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Borrower Legal Opinion

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Borrower Legal Opinion Borrower Opinion (Massachusetts Sample) Document 5037B www.leaplaw.com Access to this document and the LeapLaw web site is provided with the understanding that neither LeapLaw Inc. nor any of the providers of information that appear on the web site is engaged in rendering legal, accounting or other professional services. If you require legal advice or other expert assistance, you agree that you will obtain the services of a competent, professional person and will not rely on information provided on the web site as a substitute for such advice or assistance. Neither the presentation of this document to you nor your receipt of this document creates an attorney-client relationship. [DATE] [LENDER NAME] [LENDER ADDRESS] Re: [LOAN] Ladies and Gentlemen: We represent: (a) [NAME OF BORROWER], a ______________[ corporation/limited liability company] (the “Borrower”), (b) [NAME OF PROPERTY OWNER], a ______________ [corporation/limited liability company] (the “Property Owner”), of which the Borrower is the [sole member], and which itself is the owner of certain real property known as [NAME OF PROPERTY] [LOCATION] (the “Real Property”), and (c) [INSERT GUARANTORS NAMES] (individually each a “Guarantor” and referred to herein, collectively, as the “Guarantors”) in connection with a loan in the stated principal amount of $______________ (the “Loan”) made by ______________ (the “Lender”) to Borrower as of the date hereof. This opinion is rendered to you as a condition of your making the Loan. In connection with this opinion, we have examined and relied on copies of each of the following (including the documents listed below which evidence and secure the Loan each of which are dated as of [DATE] unless otherwise indicated below): 1. Limited Liability Company Agreement/Limited Partnership Agreement of the Borrower dated ___________. 2. Certified copy of [CERTIFICATE OF FORMATION] of the Borrower dated [DATE], issued by the Secretary of State of the State of [STATE] on [DATE]. 3. Certificate of Good Standing of the Borrower issued by the Secretary of State of the State of [STATE] dated [DATE]. 4. Certificate of registration of Borrower as a foreign [corporation/limited liability company] issued by the Secretary of State of the State of [STATE] dated [DATE]. 5. [Limited Partnership Agreement/ operating agreement/bylaws] of the Property Owner dated [DATE]. 6. Certified copy of [CERTIFICATE OF FORMATION] of the Property Owner dated [DATE], issued by the Secretary of State of the State of [STATE] on [DATE]. 7. Certificate of Good Standing of the Property Owner issued by the Secretary of State of [STATE] dated [DATE]. 8. Certificate of registration of Property Owner as a foreign [limited liability company/corporation] issued by the Secretary of State of the State of [STATE] dated [DATE] Borrower’s Opinion www.leaplaw.com [DATE] Page 3 9. Loan Agreement (the “Loan Agreement”), between the Borrower and the Lender dated [DATE]. 10. Promissory Note (the “Note”) in the stated principal amount of [AMOUNT] of the Borrower payable to the Lender. 11. Pledge Agreement (the “Pledge”) executed by the Borrower, as pledgor, in favor of the Lender, pledging the membership interests in the Property Owner to Lender. 12. UCC-1 Financing Statement (the “Financing Statement”) naming the Borrower as Debtor and naming the Lender as Secured Party. 13. Power of Attorney, executed by the Borrower in favor of the Lender (the “Power of Attorney”). 14. A Environmental Indemnification Agreement executed by the Borrower and the Guarantors (the “Indemnity”) 15. A Guaranty (Non-Recourse Carve-Outs) executed by the Guarantors for the benefit of the Lender (the “Guaranty”). 16. [List other documents and instruments pertaining to the transaction, if applicable] The Loan Agreement, the Note, the Pledge, the Financing Statement, the Power of Attorney, the Indemnity, and the Guaranty [and OTHER DOCUMENTS] are hereinafter collectively referred to as the “Loan Documents.” Unless otherwise defined in this letter or unless the context otherwise requires, capitalized terms defined in the Loan Agreement shall have the same meanings in this letter. In addition to the Loan Documents, we have examined such records, documents, instruments, certificates of public officials and of representatives of the Borrower, the Property Owner and the Guarantors, made such inquiries of officials of the Borrower, the Property Owner and the Guarantors, and considered such questions of law as we have deemed necessary for the purpose of rendering the opinions set forth herein. We have assumed the genuineness of all signatures except for those signatures on the Loan Documents of the persons signing the Loan Documents on behalf of the Borrower and the signature of Guarantors on the Guaranty. We also have assumed the authenticity and completeness of all items submitted to us as originals, the conformity with originals of all items submitted to us as copies and the accuracy and completeness of all records made available to us by the Borrower or the Guarantors. We have assumed, without investigation, that any certificate or other document on which we have relied that was given or dated earlier than the date of this letter continued to remain accurate insofar as relevant to our opinions from such earlier date through and including the date of this letter. In making our examination of the Loan Documents, we have assumed that the Lender was in legal existence and had the power to enter into the Borrower’s Opinion www.leaplaw.com [DATE] Page 4 Mezzanine Loan transaction and perform its obligations under the Loan Documents; the due authorization by all requisite action and the due execution and delivery of the Loan Documents by the Lender; the validity and binding effect thereof on the Lender; and that any person acting on behalf of the Lender was duly authorized to act in that capacity. We have assumed the legal capacity of natural persons. We have assumed that there are no agreements or understandings among the parties, written or oral, and there is no usage of trade or course of prior dealing among the parties that would, in either case, define, supplement, or qualify the terms of the Loan Documents. We also have assumed that the Lender is relying on the Guaranty and would not enter into the Mezzanine Loan in the absence of the Guaranty; that the Loan Documents and the Guaranty have been delivered concurrently on the closing date; and that the Lender has delivered to the Borrower upon closing funds to be paid pursuant to the Loan Documents. Based upon and subject to the foregoing and any further qualifications set forth below, we are of the opinion that: (a) The Property Owner is a [limited liability company/limited partnership] validly existing and in good standing under the laws of the State of [STATE] and has full power and authority under its [Operating/Limited Partnership] Agreement and Certificate of [Formation/Limited Partnership] to enter into and perform its obligations under certain loan documents which it is entering into effective as of the date hereof. Based solely on the Certificate of registration of foreign [limited liability company/partnership] referred to in Item ____ above, the Property Owner has duly registered as a foreign limited liability company doing business in the State of _______________________. (b) The Borrower is a [limited liability company/limited partnership] validly existing and in good standing under the laws of the State of [STATE] and has full power and authority under its [Operating/Limited Partnership] Agreement and Certificate of [Formation/Limited Partnership] to enter into and perform its obligations under the Loan Documents. Based solely on the Certificate of registration of foreign [limited liability company/partnership] referred to in Item ____ above, the Borrower has duly registered as a foreign [corporation/limited liability company/limited partnership] doing business in the State of [STATE]. (c) The execution, delivery and performance of each of the Loan Documents by Borrower have been duly authorized by all requisite action by the members of the limited liability company, and each of the Loan Documents has been duly executed and delivered by Borrower. (d) [Massachusetts counsel] The Loan Documents constitute valid and binding obligations of the Borrower and the Guarantors, as applicable, and are enforceable against the Borrower and the Guarantors, as applicable, in accordance with their respective terms. The opinion expressed in this paragraph (c) is subject to each of the following further qualifications: Borrower’s Opinion www.leaplaw.com [DATE] Page 5 (i) Our opinion is subject to the effect of bankruptcy, insolvency, fraudulent transfer, reorganization, arrangement, moratorium or other similar laws relating to or affecting the rights of creditors generally. (ii) The enforceability of the Loan Documents is subject to limitations imposed by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). (iii) Certain remedies, waivers, and other provisions of the Loan Documents may not be enforceable, but such unenforceability does not render the Loan Documents invalid as a whole or preclude the practical realization of the principal benefits intended to be provided by the Loan Documents. (e) The Borrower’s execution and delivery of the Loan Documents and the Borrower’s performance and observance of and compliance with the provisions of the Loan Documents will not (i) violate or result in any breach
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