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<br />. <br /> <br />. <br /> <br />Ms. Jan 11ian <br />December 21, 1994 <br />Page 2 <br /> <br />1. The Lloyd Ranch Limited Partnership, as set forth in <br />Articles 2,3 6.6.1, 7.1.1(h} of its Certificate and Agreement of <br />Limited Partnership, has the authority to contract to borrow money <br />from the State of Colorado and to give security as set forth in the <br />Loan Contract. <br /> <br />2. The signatures of Arthur Newman and James E. Sameth are <br />those of the President and Secretary, respectively, of Lloyd Ranch <br />Properties, Inc., the general partner for Lloyd Ranch Limited <br />Partnership. <br /> <br />3. That Arthur Newman, . as President of Lloyd Ranch <br />Properties, Inc. the general partner, has the right, power and <br />authority to bind Lloyd Ranch Limited Partnership, and he has been <br />validly authorized to enter into the subject Loan Contract by the <br />Board of Directors of the general partner, Lloyd Ranch properties, <br />Inc. <br /> <br />4. The Lloyd Ranch Limited Partnership has the authority to <br />enter into the Loan Contract without a vote of its members. <br /> <br />5. There are no .provisions in the Agreement of Limited <br />partnership or any state or local law of Colorado that prevents the <br />Loan Contract from binding Lloyd Ranch Limited partnership. <br /> <br />6. The Loan Contract will be valid and binding against the <br />Limited partnership if entered into by the State. <br /> <br />The foregoing opinions are based solely upon my review of the <br />documents referenced above and the Colorado Uniform Limited <br />partnership Act of 1981, C.R.S. 97-62-101 et seq. The opinions set <br />forth herein are limited solely to the legal right, power and <br />authority of Lloyd Ranch Limited partnership to enter into and be <br />bound by the Loan Contract and are not to be relied upon for any <br />other purpose by any person, entity, or governmental agency not a <br />party to said contract. <br /> <br />very truly yours, <br /> <br />DELANEY & BALCOMB, P.C. <br /> <br /> <br />BY~ <br /> <br />Robe t M. Noone <br /> <br />RMN/spa <br />