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~ ~" . . Your third question asks for clarification of the diversion right of the Llo1d Ditch. This is a conveyance right and not a water right which was deeded to W.H. Lloyd by th City of pallisade for the purpose of diverting reservoir water to the western portion of the property. It is recorded in the Mesa County records in Book 976, Page 927. Your last question deals with the partnership's reserve fund and concurrently its ability to retire the Deed of Trust. This sUbject has been covered at length but let me review it here one last time. The partnership was structured so that partnership payments, subsequent to the initial payment, would correspond to the payments due on the Deed of Trust. The last partnership payment is due on September 15, 1991 and the last payment on the Deed of Trust is due on October 1, 1991. At that time, the Deed of Trust will be satisfied and the partnership reserves should total approximately $50,000. The schedules you have already received should reflect this. We structured the partnership so that improvements would be made from reserves and operating income. Although the partners could be called on for further contributions we do not anticipate that this will be necessary. As the property will be unencumbered this fall, we anticipate that there will be alternative sources of funds available to us. I hope this letter has adequately answered your questions and addressed any of the concerns or misunderstandings you might have held about the partnership or our intentions. If you have any further questions do not hesitate to contact either Walt Raber or myself at your convenience. Sincerely yours, Lloyd Ranch Limited Partnership ~M Arthur Newman President Lloyd Ranch Properties, Inc. Its General Partner AN:kh