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., Orten <br /> Cavanagh <br /> Richmond & Jerry Orten <br /> 1 Direct:720.221.9785 <br /> Holmes LLC jortenCa�ocrhlaw.com <br /> A t t o r n e y s at L a w <br /> January 25, 2012 <br /> Via Email <br /> State of Colorado <br /> The Department of Natural Resources <br /> Colorado Water Conservation Board <br /> Finance Section <br /> 1580 Logan Street, Ste. 600 <br /> Denver, CO 80203 <br /> Re: Loan from the Department of Natural Resources <br /> Colorado Water Conservation Board to Big Elk Meadows Association <br /> To whom it may concern: <br /> Orten Cavanagh Richmond & Holmes, LLC has been retained by Big Elk Meadows Association <br /> ("Association")to provide our opinion as to the Association's authority to enter into a loan <br /> contract ("Loan") with State of Colorado for the use and benefit of The Department of Natural <br /> Resources, Colorado Water Conservation Board ("CWCB" or "State"). <br /> In connection with the Loan and for purposes of this opinion, we have reviewed the following <br /> documents: <br /> 1. Loan Contract No. C150327 dated January 14, 2012 between CWCB and the <br /> Association ("Loan Contract") <br /> 2. Project Summary for Contract No. C150327 <br /> 3. Promissory Note dated January 14, 2012 from the Association to CWCB <br /> 4. Resolutions of the Association date January 14, 2012 <br /> 5. Security Agreement dated January 14, 2012 between the Association to CWCB <br /> 6. Deed of Trust dated January 14, 2012 from the Association for the benefit of CWCB <br /> The foregoing is referred to in this letter as the "Loan Documents." <br /> We have also reviewed the following documents: <br /> 1. Declaration for the Community, including the following: <br /> a. Declaration and Agreement of Protective Covenants, recorded August 3, 1966 at <br /> Reception No. 921200, Larimer County Clerk and Recorder. <br /> b. Declaration and Agreement of Protective Covenants, recorded August 3, 1966 at <br /> Reception No. 822910, Boulder County Clerk and Recorder. <br /> 1445 Market Street, Suite 350 • Denver, Colorado 80202 <br /> 720-221-9780 office • 720-221-9781 fax • 888-841-5149 toll free • www.ocrhlaw.com <br />