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Exhibit 5.1
2200 Ross Avenue, Suite 2200
Dallas, Texas 75201-6776
Telephone: 214-740-8000
Fax: 214-740-8800
www.lockelord.com |
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Kenneth L. Betts
Direct Telephone: 214-740-8696
Direct Fax: 214-756-8696
kbetts@lockelord.com |
June 29, 2011
Plymouth Opportunity REIT, Inc.
Two Liberty Square, 10th Floor
Boston, Massachusetts 02109
Re: Registration Statement on Form S-11
Ladies and Gentlemen:
We have acted as special counsel to Plymouth Opportunity REIT, Inc., a Maryland corporation
(the Company), in connection with the Registration Statement on Form S-11 (File No. 333-173048)
(the Registration Statement) filed by the Company with the Securities and Exchange Commission
pursuant to the Securities Act of 1933, as amended (the Securities Act), relating to the
registration of 65,000,000 shares of common stock, par value $0.01 per share, of the Company (the
Common Stock). This opinion is being provided at your request in connection with the filing of
the Registration Statement.
In connection with this opinion, we have examined and are familiar with originals or copies,
certified or otherwise identified to our satisfaction, of such documents, corporate records,
certificates of public officials and other instruments as we have deemed necessary or advisable in
connection with this opinion, including, without limitation, (i) the Companys Articles of
Incorporation, certified as of a recent date by the State Department of Assessments and Taxation of
the State of Maryland (SDAT), (ii) the Companys Form of Amended and Restated Articles of
Incorporation, as filed as an exhibit to the Registration Statement and as will be filed by the
Company with the SDAT prior to the issuance of any Shares under the Registration Statement, (iii)
the Companys Bylaws, (iv) the Registration Statement and (v) resolutions of the Companys board of
directors relating to the issuance and sale of the Common Stock and matters related thereto
(Resolutions). In our examination we have assumed (without any independent investigation) the
genuineness of all signatures, the legal capacity of natural persons, the authenticity of all
documents submitted to us as originals, the conformity to original documents of all documents
submitted to us as certified or photostatic copies, the authenticity of originals of such copies
and the authenticity of telegraphic or telephonic confirmations of public officials and others. As
to facts material to our opinion, we have relied upon (without any independent investigation)
certificates or telegraphic or telephonic confirmations of public officials and certificates,
documents, statements and other information of the Company or its representatives
Plymouth Opportunity REIT, Inc.
June 29, 2011
Page 2
or officers.
Based upon, subject to and limited by the foregoing, we are of the opinion that:
1. The Company is a corporation duly incorporated and existing under and by virtue of the laws
of the State of Maryland and is in good standing with the SDAT; and
2. Following the (a) effectiveness of the Registration Statement, (b) issuance of the Common
Stock pursuant to the terms of the Resolutions and the Registration Statement, and (c) receipt by
the Company of the consideration for the Common Stock authorized by the Resolutions, the Shares
will be validly issued, fully paid, and non-assessable.
We do not express any opinion as to the laws of any other jurisdiction other than the federal
laws of the United States of America, the Constitution of the State of Maryland, the General
Corporation Law of the State of Maryland (the MGLL) and the reported judicial interpretations of
the MGLL, and we express no opinion as to the effect of any other laws on the opinions stated
herein.
The opinions expressed herein are as of the date hereof and are based on the assumptions set
forth herein and the laws and regulations currently in effect, and we do not undertake and hereby
disclaim any obligation to advise you of any change with respect to any matter set forth herein.
We hereby consent to the filing of this opinion as an Exhibit to the Registration Statement.
In giving such opinion, we do not thereby admit that we are acting within the category of persons
whose consent is required under Section 7 of the Securities Act and the rules and regulations
promulgated thereunder.
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Very truly yours,
LOCKE LORD BISSELL & LIDDELL LLP
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By: |
/s/ Kenneth L. Betts
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Kenneth L. Betts |
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