EXHIBIT 5.2
July 8, 2003
Toll Brothers, Inc.
Toll Brothers Finance Corp.
3103 Philmont Avenue
Huntingdon Valley, PA 19006
Re: Registration Statement on Form S-4
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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.
July 8, 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,
Kenneth J. Gary
General Counsel
SCHEDULE I
State or Other
Jurisdiction of
Incorporation or of
Name of Guarantor Organization
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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
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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
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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
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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
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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
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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
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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
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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
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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
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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