Attached files
file | filename |
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EX-8.1 - EX-8.1 - UDR, Inc. | d81794exv8w1.htm |
EX-1.1 - EX-1.1 - UDR, Inc. | d81794exv1w1.htm |
EX-8.2 - EX-8.2 - UDR, Inc. | d81794exv8w2.htm |
EX-4.1 - EX-4.1 - UDR, Inc. | d81794exv4w1.htm |
8-K - FORM 8-K - UDR, Inc. | d81794e8vk.htm |
Exhibit 5.1
[Morrison & Foerster LLP Letterhead]
May 3, 2011
UDR, Inc.
1745 Shea Center Drive, Suite 200
Highlands Ranch, Colorado 80129
1745 Shea Center Drive, Suite 200
Highlands Ranch, Colorado 80129
Re: | UDR, Inc. Medium-Term Notes, Series A, Due Nine Months or More from Date of Issue, Fully and Unconditionally Guaranteed by United Dominion Realty, L.P. |
Ladies and Gentlemen:
We have acted as counsel to UDR, Inc., a Maryland corporation (the Company), in connection
with the issuance and sale from time to time by the Company of an indeterminate principal amount of
Medium-Term Notes, Series A, Due Nine Months or More from Date of Issue (the Notes) Fully and
Unconditionally Guaranteed by United Dominion Realty, L.P. (the Guarantee and, together with the
Notes, the Securities) pursuant to the Second Amended and Restated Distribution Agreement dated
May 3, 2011 (the Distribution Agreement) among the Company, United Dominion Realty, L.P., as
guarantor, and Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities
LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. Incorporated and
Wells Fargo Securities, LLC.
In connection with this opinion, we have examined originals or copies, certified or otherwise
identified to our satisfaction, of: (i) the Articles Supplementary of the Company; (ii) Articles of
Restatement of the Company, as amended through the date hereof; (iii) the Amended and Restated
Bylaws of the Company, as amended through the date hereof; (iv) certain resolutions of the board of
directors of the Company, relating to the issuance, sale and registration of the Securities; (v)
the Registration Statement on Form S-3 (Registration Statement No. 333-156002) (the Registration
Statement), filed with the Securities and Exchange Commission (the Commission) under the
Securities Act of 1933, as amended (the Act); (vi) the prospectus dated December 8, 2008 (the
Base Prospectus); (vii) the prospectus supplement dated May 3, 2011, filed with the Commission
pursuant to Rule 424(b) of the Rules and Regulations of the Act (the Prospectus Supplement, and
together with the Base Prospectus, the Prospectus); and (viii) the indenture dated as of November
1, 1995, among the Company and U.S. Bank National Association, successor trustee to Wachovia Bank,
National Association (formerly known as First Union National Bank of Virginia), as trustee (the
Trustee), as supplemented by the First Supplemental Indenture dated as of May 3, 2011 among the
Company, United Dominion Realty, L.P., as guarantor, and the Trustee (the Indenture). In
addition, we have examined originals or copies, certified or otherwise identified to our
satisfaction, of certain other corporate records, documents, instruments and certificates of public
officials and of the Company, and we have made such inquiries of officers of the Company and public
officials and considered such questions of law as we have deemed necessary for purposes of
rendering the opinions set forth herein.
UDR, Inc.
May 3, 2011
Page 2
May 3, 2011
Page 2
In connection with this opinion, we have assumed the genuineness of all signatures and the
authenticity of all items submitted to us as originals and the conformity with originals of all
items submitted to us as copies. In making our examination of documents executed by parties other
than the Company, we have assumed that each other party has the power and authority to execute and
deliver, and to perform and observe the provisions of, such documents and has duly authorized,
executed and delivered such documents, and that such documents constitute the legal, valid and
binding obligations of each such party. We also have assumed the integrity and completeness of the
minute books of the Company presented to us for examination. With respect to certain factual
matters, we have relied upon certificates of officers of the Company.
Based upon, subject to and limited by the foregoing, we are of the opinion that:
(i) The forms of Notes, when authorized for issuance, offer and sale pursuant to the
Distribution Agreement, executed and delivered by the Company and duly authenticated by the Trustee
in accordance with the Indenture, and issued and delivered pursuant to the provisions of the
Distribution Agreement and the Indenture against payment of consideration therefor, will constitute
legal, valid and binding obligations of the Company entitled to the benefits provided by the
Indenture, enforceable in accordance with their terms, subject to the effect of bankruptcy,
insolvency, reorganization, arrangement, moratorium or other similar laws relating to or affecting
the rights of creditors generally and limitations imposed by general principles of equity upon the
availability of equitable remedies.
(ii) The Guarantee has been duly authorized by United Dominion Realty, L.P. and, when the
Notes are executed, issued and authenticated in the manner provided for in the Indenture and
delivered and paid for in accordance with the terms of the Distribution Agreement, will constitute
a valid and binding obligation of United Dominion Realty, L.P., enforceable against United Dominion
Realty, L.P. in accordance with its terms, subject to the effect of bankruptcy, insolvency,
reorganization, arrangement, moratorium or other similar laws relating to or affecting the rights
of creditors generally and limitations imposed by general principles of equity upon the
availability of equitable remedies.
We do not express any opinion herein concerning any law other than the laws of the
Commonwealth of Virginia and the State of Maryland (including the statutory provisions, all
applicable provisions of the Maryland Constitution and the reported judicial decisions interpreting
the foregoing), as in effect on the date hereof.
We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Companys Current
Report on Form 8-K to be filed with the Commission on or about May 3, 2011, which will be
incorporated by reference in the Registration Statement, and to reference to us under the caption
Legal Matters in the Prospectus. In giving such consent, we do not hereby admit that we are
acting
UDR, Inc.
May 3, 2011
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May 3, 2011
Page 3
within the category of persons whose consent is required under Section 7 of the Act or the
rules or regulations of the Commission thereunder.
Very truly yours,
/s/ Morrison & Foerster LLP