9000 <br /> TODD W.ROGERS 1319 East Prospect Road Fax:970.407.1055 <br /> Fort Collins,CO 80525 Website:www.fbbglaw.com <br /> April 12, 2018 <br /> Colorado Water Conservation Board <br /> Attn: Finance Section <br /> 1313 Sherman Street, Room 718 <br /> Denver, CO 80203 <br /> Re: Borrower: The Tunnel Water Company <br /> Loan Contract No.: CT2016-2001 —Amendment No. 1 <br /> Original Loan Amount: $1,111,000.00 <br /> Amended Loan Contract Maximum Amount: $1,717,000.00 <br /> Opinion Letter <br /> Ladies and Gentlemen: <br /> This opinion is being delivered to you pursuant to Paragraph A.7 of the Loan Contract <br /> Amendment No. 1 for Original Loan No. CT2016-2001. We have reviewed the Borrower's <br /> articles of incorporation and bylaws, in addition to the resolutions prepared for this Loan <br /> Contract. All terms used herein with their initial letters capitalized and not defined herein have <br /> the meanings ascribed to them in the Loan Contract referenced above. <br /> This Opinion Letter is governed by, and shall be interpreted in accordance with, the Legal <br /> Opinion Accord (the"Accord") of the ABA Section of Business Law(1991). As a consequence, <br /> it is subject to a number of qualifications, exception, definitions, limitations on coverage and <br /> other limitations, all as more particularly described in the Accord, and this Opinion Letter should <br /> be read in conjunction therewith. The law covered by the opinions expressed herein is limited to <br /> the Federal Law of the United States and the Law of the State of Colorado. <br /> Based upon the representations of the Borrower, and the documents provided as <br /> described above, we are of the opinion that: <br /> 1. The Loan Contract Amendment No. 1 has been duly executed by officers of the <br /> Borrower who are duly elected or appointed and are authorized to execute the Contract and to <br /> bind the Borrower. <br />