Exhibit 5.1
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lawyers@saul.com
www.saul.com
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April 3, 2009
Corporate Office
Properties Trust
6711 Columbia Gateway
Drive
Suite 300
Columbia, Maryland
21046
Re:
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Corporate Office
Properties Trust
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Registration
Statement on Form S-3
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Ladies and Gentlemen:
We have acted as Maryland
counsel to Corporate Office Properties Trust, a Maryland real estate investment
trust (the Company), in connection with certain matters of Maryland law
arising out of the shelf registration of up to 3,049,491 common shares of
beneficial interest of the Company, par value $0.01 per share (the Shares),
proposed to be issued upon redemption or exchange of the 3.50% Exchangeable
Senior Notes Due 2026 (the Notes) issued by Corporate Office Properties,
L.P., the Companys operating partnership (the Operating Partnership), and
offered for resale by the holders of those Shares from time to time, pursuant
to a Registration Statement on Form S-3 (the Registration Statement).
As a basis for our
opinions, we have examined the following documents (collectively, the Documents):
(i) The
Registration Statement, as filed by the Company with the Securities and
Exchange Commission (the Commission) under the Securities Act of 1933 (the Act);
(ii) The prospectus contained
in the Registration Statement (the Prospectus);
(iii) the Notes; and
(iv) the Second Amended and
Restated Limited Partnership Agreement of the Operating Partnership, as
amended.
Also, as a basis for these opinions, we have examined
the originals or certified
DELAWARE MARYLAND NEW JERSEY NEW YORK PENNSYLVANIA WASHINGTON, DC
A DELAWARE LIMITED
LIABILITY PARTNERSHIP
copies of the following:
(v) a
certified copy of the Amended and Restated Declaration of Trust of the Company
dated March 3, 1998, as amended October 12, 2001, September 12,
2003, December 28, 2004 and May 27, 2008 (the Declaration of Trust);
(vi) a
certified copy of the Bylaws of the Company (the Bylaws);
(vii) resolutions
adopted by the Board of Trustees of the Company dated September 5, 2006
and resolutions adopted by the Board of Trustees of the Company effective as of
March 26, 2009 (the Board Resolutions);
(viii) pricing
committee resolutions adopted by the Pricing Committee of the Board of Trustees
of the Company dated September 12, 2006 (the Pricing Resolutions and
together with the Board Resolutions, the Resolutions).
(ix) a
Certificate of Status for the Company issued by the State Department of
Assessments and Taxation of Maryland dated March 30, 2009;
(x) a
Certificate of the Secretary of the Company as to the authenticity of the
Declaration of Trust and Bylaws of the Company, the resolutions of the Companys
trustees approving the filing of the Registration Statement and authorizing the
issuance of the Shares, and other matters that we have deemed necessary and
appropriate; and
(xi) such
other documents and matters as we have deemed necessary and appropriate to
express the opinions set forth in this letter, subject to the limitations,
assumptions and qualifications noted below.
In reaching the opinions
set forth below, we have assumed:
(a) that
all signatures on all Documents and any other documents submitted to us for
examination are genuine;
(b) the
authenticity of all documents submitted to us as originals, the conformity to
originals of all documents submitted to us as certified or photographic copies,
and the accuracy and completeness of all documents;
(c) the
legal capacity of all natural persons executing any documents, whether on
behalf of themselves or other persons;
(d) that
all persons executing Documents on behalf of any party (other than the Company)
are duly authorized;
(e) that
each of the parties (other than the Company) has duly and validly executed and
delivered each of the Documents to which that party is a signatory, and the
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partys obligations are valid and legally binding obligations,
enforceable in accordance with the terms of the respective Documents;
(f) that
there will be no changes in applicable law between the date of this opinion and
any date of issuance or delivery of Shares that would have an adverse effect on
the due authorization or valid issuance or delivery of the Shares;
(g) that
at the time of delivery of any Shares to be delivered after the date hereof,
all contemplated additional actions shall have been taken and the authorization
of the issuance of the Shares by the Board of Trustees will not have been modified
or rescinded;
(h) the
issuance, execution and delivery of the Shares, and the compliance by the
Company with the terms of the Shares, will not violate any then-applicable law
or result in a default under, breach of, or violation of any provision of any
instrument or agreement then binding on the Company, or any restriction imposed
by any court or governmental body having jurisdiction over the Company;
(i) that
the consideration received or proposed to be received for the issuance and sale
or reservation for issuance of any offering of the Shares of the Company as
contemplated by the Notes and each of the Registration Statement, the
Prospectus and the applicable supplement or supplements to the Prospectus is
not less than the par value per share; and
(j) that
the aggregate number of shares of the Company which would be outstanding after
the issuance or reservation for issuance of the Shares, and any other
contemporaneously issued or reserved common shares or preferred shares,
together with the number of common shares and preferred shares previously
issued and outstanding and the number of common shares and preferred shares
previously reserved for issuance upon the conversion or exchange of other
securities issued by the Company or the Operating Partnership, does not exceed
the number of then-authorized shares of beneficial interest of the Company.
As to various
questions of fact material to our opinions, we have relied upon a certificate
and representations of Karen M. Singer, as Secretary of the Company, and have
assumed that the Secretarys Certificate and representations continue to remain
true and complete as of the date of this letter. We have not examined any court records,
dockets, or other public records, nor have we investigated the Companys history
or other transactions, except as specifically set forth in this letter.
Based on our
review of the foregoing and subject to the assumptions and qualifications set
forth in this letter, it is our opinion, as of the date of this letter, that:
1. The
Company is a real estate investment trust duly formed and existing under and by
virtue of the laws of the State of Maryland and is in good standing with the
State Department of Assessments and Taxation of the State of Maryland.
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2. The Shares are duly authorized and,
when and if the Shares are duly issued and delivered in the manner and for the
consideration contemplated by the each of the Notes, the Resolutions, the
Registration Statement, the Prospectus, the applicable supplement or
supplements to the Prospectus, the Shares will be validly issued, fully paid
and nonassessable.
In addition to the
qualifications set forth above, the opinions set forth in this letter are also
subject to the following qualifications:
(i) We
express no opinion as to the laws of any jurisdiction other than the laws of
the State of Maryland.
(ii) We
assume no obligation to supplement our opinions if any applicable law changes
after the date of this letter or if we become aware of any facts that might
alter the opinions expressed in this letter after the date of this letter.
(iii) We
express no opinion on the application of federal or state securities laws to
the transactions contemplated in the Documents.
The opinions expressed in
this letter are furnished only with respect to the transactions contemplated by
the Documents. The opinions expressed in
this letter are limited to the matters set forth in this letter, and no other
opinions shall be implied or inferred beyond the matters expressly stated.
We hereby consent to the
filing of this opinion as an exhibit to the Registration Statement and to the
use of the name of our firm therein. In
giving this consent, we do not admit that we are within the category of persons
whose consent is required by Section 7 of the Securities Act of 1933.
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Very truly yours,
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SAUL EWING LLP
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