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<br /> <br />Company. In this regard specifically, we note that old restrictions in <br />the Bylaws on the assessment of shares of stock of the Company have been <br />repealed and the shareholders have expressly authorized the assessment <br />of shares for the repayment of company indebtedness and by specific <br />resolution, have authorized the assessment of stock to repay the <br />proposed loan in a principal amount not to exceed $75,000.00. <br /> <br /> <br />Colorado Water Conservation Board <br />January 22, 2003 <br />Page 2 <br /> <br />5. The Loan Contract, in an amount not to exceed $75,000.00, will be valid <br />and binding against the Company as a borrower if entered into by CWCB. <br /> <br />This opinion is furnished to the addressee in our capacity as counsel to <br />the borrower, The Delta Canal Company, and is not to be relied upon by any <br />person or entity other than the addressee and the borrowers. Nothing herein <br />shall constitute an opinion as to the status of title of any of the collateral <br />real property or water rights of the Company. <br /> <br />Please advise if you have any questions or concerns about the opinions <br />expressed in this letter. <br /> <br />Very truly yours, <br /> <br />BROWN, SCHOTTELKOTTE & TWEEDEL~ <br /> <br />By <br /> <br />Ja~o~ L <br /> <br />JDB:j <br /> <br />cc: The Delta Canal Company <br /> <br /> <br />