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<br />LEAVENWORTH & KARP, P.C. <br />ATTORNEYS AT LAW <br /> <br />LOYAL E. LEAVENWORTH <br />SANDER N. KARP <br />DA VID C. HALLFORD <br />DA VID H. McCONAUGHY <br /> <br />1011 GRAND AVENUE <br />P. O. DRAWER 2030 <br />GLENWOOD SPRINGS, COLORADO 81602 <br />Telephone: (970) 945-2261 <br />Facsimile: (970) 945-7336 <br />Iklaw@sooris.net <br /> <br />DENVER OFFICE:' <br />W AZEE EXCHANGE BUILDING <br />1900 WAZEE STREET, STE. 203 <br />DENVER, COLORADO 80202 <br />Telephone: (303) 825-3995 <br />Facsimile: (303) 825-3997 <br /> <br />SUSAN W, LAATSCH <br />JAMES S. NEU <br />JULIE C. BERQUIST <br />NICOLE D. GARRIMONE <br />ANNA S. ITENBERG <br /> <br />March 20, 2002 <br /> <br />*(Please direct all correspondence <br />to au, Glenwood Springs Office) <br /> <br />JOSLYN V. WOOD <br />Of Counsel <br /> <br />Colorado Water Conservation Board <br />Department of Natural Resources <br />1313 Sherman Street, Room 721 <br />Denver, Colorado 80203 <br /> <br />Re: Loan Contract No, C150086 dated March 20, 2002 by and between the State of <br />Colorado for the use and benefit of The Department of Natural Resources, <br />Colorado Water Conservation Board ("CWCB" and/or "State") and The Glenwood <br />Irrigation Company, a Colorado Ditch Company ("Borrower") relating to a small <br />project loan in the maximum amount of Eighty Five Thousand Dollars ($85,000) <br />(the "Transaction"), <br /> <br />Ladies and Gentlemen: <br /> <br />We have acted as general counsel to Borrower in connection with the loan evidenced by <br />the Loan Contract and Note and are delivering the opinions in this letter at Borrower's request. <br /> <br />DEFINITIONS <br /> <br />As used herein, the following terms shall have the following meanings: <br /> <br />"Beneficiary" means the holder, from time to time, of the Deed of Trust. <br /> <br />"Deed of Trust" means the Deed of Trust dated March 20, 2002 executed by the Borrower for <br />the benefit of CWCB and the State as security for the Note, <br /> <br />"Incumbency Certificate" means the Glenwood Irrigation Company Incumbency Certificate dated <br />March 20, 2002 executed by the Secretary ITreasurer and the President of Borrower and attached <br />hereto as Exhibit A, <br /> <br />"Loan" means the loan to Borrower evidenced by the Note, <br /> <br />"Loan Documents" means the documents identified in items 1-5 below, <br /> <br />1:\2002\Clients\GIC\General\Leuers-Memos\Qpinion Letter. wpd <br />