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<br />'- <br /> <br />) <br />I <br /> <br />LEAVENWORTH & CALOIA, P.C. <br />ATTORNEYS AT LAW <br /> <br />LOYAL E. LEAVENWORTH <br />SHERRY A CALOIA <br /> <br />SAMUEL J. LIGHT <br />JEFFERSON V. HOUPT <br />PERRY ROSENSWEIG <br /> <br />October 20, 1994 <br /> <br />1011 GRAND AVENUE <br />P.O. DRAWER 2030 <br />GLENWOOD SPRINGS, COLORADO 81602 <br />TELEPHONE: (303) 945-2261 <br />FAX: (303) 94S.7336 <br /> <br />Ms. Ian lliian <br />Colorado Water Conservation Board <br />Dept. of Natural Resources <br />721 State Centennial Building <br />1313 Sherman Street <br />Denver, CO 80203 <br /> <br />Re: Kings Row Homeowners Association Loan Contract <br /> <br />Dear Ms. lllian: <br /> <br />We represent the Kings Row Homeowners Association and on behalf of the same, offer <br />the following legal opinion regarding the above-referenced loan. We have reviewed the Articles <br />and Bylaws of the Association, as well as the protective covenants and other documents <br />necessary to render this opinion. <br /> <br />Our legal opinion is as follows: <br /> <br />1. The Kings Row Homeowners Association is a Colorado non-profit corporation in <br />good standing. <br /> <br />2. The Board of Directors of the Association have the power to enter into a loan <br />contract with the State of Colorado and the Colorado Water Conservation Board, <br /> <br />3. The Board of Directors is authorized to encumber, on behalf of the Association, <br />with the necessary and required security agreements including utilizing the common space and <br />Association revenues as collateral for the purpose of securing the loan. <br /> <br />4. The Board of Directors is authorized to levy such assessments as are necessary <br />to repay the loan. <br /> <br />5. The president and secretary of the Association are authorized to execute any and <br />all documents regarding the loan. <br /> <br />6. There are no encumbrances on the common space which is to be used as collateral <br />for the loan. <br /> <br />F:\FILESUUlAN.2LT <br />