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JANE B. FREDMAN, LLC <br /> ATTORNEY AT LAW <br /> 13511 NORTHGATE ESTATES DRIVE, SUITE 250 <br /> COLORADO SPRINGS, COLORADO 80921 <br /> JANE B. FREDMAN (719)434-5607 FACSIMILE (719)471-1234 <br /> jane©fredmanlawco.com <br /> July 30, 2018 <br /> Peg Mason <br /> Contracts Manager <br /> Colorado Water Conservation Board <br /> 1212 Sherman Street, Room 718 <br /> Denver, CO 80203 <br /> RE: Borrower: Chilcott Ditch Company <br /> Project: Chilcott Augmentation Station <br /> Loan Amount: $505,000.00 <br /> Contract No.: CT2019-2253 <br /> Dear Ms. Mason: <br /> We have acted as counsel to Chilcott Ditch Company, a Colorado nonprofit corporation <br /> ("Borrower"), in connection with that certain$505,000.00 loan("Loan")from the Colorado <br /> Water Conservation Board("CWCB")to Borrower, as evidenced by the documents described <br /> below. For the purposes of this opinion, we have examined the following documents,which are <br /> to be executed by Borrower: <br /> A. Documents Reviewed <br /> 1. State of Colorado Loan Contract(19 pages) <br /> 2. Appendix 1, Project Summary(4 pages) <br /> 3. Appendix 2, Option Letter(1 page) <br /> 4. Appendix 3,Promissory Note (2 pages) <br /> 5. Appendix 4,Resolutions of the Borrower's Shareholders and the Board of Directors (2 <br /> pages) <br /> 6. Appendix 5, Security Agreement(2 pages) <br /> 7. Appendix 6, Deed of Trust(3 pages) <br /> For purposes of this opinion, the documents referenced in items 1 through 7 shall be <br /> collectively referred to as the "Loan Contract". We have also reviewed the Articles of <br /> Incorporation and the Bylaws of the Borrower,as amended,the requirements of this opinion letter <br /> contained in Section 13 of the Loan Contract, and any other organizational documents which we <br /> deemed necessary to render this opinion. In addition,we have discussed this loan transaction with <br /> the Borrower's board and are generally familiar with the proposed Project. <br />