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EX-5.1 - EX-5.1 - Toll Brothers, Inc.d412205dex51.htm
EX-4.3 - EX-4.3 - Toll Brothers, Inc.d412205dex43.htm
EX-4.2 - EX-4.2 - Toll Brothers, Inc.d412205dex42.htm
8-K - FORM 8-K - Toll Brothers, Inc.d412205d8k.htm

Exhibit 5.2

[TOLL BROTHERS LETTERHEAD]

June 12, 2017

Toll Brothers, Inc.

250 Gibraltar Road

Horsham, PA 19044

Ladies and Gentlemen:

I am Senior Vice President, Chief Compliance Officer and General Counsel of Toll Brothers, Inc., a Delaware corporation (“TBI”). TBI, Toll Brothers Finance Corp., a Delaware corporation and a wholly-owned subsidiary of TBI (the “Issuer”) and certain other subsidiaries of TBI (the “Subsidiary Registrants”) have filed a Registration Statement on Form S-3 (File No. 333-202046) (the “Registration Statement”) with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to which the Issuer is issuing an additional $150 million in aggregate principal of 4.875% Senior Notes due 2027 (the “Senior Notes”) previously issued by the Issuer (the “Existing Notes”). The Senior Notes are unconditionally guaranteed (each a “Senior Note Guarantee” and, collectively, the “Senior Notes Guarantees”) on a senior basis by TBI and the Subsidiary Registrants (together, in such capacity, the “Senior Notes Guarantors”), as described in the Underwriting Agreement dated June 7, 2017, among TBI, the Issuer and the underwriters named therein (the “Underwriting Agreement”).

I have examined the Registration Statement as it became effective under the Securities Act; TBI’s and the Issuer’s prospectus dated February 12, 2015 (the “Base Prospectus”), as supplemented by the prospectus supplement relating to the offering of the Senior Notes dated June 7, 2017 (together with the Base Prospectus, the “Senior Notes Prospectus”), filed by TBI and the Issuer pursuant to Rule 424(b) of the rules and regulations of the Commission under the Securities; the indenture dated as of February 7, 2012 (the “Base Indenture”) among the Issuer, the Senior Notes Guarantors and The Bank of New York Mellon as trustee (the “Trustee”), as supplemented by the Authorizing Resolution with respect to the Senior Notes dated as of June 12, 2017 (the “Authorizing Resolution”) and the Authorizing Resolution with respect to the Existing Notes dated as of March 10, 2017 (together with the Authorizing Resolution and the Base Indenture, the “Indenture”); a duplicate of the global note representing the Senior Notes (including the guarantee attached thereto); and the Underwriting Agreement.

In rendering the opinions contained herein, I have relied upon my examination or the examination by members of our legal staff or outside counsel (in the ordinary course of business) of the original or copies certified or otherwise identified to our satisfaction of the charter, bylaws or other governing documents of the subsidiaries named in Schedule I hereto (the “Schedule I Subsidiaries”), resolutions and written consents of their respective boards of directors, general partners, managers and managing members, as the case may be, statements and certificates from officers of the Schedule I Subsidiaries and, to the extent obtained, from various state authorities,


status telecopies provided by Corporation Service Company, and such other documents and records relating to the Schedule I Subsidiaries as we have deemed appropriate. I, or a member of my staff, have also examined the originals, or duplicates or certified or conformed copies, of such corporate and other records, agreements, documents and other instruments of all the registrants and have made such other investigations as I have deemed relevant and necessary in connection with the opinions hereinafter set forth. As to questions of fact material to this opinion, I have relied upon certificates or comparable documents or statements of public officials and of officers and representatives of TBI, the Issuer and the Schedule I Subsidiaries.

In rendering the opinions set forth below, I have also assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted to me as originals, the conformity to original documents of all documents submitted to me as duplicates or certified or conformed copies and the authenticity of the originals of such latter documents.

Based upon the foregoing, and subject to the qualifications, assumptions and limitations stated herein, I am of the opinion that the Senior Notes Guarantees in respect of the Senior Notes and Existing Notes have been duly authorized, executed and delivered by each of the Schedule I Subsidiaries.

This opinion letter is given as of the date hereof and I assume no obligation to update or supplement this opinion letter to reflect any facts or circumstances that may hereafter come to my attention or any change in laws that may hereafter occur.

I hereby consent to the filing of this opinion letter as Exhibit 5.2 to the Current Report on Form 8-K of TBI filed with the Commission in connection with the registration of the Senior Notes.

[Remainder of this page intentionally left blank]


Very truly yours,

/s/ John K. McDonald

John K. McDonald

[Signature Page to GC Exhibit 5 Opinion]


Schedule I

 

110-112 Third Ave. Realty Corp.    First Brandywine LLC I
126-142 Morgan Street Urban Renewal LLC    First Brandywine LLC II
134 Bay Street LLC    First Brandywine Partners, L.P.
1400 Hudson LLC    First Huntingdon Finance Corp.
1450 Washington LLC    Franklin Farms G.P., Inc.
1451 Hudson LLC    Frenchman’s Reserve Realty, LLC
1500 Garden St. LLC    Goshen Road Land Company LLC
353-357 Broadway LLC    Greens at Waynesborough, L.P.
353-357 Broadway Member LLC    Hatboro Road Associates LLC
700 Grove Street Urban Renewal LLC    Hoboken Cove LLC
89 Park Avenue LLC    Hoboken Land I LLC
Amwell Chase, Inc.    Hoboken Land LP
Arbor Hills Development LLC    Hockessin Chase, L.P.
Arbors Porter Ranch, LLC    HQZ Acquisitions, Inc.
Ashford Land Company, L.P.    Jacksonville TBI Realty LLC
Audubon Ridge, L.P.    Laurel Creek, L.P.
Belmont Country Club I LLC    Liseter Land Company LLC
Belmont Country Club II LLC    Liseter, LLC
Belmont Land, L.P.    Long Meadows TBI, LLC
Binks Estates Limited Partnership    Loudoun Valley Associates, L.P.
Block 255 LLC    MA Limited Land Corporation
Block 268 LLC    Martinsburg Ventures, L.L.C.
Brier Creek Country Club I LLC    Mizner Realty, L.L.C.
Brier Creek Country Club II LLC    Morgan Street JV LLC
Broad Run Associates, L.P.    Naples TBI Realty, LLC
Byers Commercial LLC    NC Country Club Estates Limited Partnership
Byers Commercial LP    Orlando TBI Realty LLC
CC Estates Limited Partnership    Placentia Development Company, LLC
Cold Spring Hunt, L.P.    Plum Canyon Master LLC
Coleman-Toll Limited Partnership    Porter Ranch Development Co.
Component Systems I LLC    PRD Investors, Inc.
Component Systems II LLC    PRD Investors, LLC
CWG Construction Company LLC    PT Maxwell Holdings, LLC
Dominion Country Club, L.P.    PT Maxwell, L.L.C.
Dominion Valley Country Club I LLC    Rancho Costera LLC
Dominion Valley Country Club II LLC    Regency at Denville, LLC
Enclave at Long Valley I LLC    Regency at Dominion Valley LLC
Enclave at Long Valley II LLC    Regency at Washington I LLC
ESE Consultants, Inc.    Regency at Washington II LLC
Estates at Princeton Junction, L.P.    SH Homes Corporation
Fairfax Investment, L.P.    Shapell Hold Properties No. 1, LLC
Fairway Valley, Inc.    Shapell Homes, Inc.
First Brandywine Investment Corp. II    Shapell Industries, Inc.
First Brandywine Investment Corp. IV    Shapell Land Company, LLC


SI Investment Corporation    Toll Brothers Real Estate, Inc.
Silverman-Toll Limited Partnership    Toll Brothers, Inc.
Sorrento at Dublin Ranch I LP    Toll Buckeye Corp.
Sorrento at Dublin Ranch III LP    Toll CA GP Corp.
South Riding Amberlea LP    Toll CA Holdings, Inc.
South Riding Partners Amberlea LP    Toll CA I LLC
South Riding Partners, L.P.    Toll CA II, L.P.
South Riding Realty LLC    Toll CA III LLC
South Riding, L.P.    Toll CA III, L.P.
Southport Landing Limited Partnership    Toll CA IV, L.P.
Springton Pointe, L.P.    Toll CA IX, L.P.
SR Amberlea LLC    Toll CA Note II LLC
SRLP II LLC    Toll CA V, L.P.
Stone Mill Estates, L.P.    Toll CA VI, L.P.
Swedesford Chase, L.P.    Toll CA VII, L.P.
Tampa TBI Realty LLC    Toll CA VIII, L.P.
TB Kent Partners LLC    Toll CA X, L.P.
TB Proprietary Corp.    Toll CA XI, L.P.
TBI/Palm Beach Limited Partnership    Toll CA XII, L.P.
Tenby Hunt, Inc.    Toll CA XIX, L.P.
The Bird Estate Limited Partnership    Toll CA XX, L.P.
The Regency Golf Club I LLC    Toll CA, L.P.
The Regency Golf Club II LLC    Toll Cedar Hunt LLC
The Silverman Building Companies, Inc.    Toll Centennial Corp.
Toll Architecture I, P.A.    Toll CO GP Corp.
Toll Architecture, Inc.    Toll CO I LLC
Toll at Brier Creek Limited Partnership    Toll CO II, L.P.
Toll at Westlake, L.P.    Toll CO III, L.P.
Toll at Whippoorwill, L.P.    Toll CO, L.P.
Toll Austin TX II LLC    Toll Corners LLC
Toll Austin TX III LLC    Toll Corp.
Toll Austin TX LLC    Toll CT II Limited Partnership
Toll AZ GP Corp.    Toll CT III Limited Partnership
Toll BBC II LLC    Toll CT IV Limited Partnership
Toll BBC LLC    Toll CT Limited Partnership
Toll Brooklyn L.P.    Toll Dallas TX LLC
Toll Bros. of Arizona, Inc.    Toll DE II LP
Toll Bros. of North Carolina II, Inc.    Toll DE LP
Toll Bros. of North Carolina III, Inc.    Toll Development Company, Inc.
Toll Bros. of North Carolina, Inc.    Toll Diamond Corp.
Toll Bros., Inc.    Toll EB, LLC
Toll Bros., Inc.    Toll Equipment, L.L.C.
Toll Bros., Inc.    Toll Estero Limited Partnership
Toll Brothers AZ Construction Company    Toll FL GP Corp.
Toll Brothers AZ Limited Partnership    Toll FL I, LLC
Toll Brothers Canada USA, Inc.    Toll FL II Limited Partnership


Toll FL III Limited Partnership    Toll Land X Limited Partnership
Toll FL IV Limited Partnership    Toll Land XI Limited Partnership
Toll FL IV LLC    Toll Land XIX Limited Partnership
Toll FL Limited Partnership    Toll Land XV Limited Partnership
Toll FL V Limited Partnership    Toll Land XVI Limited Partnership
Toll FL V LLC    Toll Land XVIII Limited Partnership
Toll FL VI Limited Partnership    Toll Land XX Limited Partnership
Toll FL VII Limited Partnership    Toll Land XXI Limited Partnership
Toll FL VIII Limited Partnership    Toll Land XXII Limited Partnership
Toll FL X Limited Partnership    Toll Land XXIII Limited Partnership
Toll FL XII Limited Partnership    Toll Land XXV Limited Partnership
Toll FL XIII Limited Partnership    Toll Lexington LLC
Toll Ft. Myers Limited Partnership    Toll MA Development LLC
Toll GA GP Corp.    Toll MA Holdings LLC
Toll GA LP    Toll MA I LLC
Toll Glastonbury LLC    Toll MA II LLC
Toll Golden Corp.    Toll MA III LLC
Toll Granite Corp.    Toll MA IV LLC
Toll Grove LP    Toll MA Land II GP LLC
Toll Henderson LLC    Toll MA Land III Limited Partnership
Toll Hoboken LLC    Toll MA Land Limited Partnership
Toll Holdings, Inc.    Toll MA Management LLC
Toll Houston Land LLC    Toll MD AF Limited Partnership
Toll Houston TX LLC    Toll MD Builder Corp.
Toll Hudson LP    Toll MD Builder I, L.P.
Toll ID I LLC    Toll MD I, L.L.C.
Toll IL GP Corp.    Toll MD II Limited Partnership
Toll IL HWCC, L.P.    Toll MD II LLC
Toll IL II, L.P.    Toll MD III Limited Partnership
Toll IL III, L.P.    Toll MD III LLC
Toll IL IV, L.P.    Toll MD IV Limited Partnership
Toll IL WSB, L.P.    Toll MD IV LLC
Toll IL, L.P.    Toll MD IX Limited Partnership
Toll IN LLC    Toll MD Limited Partnership
Toll Jacksonville Limited Partnership    Toll MD V Limited Partnership
Toll Jupiter LLC    Toll MD VI Limited Partnership
Toll Land Corp. No. 10    Toll MD VII Limited Partnership
Toll Land Corp. No. 6    Toll MD VIII Limited Partnership
Toll Land Corp. No. 20    Toll MD X Limited Partnership
Toll Land Corp. No. 43    Toll MD XI Limited Partnership
Toll Land Corp. No. 50    Toll MI GP Corp.
Toll Land IV Limited Partnership    Toll MI II Limited Partnership
Toll Land IX Limited Partnership    Toll MI III Limited Partnership
Toll Land V Limited Partnership    Toll MI IV Limited Partnership
Toll Land VI Limited Partnership    Toll MI Limited Partnership
Toll Land VII LLC    Toll MI V Limited Partnership


Toll MI VI Limited Partnership    Toll NY III L.P.
Toll MI VII Corp.    Toll NY IV L.P.
Toll Mid-Atlantic LP Company, Inc.    Toll NY L.P.
Toll Mid-Atlantic Note Company, Inc.    Toll NY V L.P.
Toll Midwest LLC    Toll OH GP Corp.
Toll Midwest Note Company, Inc.    Toll Orlando Limited Partnership
Toll MN GP Corp.    Toll PA Builder Corp.
Toll MN II, L.P.    Toll PA Development LP
Toll MN, L.P.    Toll PA GP Corp.
Toll Morgan Street LLC    Toll PA II GP Corp.
Toll Naval Associates    Toll PA II, L.P.
Toll NC GP Corp.    Toll PA III GP Corp.
Toll NC I LLC    Toll PA III, L.P.
Toll NC II LP    Toll PA IV, L.P.
Toll NC III LP    Toll PA IX, L.P.
Toll NC IV LLC    Toll PA Management LP
Toll NC Note II LLC    Toll PA Twin Lakes LLC
Toll NC Note LLC    Toll PA V, L.P.
Toll NC, L.P.    Toll PA VI, L.P.
Toll NH GP Corp.    Toll PA VIII, L.P.
Toll NJ Builder I, L.P.    Toll PA X, L.P.
Toll NJ I, L.L.C.    Toll PA XI, L.P.
Toll NJ II, L.L.C.    Toll PA XII, L.P.
Toll NJ II, L.P.    Toll PA XIII, L.P.
Toll NJ III, L.P.    Toll PA XIV, L.P.
Toll NJ III, LLC    Toll PA XIX, L.P.
Toll NJ IV LLC    Toll PA XV, L.P.
Toll NJ IV, L.P.    Toll PA XVI, L.P.
Toll NJ V, L.P.    Toll PA XVII, L.P.
Toll NJ VI, L.P.    Toll PA XVIII, L.P.
Toll NJ VII, L.P.    Toll PA, L.P.
Toll NJ VIII, L.P.    Toll Palmetto Corp.
Toll NJ XI, L.P.    Toll Peppertree, Inc.
Toll NJ XII LP    Toll Prasada LLC
Toll NJ, L.P.    Toll Realty Holdings Corp. I
Toll NJX-I Corp.    Toll Realty Holdings Corp. II
Toll North LV LLC    Toll Realty Holdings LP
Toll North Reno LLC    Toll RI GP Corp.
Toll Northeast LP Company, Inc.    Toll RI II, L.P.
Toll Northeast Note Company, Inc.    Toll RI, L.P.
Toll Northeast Services, Inc.    Toll San Antonio TX LLC
Toll NV GP Corp.    Toll SC GP Corp.
Toll NV GP I LLC    Toll SC II, L.P.
Toll NV Holdings LLC    Toll SC III, L.P.
Toll NV Limited Partnership    Toll SC IV, L.P.
Toll NY II LLC    Toll SC, L.P.


Toll South LV LLC    Toll VA VII, L.P.
Toll South Reno LLC    Toll VA VIII, L.P.
Toll Southeast LP Company, Inc.    Toll VA, L.P.
Toll Southeast Note Company, Inc.    Toll Van Wyck, LLC
Toll Southwest II LLC    Toll Vanderbilt II LLC
Toll Southwest LLC    Toll WA GP Corp.
Toll Southwest Note Company, Inc.    Toll WA LP
Toll Stonebrae LP    Toll West Coast II LLC
Toll Stratford LLC    Toll West Coast LLC
Toll SW Holding I Corp.    Toll WestCoast Note Company, Inc.
Toll SW Holding LLC    Toll WV GP Corp.
Toll TN GP Corp.    Toll WV LP
Toll TX GP Corp.    Toll YL II, L.P.
Toll TX Note LLC    Toll YL, Inc.
Toll VA GP Corp.    Toll-Dublin, L.P.
Toll VA II, L.P.    Toll-Dublin, LLC
Toll VA III, L.L.C.    Upper K Investors, Inc.
Toll VA III, L.P.    Upper K Investors, LLC
Toll VA IV, L.P.    Upper K-Shapell, LLC
Toll VA L.L.C.    Vanderbilt Capital, LLC
Toll VA Member Two, Inc.    Village Partners, L.P.
Toll VA V, L.P.    Virginia Construction Co. I, LLC
Toll VA VI, L.P.    Virginia Construction Co. II, LLC