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<br />TIMOTHY McFLY~N . <br /> <br />MARTHA C. PICKETI <br /> <br />JEAN~E C. DOREMUS <br /> <br />TIMOTHY E. WHITSITI <br /> <br />KARIN L. GUSTAFSON. <br /> <br />-lllsoadmiUrdiJl Ca/iranlia <br /> <br />. Alpm <br /> <br />THE SMITH-ELISHA HOUSE <br /> <br />320 WEST MAIN STREET <br /> <br />ASPEN CO 81611 <br /> <br />1<,19709252211 <br /> <br />J.IX 9709252442 <br /> <br />n"llIl mpdw(!froLnet <br /> <br />. SHull'ma;; Villajl <br /> <br />At\:DERSOt\: RANCH <br /> <br />5131 Q\l('L CREEK ROAD <br /> <br />POST OFFICE 1I0X 6157 <br /> <br />SNOWMASS VILLAGE CO b'1615 <br /> <br />ld 9709232211 <br /> <br />fax 9709230760 <br /> <br />rm.id mpdwsnow",rofnel <br /> <br />...... <br />\ <br />) <br /> <br /> <br />RECEIVED <br />JUL 09 1997 <br /> <br />LaU'YH5 . A ProJIll1011a1 CorpMilliol1 <br /> <br />Colorado Wale, <br />Conservation Board <br /> <br />July 8, 1997 <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />1313 Sherman St., No. 721 <br />Denver, Colorado 80203 <br /> <br />Attn: Ms, Janis Illian <br /> <br />Re: Loan Contract No.C153767-River Oaks Homeowners <br /> <br />Dear Ms. Illian: <br /> <br />In connection with the referenced loan from the CWCB to the River Oaks <br />on the Roaring Forks Property Owners' Association ("the Association") for the <br />purposes of financing a raw water irrigation system in their subdivision, I have <br />been requested to provide the CWCB with an opinion letter as to that Association. <br />I have previously been retained to act as counsel for the Association and have had <br />an opportunity to review the Association's corporate records with respect to the <br />matters discussed herein. <br /> <br />Based upon my review of those records, it is my opinion that the <br />Association is a duly registered and valid Colorado nonprofit corporation in good <br />standing with the Colorado Secretary of State, Lynn Lichtenwalter is the duly <br />elected President of the Association and Janice Duroux is its duly elected <br />Secretary, I have reviewed corporate records and can state that these officers have <br />been given the power by validly adopted resolutions of the members and of the <br />Board of Directors pursuant to the corporate articles and by-laws to execute a <br />binding Contract and loan documents for the Association in relation to the <br />captioned transaction. Further, it is my opinion that there are no provisions in the <br />Association's articles of incorporation or by-laws or any state or local law that <br />prevent the Contract between CWCB and the Association with respect to this <br />transaction from binding the Association. Said Contract will be valid and binding <br />against the Association if entered into by the State. <br /> <br />Should you require any further information or documentation, either from <br />