Exhibit 5.1
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lawyers@saul.com
www.saul.com
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April 13, 2010
Corporate Office
Properties Trust
6711 Columbia Gateway
Drive
Suite 300
Columbia, Maryland 21046
Re: Corporate Office Properties Trust
Registration Statement on Form S-3
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 4,983,792 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 4.25% Exchangeable Senior Notes Due 2030 (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;
(iv) a copy of the executed Indenture dated April
7, 2010, by and among the Company, the Operating Partnership and Wells Fargo
Bank, National Association (the Indenture);
(v) a copy of the executed Common Stock
Delivery Agreement dated April 7, 2010, by and among the Company and the
Operating Partnership (the Common Stock Agreement); and
(vi) the Second Amended and Restated Limited
Partnership Agreement of the Operating Partnership, as amended.
DELAWARE MARYLAND NEW JERSEY NEW YORK PENNSYLVANIA WASHINGTON, DC
A DELAWARE LIMITED
LIABILITY PARTNERSHIP
Also, as a basis for
these opinions, we have examined the originals or certified copies of the following:
(vii) 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);
(viii) a certified copy of the Bylaws of the
Company (the Bylaws);
(ix) resolutions adopted by the Board of
Trustees of the Company dated March 26, 2010 (the Board Resolutions);
(x) pricing committee resolutions adopted by
the Pricing Committee of the Board of Trustees of the Company dated March 31,
2010 (the Pricing Resolutions and together with the Board Resolutions, the Resolutions).
(xi) a Certificate of Status for the Company
issued by the State Department of Assessments and Taxation of Maryland dated April 2,
2010;
(xii) 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
(xiii) 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, the
Indenture, the Common Stock Agreement 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 Indenture, the Common
Stock Agreement, the Resolutions, the Registration Statement, the Prospectus,
and 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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