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Resolutions of the Shareholders <br /> of Sanchez Ditch and Reservoir Company <br /> The Shareholders of Sanchez Ditch and Reservoir Company(Company),at a Shareholders'meeting held March 7,2018,located at <br /> San Acacio,Colorado,approved a modification to a loan from the Colorado Water Conservation Board(CWCB),authorizing the form and <br /> execution of a loan contract amendment and the appendices thereto;pledging certain funds as security for the repayment of amounts specified <br /> in the Loan Contract Amendment Not. <br /> At said meeting,the Shareholders charged that these resolutions are irrepealable during the term of the loan and,pursuant to <br /> the Company's bylaws,authorized the Board of Directors and officers,RESOLVED as follows: <br /> 1. to modify the terms of the Loan Contract No.CT2015-012 with the Colorado Water Conservation Board,to increase the total loan <br /> amount by$121,200.00 from$1,381,276.00 to$1,502,476.00,and <br /> 2. to levy and collect assessments from the shareholders in an amount sufficient to pay the annual amounts due and to pledge assessment <br /> revenues and the Company's right to receive said revenues for repayment 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 deposits to a debt service reserve <br /> fund,and <br /> 5. to pledge the assessment revenues for debt service and the property of the Company described in Appendix 4 of the Original Contract, <br /> as Collateral for the loan,and <br /> 6. to execute all documents as required,including the Loan Contract Amendment No.2 and all Amendment Appendices,including but not <br /> limited to,the Amended Promissory Note,Amended Security Agreement,and Amended Deed of Trust necessary to convey a security <br /> 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 implement the loan. <br /> Certification <br /> The undersigned,respectively,the President and Secretary of the Company,hereby certify that the foregoing are true and correct copies <br /> of resolutions duly adopted at a meeting of the Company's shareholders duly called and held as above recited,pursuant to the Company's <br /> bylaws,and that said resolutions have not been amended or rescinded. <br /> Given under our hands and the seal of the Company the 7 day of March,2018. <br /> (S E A L) <br /> By — es13:a <br /> Signature <br /> ATTEST: '!/ � � <br /> Name: /K_6/_.�_il <br /> By 'qoe-1Title: //Cf, 0Ya_ <br /> Signature <br /> Date: _c_./ <br /> Date: e/e6" y__ <br /> Appendix E <br /> Page i of 2 <br />