EX-5 3 ex5-2.txt EXHIBIT 5.2 EXHIBIT 5.2 June ___, 2003 Toll Brothers, Inc. Toll Brothers Finance Corp. 3103 Philmont Avenue Huntingdon Valley, PA 19006 Re: Registration Statement on Form S-4 ---------------------------------- Ladies and Gentlemen: I am General Counsel to Toll Brothers, Inc., a Delaware corporation (the "Company"). In connection with the registration by Toll Brothers Finance Corp., a Delaware corporation (the "Issuer"), of $300,000,000 in aggregate principal amount of 6.875% Senior Notes due 2012 (the "Exchange Notes") and the registration by the subsidiaries of the Company listed on Schedule I hereto (the "Guarantors"), of guarantees with respect to the Exchange Notes (the "Exchange Guarantees") on a Form S-4 registration statement (the "Registration Statement") to be filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the "1933 Act"), you have requested my opinion with respect to the matters set forth below. The Exchange Notes and the Exchange Guarantees will be issued pursuant to an indenture, dated as of November 22, 2002, as amended, by and among the Company, the Issuer, the Guarantors and Bank One Trust Company, N.A., as trustee (as supplemented or amended, as the case may be, by the Authorizing Resolutions attached as Exhibit A to the Joint Action of Persons Authorized to Act on Behalf of Each of Toll Brothers Finance Corp., Toll Brothers, Inc. and Each of the Entities Listed on Schedule I thereto dated as of November 22, 2002, the "Indenture"). Capitalized terms used herein without definition have the meanings given to them in the Indenture, a copy of which will be filed as an exhibit to the Registration Statement. In my capacity as General Counsel in connection with the preparation and filing of the Registration Statement, I am familiar with the proceedings taken and proposed to be taken by the Company, the Issuer and the Guarantors in connection with the authorization and issuance of the Exchange Notes and the Exchange Guarantees, and for purposes of this opinion, I have assumed such proceedings will be timely completed in the manner presently proposed and the terms of such issuance will otherwise be in compliance with law. As such counsel, I have examined such matters of fact and questions of law as I have considered appropriate for purposes of rendering the opinions expressed herein. In my examination, I have assumed the genuineness of all signatures, the authenticity of all documents submitted to me as originals, and the conformity to authentic original documents of all documents submitted to me as copies. Toll Brothers, Inc. Toll Brothers Finance Corp. June ___, 2003 Page 2 Subject to the foregoing and the other matters set forth herein, it is my opinion that, as of the date hereof, the Exchange Guarantees, when (i) the Exchange Notes have been authenticated by the Trustee and executed and delivered by the Issuer in accordance with the terms of the Registration Rights Agreement and the Indenture upon the exchange and (ii) the Exchange Guarantees have been authenticated by the Trustee and executed and delivered by the Guarantors in accordance with the terms of the Registration Rights Agreement and the Indenture, will constitute legally valid and binding obligations of the Guarantors, enforceable against the Guarantors in accordance with their terms, except as the enforcement thereof may be limited by bankruptcy, insolvency (including, without limitation, all laws relating to fraudulent transfers), reorganization, moratorium or similar laws affecting the enforcement of creditors' rights generally and except as enforcement thereof is subject to general principles of equity (regardless of whether enforcement is considered in a proceeding in equity or at law). I consent to your filing this opinion as an exhibit to the Registration Statement and the use of my name under the heading "Legal Matters" in the prospectus included therein. In giving this consent, I do not hereby admit that I come within the category of persons whose consent is required under Section 7 of the 1933 Act or the rules and regulations thereunder. Very truly yours, SCHEDULE I
State or Other Jurisdiction of Incorporation or of Name of Guarantor Organization -------------------------------------- -------------------- Toll Holdings, Inc. Delaware Amwell Chase, Inc. Delaware BBCC Investments, Inc. Pennsylvania Brentwood Investments I, Inc Tennessee Bunker Hill Estates, Inc. Delaware Chesterbrooke, Inc. Delaware Connecticut Land Corp. Delaware Daylesford Development Corp. Delaware Eastern States Engineering, Inc. Delaware Edmunds-Toll Construction Company Arizona Fairway Valley, Inc. Delaware First Brandywine Finance Corp. Delaware First Brandywine Investment Corp. II Delaware First Brandywine Investment Corp. III Delaware First Huntingdon Finance Corp. Delaware Franklin Farms G.P., Inc. Delaware Frenchman's Reserve Country Club, Inc. Florida HQZ Acquisitions, Inc. Michigan MA Limited Land Corporation Delaware Maple Point, Inc. Delaware Maryland Limited Land Corporation Delaware Mizner County Club, Inc. Florida Polekoff Farm, Inc. Pennsylvania Silverman Development Company, Inc. Michigan SH Homes Corporation Michigan SI Investment Corporation Michigan Springfield Chase, Inc. Delaware Stewarts Crossing, Inc. Delaware Tampa Realty Associates, Inc. Florida TB Proprietary Corp. Delaware TB Proprietary LP, Inc. Delaware Tenby Hunt, Inc. Delaware The Silverman Building Companies, Inc. Michigan
State or Other Jurisdiction of Incorporation or of Exact name of Guarantor Organization -------------------------------------- -------------------- Toll AZ GP Corp. Delaware Toll Bros., Inc. Pennsylvania Toll Bros., Inc. Delaware Toll Bros., Inc. Texas Toll Bros. of Arizona, Inc. Arizona Toll Bros. of North Carolina, Inc. North Carolina Toll Bros. of North Carolina II, Inc. North Carolina Toll Bros. of North Carolina III, Inc. North Carolina Toll Bros. of Tennessee, Inc. Delaware Toll Brothers Real Estate, Inc. Pennsylvania Toll CA GP Corp. California Toll CO GP Corp. Colorado Toll Corp. Delaware Toll Finance Corp. Delaware Toll FL GP Corp. Florida Toll IL GP Corp. Illinois Toll Land Corp. No. 6 Pennsylvania Toll Land Corp. No. 10 Delaware Toll Land Corp. No. 20 Delaware Toll Land Corp. No. 43 Delaware Toll Land Corp. No. 45 Delaware Toll Land Corp. No. 46 Delaware Toll Land Corp. No. 47 Delaware Toll Land Corp. No. 48 Delaware Toll Land Corp. No. 49 Delaware Toll Land Corp. No. 50 Delaware Toll Land Corp. No. 51 Delaware Toll Land Corp. No. 52 Delaware Toll Land Corp. No. 53 Delaware Toll Land Corp. No. 55 Delaware Toll Land Corp. No. 56 Delaware Toll Land Corp. No. 58 Delaware Toll Land Corp. No. 59 Delaware Toll Land Corp. No. 60 Delaware Toll Management AZ Corp. Delaware Toll Management VA Corp. Delaware Toll MI GP Corp. Michigan Toll NH GP Corp. New Hampshire Toll NJX-I Corp. Delaware
State or Other Jurisdiction of Incorporation or of Exact name of Guarantor Organization -------------------------------------- -------------------- Toll NJX-II Corp. Delaware Toll NV GP Corp. Nevada Toll NC GP Corp. North Carolina Toll OH GP Corp. Ohio Toll PA GP Corp. Pennsylvania Toll PA II GP Corp. Pennsylvania Toll Peppertree, Inc. New York Toll Philmont Corporation Delaware Toll Realty Holdings Corp. I Delaware Toll Realty Holdings Corp. II Delaware Toll Realty Holdings Corp. III Delaware Toll RI GP Corp. Rhode Island Toll SC GP Corp. South Carolina Toll TN GP Corp. Tennessee Toll TX GP Corp. Delaware Toll VA GP Corp. Delaware Toll VA Member Two, Inc. Delaware Toll Wood Corporation Delaware Toll YL, Inc. California Valley Forge Conservation Holding GP Corp. Pennsylvania Warren Chase, Inc. Delaware Windsor Development Corp. Pennsylvania Afton Chase, L.P. Pennsylvania Audubon Ridge, L.P. Pennsylvania BBCC Golf, L.P. Pennsylvania BBCC Investments, L.P. Pennsylvania Beaumont Chase, L.P. Pennsylvania Belmont Land, L.P. Virginia Bennington Hunt, L.P. New Jersey Bernards Chase, L.P. New Jersey Binks Estates Limited Partnership Florida The Bird Estate Limited Partnership Massachusetts Blue Bell Country Club, L.P. Pennsylvania Branchburg Ridge, L.P. New Jersey Brandywine River Estates, L.P. Pennsylvania Brass Castle Estates, L.P. New Jersey Brentwood Investments, L.P. Tennessee Bridle Estates, L.P. Pennsylvania Broad Run Associates, L.P. Pennsylvania
State or Other Jurisdiction of Incorporation or of Exact name of Guarantor Organization -------------------------------------- -------------------- Buckingham Woods, L.P. Pennsylvania Bucks County Country Club, L.P. Pennsylvania CC Estates Limited Partnership Massachusetts Calabasas View, L.P. California Charlestown Hills, L.P. New Jersey Cheltenham Estates Limited Partnership Michigan Chesterbrooke Limited Partnership New Jersey Chesterfield Hunt, L.P. New Jersey Cobblestones at Thornbury, L.P. Pennsylvania Cold Spring Hunt, L.P. Pennsylvania Coleman-Toll Limited Partnership Nevada Concord Chase, L.P. Pennsylvania Cortlandt Chase, L.P. New York Delray Limited Partnership Florida Dolington Estates, L.P. Pennsylvania Dominion Country Club, L.P. Virginia Eagle Farm Limited Partnership Massachusetts Edmunds-Toll Limited Partnership Arizona Eldorado Country Estates, L.P. Texas Estates at Autumnwood, L.P. Delaware The Estates at Brooke Manor Limited Partnership Maryland Estates at Coronado Pointe, L.P. California The Estates at Potomac Glen Limited Partnership Maryland Estates at Princeton Junction, L.P. New Jersey Estates at Rivers Edge, L.P. New Jersey Estates at San Juan Capistrano, L.P. California The Estates at Summit Chase, L.P. California Fairfax Investment, L.P. Virginia Fairfax Station Hunt, L.P. Virginia Fair Lakes Chase, L.P. Virginia Fairway Mews Limited Partnership New Jersey Farmwell Hunt, L.P. Virginia First Brandywine Partners, L.P. Delaware Franklin Oaks Limited Partnership Massachusetts Freehold Chase, L.P. New Jersey Great Falls Hunt, L.P. Virginia Great Falls Woods, L.P. Virginia Greens at Waynesborough, L.P. Pennsylvania
State or Other Jurisdiction of Incorporation or of Exact name of Guarantor Organization -------------------------------------- -------------------- Greenwich Chase, L.P. New Jersey Greenwich Station, L.P. New Jersey Hockessin Chase, L.P. Delaware Holland Ridge, L.P. New Jersey Holliston Hunt Limited Partnership Massachusetts Hopewell Hunt, L.P. New Jersey Huckins Farm Limited Partnership Massachusetts Hunter Mill, L.P. Virginia Hunterdon Chase, L.P. New Jersey Hunterdon Ridge, L.P. New Jersey Huntington Estates Limited Partnership Connecticut Hurley Ridge Limited Partnership Maryland Independence Hill, L.P. New Jersey Kensington Woods Limited Partnership Massachusetts Knolls of Birmingham, L.P. Pennsylvania Lakeridge, L.P. Pennsylvania Lakeway Hills Properties, L.P. Texas Laurel Creek, L.P. New Jersey Loudoun Valley Associates, L.P. Virginia Mallard Lakes, L.P. Texas Manalapan Hunt, L.P. New Jersey Maple Creek Limited Partnership Michigan Marshallton Chase, L.P. Pennsylvania Mill Road Estates, L.P. Pennsylvania Montgomery Chase, L.P. New Jersey Montgomery Oaks, L.P. New Jersey Moorestown Hunt, L.P. New Jersey Mount Kisco Chase, L.P. New York NC Country Club Estates Limited Partnership North Carolina Newport Ridge Limited Partnership Michigan Newtown Chase Limited Partnership Connecticut Northampton Crest, L.P. Pennsylvania Northampton Preserve, L.P. Pennsylvania Patriots, L.P. New Jersey The Preserve Limited Partnership North Carolina The Preserve at Annapolis Limited Partnership Maryland The Preserve at Boca Raton Limited Partnership Florida Preston Village Limited Partnership North Carolina Princeton Hunt, L.P. New Jersey
State or Other Jurisdiction of Incorporation or of Exact name of Guarantor Organization -------------------------------------- -------------------- Providence Limited Partnership North Carolina Providence Hunt, L.P. Pennsylvania Providence Plantation Limited Partnership North Carolina Regency at Dominion Valley, L.P. Virginia River Crossing, L.P. Pennsylvania Rolling Greens, L.P. New Jersey Rose Hollow Crossing Associates Pennsylvania Rose Tree Manor, L.P. Pennsylvania Seaside Estates Limited Partnership Florida Shrewsbury Hunt Limited Partnership Massachusetts Silverman-Toll Limited Partnership Michigan Somers Chase, L.P. New York Somerset Development Limited Partnership North Carolina South Riding, L.P. Virginia South Riding Partners, L.P. Virginia Southlake Woods, L.P. Texas Southport Landing Limited Partnership Connecticut Springton Pointe, L.P. Pennsylvania Stone Mill Estates, L.P. Pennsylvania Stoney Ford Estates, L.P. Pennsylvania Swedesford Chase, L.P. Pennsylvania TBI/Heron Bay Limited Partnership Florida TBI/Naples Limited Partnership Florida TBI/Palm Beach Limited Partnership Florida TB Proprietary, L.P. Delaware Tenby Hunt, L.P. Delaware Thornbury Knoll, L.P. Pennsylvania Timber Ridge Investment Limited Partnership Michigan Toll at Brier Creek Limited Partnership North Carolina Toll at Daventry Park, L.P. Ohio Toll at Payne Ranch, L.P. California Toll at Potomac Woods, L.P. Virginia Toll at Princeton Walk, L.P. New Jersey Toll at Westlake, L.P. New Jersey Toll at Whippoorwill, L.P. New York Toll Bros. of Tennessee, L.P. Tennessee Toll Brothers Maryland II Limited Partnership Maryland Toll CA, L.P. California Toll CA II, L.P. California
State or Other Jurisdiction of Incorporation or of Exact name of Guarantor Organization -------------------------------------- -------------------- Toll CA III, L.P. California Toll CA IV, L.P. California Toll CA V, L.P. California Toll CA VI, L.P. California Toll CO, L.P. Colorado Toll CT Limited Partnership Connecticut Toll CT II Limited Partnership Connecticut Toll CT Westport Limited Partnership Connecticut Toll-Dublin, L.P. California Toll Estero Limited Partnership Florida Toll FL Limited Partnership Florida Toll Ft. Myers Limited Partnership Florida Toll IL, L.P. Illinois Toll IL II, L.P. Illinois Toll IL III, L.P. Illinois Toll IL HWCC, L.P. Illinois Toll Land Limited Partnership Connecticut Toll Land IV Limited Partnership New Jersey Toll Land V Limited Partnership New York Toll Land VI Limited Partnership New York Toll Land VII Limited Partnership New York Toll Land VIII Limited Partnership New York Toll Land IX Limited Partnership Virginia Toll Land X Limited Partnership Virginia Toll Land XI Limited Partnership New Jersey Toll Land XII Limited Partnership New York Toll Land XIII Limited Partnership New York Toll Land XIV Limited Partnership New York Toll Land XV Limited Partnership Virginia Toll Land XVI Limited Partnership New Jersey Toll Land XVII Limited Partnership Connecticut Toll Land XVIII Limited Partnership Connecticut Toll Land XIX Limited Partnership California Toll Land XX Limited Partnership California Toll Land XXI Limited Partnership Virginia Toll Land XXII Limited Partnership California Toll Land XXIII Limited Partnership California Toll Land XXV Limited Partnership New Jersey Toll Land XXVI Limited Partnership Ohio
State or Other Jurisdiction of Incorporation or of Exact name of Guarantor Organization -------------------------------------- -------------------- Toll Land XXVII Limited Partnership Delaware Toll MD Limited Partnership Maryland Toll MD II Limited Partnership Maryland Toll MD III Limited Partnership Maryland Toll MD IV Limited Partnership Maryland Toll MI Limited Partnership Michigan Toll MI II Limited Partnership Michigan Toll MI III Limited Partnership Michigan Toll Naples Limited Partnership Florida Toll Naval Associates Pennsylvania Toll NH Limited Partnership New Hampshire Toll NJ, L.P. New Jersey Toll NJ II, L.P. New Jersey Toll NJ III, L.P. New Jersey Toll NJ IV, L.P. New Jersey Toll NJ V, L.P. New Jersey Toll NJ VI, L.P. New Jersey Toll Northville Limited Partnership Michigan Toll Northville Golf Limited Partnership Michigan Toll NV Limited Partnership Nevada Toll PA, L.P. Pennsylvania Toll PA II, L.P. Pennsylvania Toll PA III, L.P. Pennsylvania Toll PA IV, L.P. Pennsylvania Toll PA V, L.P. Pennsylvania Toll PA VI, L.P. Pennsylvania Toll PA VII, L.P. Pennsylvania Toll Peppertree, L.P. New York Toll Reston Associates, L.P. Delaware Toll RI, L.P. Rhode Island Toll RI II, L.P. Rhode Island Toll SC, L.P. South Carolina Toll SC II, L.P. South Carolina Toll TX, L.P. Texas Toll TX II, L.P. Texas Toll VA, L.P. Virginia Toll VA II, L.P. Virginia Toll VA IV, L.P. Virginia Toll VA V, L.P. Virginia
State or Other Jurisdiction of Incorporation or of Exact name of Guarantor Organization -------------------------------------- -------------------- Toll Venice Limited Partnership Florida Toll YL, L.P. California Toll YL II, L.P. California Trumbull Hunt Limited Partnership Connecticut Uwchlan Woods, L.P. Pennsylvania Valley Forge Conservation Holding, L.P. Pennsylvania Valley Forge Woods, L.P. Pennsylvania Valley View Estates Limited Partnership Massachusetts Village Partners, L.P. Pennsylvania Waldon Preserve Limited Partnership Michigan Warwick Greene, L.P. Pennsylvania Warwick Woods, L.P. Pennsylvania Washington Greene Development, L.P. New Jersey West Amwell Limited Partnership New Jersey Whiteland Woods, L.P. Pennsylvania Wichita Chase, L.P. Texas Willowdale Crossing, L.P. Pennsylvania Wilson Concord, L.P. Tennessee Woodbury Estates, L.P. New Jersey The Woods at Highland Lakes, L.P. Ohio The Woods at Long Valley, L.P. New Jersey The Woods at Muddy Branch Limited Partnership Maryland Wrightstown Hunt, L.P. Pennsylvania Yardley Estates, L.P. Pennsylvania Belmont Country Club I LLC Virginia Belmont Country Club II LLC Virginia Big Branch Overlook L.L.C. Maryland Brier Creek Country Club I LLC North Carolina Brier Creek Country Club II LLC North Carolina C.B.A.Z. Construction Company LLC Arizona C.B.A.Z, Holding Company LLC Delaware Creeks Farm L.L.C. Maryland Dominion Valley Country Club I LLC Virginia Dominion Valley Country Club II LLC Virginia ELB Investments I LLC Illinois ELB Investments II LLC Illinois FC Investments I LLC Massachusetts FC Investments II LLC Massachusetts Feys Property LLC Maryland
State or Other Jurisdiction of Incorporation or of Exact name of Guarantor Organization -------------------------------------- -------------------- First Brandywine LLC I Delaware First Brandywine LLC II Delaware Frenchman's Reserve Realty, LLC Florida Golf I Country Club Estates at Moorpark LLC California Golf II Country Club Estates at Moorpark LLC California High Point at Hopewell, LLC New Jersey Hunts Bluff LLC Maryland Long Meadows TBI, LLC Maryland Martin County Improvement Association LLC Florida Mizner Realty, L.L.C. Florida Mountain View Country Club I LLC California Mountain View Country Club II LLC California Naples Lakes Country Club, L.L.C. Florida Naples TBI Realty, LLC Florida Northville Hills Golf Club LLC Michigan Nosan & Silverman Homes LLC Michigan Palm Cove Golf & Yacht Club I LLC Florida Palm Cove Golf & Yacht Club II LLC Florida Palm Cove Marina I LLC Florida Palm Cove Marina II LLC Florida Regency at Denville LLC New Jersey Regency at Dominion Valley LLC Virginia The Regency Golf Club I LLC Virginia The Regency Golf Club II LLC Virginia RiverCrest Sewer Company, LLC Pennsylvania Sapling Ridge, LLC Maryland South Riding Realty LLC Virginia SR Amberlea LLC Virginia Toll Brothers Realty Michigan II LLC Michigan Toll Cedar Hunt LLC Virginia Toll DE X, LLC Delaware Toll-Dublin, LLC California Toll Equipment, L.L.C. Delaware Toll NJ I, L.L.C. New Jersey Toll NJ II, L.L.C. New Jersey Toll Realty L.L.C. Florida Toll Reston Associates, L.L.C. Delaware Toll VA L.L.C Delaware Toll VA III L.L.C. Virginia Virginia Construction Co. I, LLC Virginia Virginia Construction Co. II, LLC Virginia