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PENROSE W A TER DISTRICT <br /> .. <br /> 4 <br /> :.,. - <br /> 340 Grant Street i _ Penrose,CO 81240 <br /> Phone(719)372-3289 Fax(719)372-9347 <br /> August 23, 2011 <br /> Beaver Park Water,Inc. Bob Krassa, Esq. <br /> Gary Ratkovich,President Krassa&Miller,LLC <br /> 209 Broadway 2344 Spruce St. Suite A <br /> Penrose, CO 81240 Boulder, CO 80302-4672 <br /> Re: Notice of Secured Financing for Purchase of Space in Brush Hollow Reservoir <br /> Dear Gary and Bob: <br /> I am writing on behalf of Penrose Water District pursuant to section 5.e. of the September <br /> 25,2010 agreement to provide you with notice that Penrose has obtained financing for <br /> the purchase of water storage space in Brush Hollow Reservoir. <br /> Several contingencies must still be addressed by Beaver Park prior to closing, including <br /> amendments to the Beaver Park CWCB loan contracts, issuance and recording of deeds <br /> for the reservoir and facilities from CWCB to Beaver Park, entry by Beaver Park into <br /> amended contracts,note and deed of trust for the full balance of the CWCB loans secured <br /> by the reservoir and dam, and signing and recording of a partial release of the deed of <br /> trust to allow the sale of 500 acre feet of storage space to Penrose. <br /> CWCB must also sign a subordination agreement recognizing that the CWCB loans and <br /> deed of trust are junior to and subordinate to the contract rights obtained by Penrose in <br /> the canals and reservoir to facilitate its use of the storage space. <br /> We understand that you are proceeding to satisfy these remaining contingencies and <br /> Penrose will cooperate with Beaver Park to schedule the closing at a time convenient to <br /> all parties. <br /> Yours trul i <br /> Chill Norman- resident <br /> Penrose Water District <br /> cc: Vaughn McWilliams <br /> Steve Jcffcrs <br />