Sun Communities, Inc.
May 7, 2024
Page
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documents submitted to us and public records we have reviewed or relied upon are accurate and complete; (v) that the Charter Documents, the Bylaws, and the Resolutions have not been amended
or rescinded; and (vi) that the persons identified as officers of the Company are actually serving as such and that any certificates representing the Shares will be properly executed by one or more such persons.
We have also assumed that: (i) as of each and every time any of the Units are exchanged for Shares, (a) there will not have occurred
any change in the law or the facts affecting the validity of the Shares, and (b) the Charter, the Bylaws, and the Resolutions will not have been amended, repealed, or revoked and will be in full force and effect; (ii) at the time of the
issuance of the Shares, the Company or its transfer agent will record in the Companys stock ledger the name(s) of the persons to whom the Shares are issued; (iii) none of the Shares will be issued in violation of the restrictions on
ownership and transfer set forth in Article VII of the Charter Documents; (iv) the Company will remain duly organized, validly existing, and in good standing under Maryland law at the time any Shares are issued; (v) upon the issuance of
any Shares upon the exchange of Units, the total number of shares of Common Stock issued and outstanding will not exceed the total number of shares of Common Stock that the Company is then authorized to issue under the Charter Documents;
(vi) as to all acts undertaken by any governmental authority, and of those persons purporting to act in any governmental capacity, that the persons acting on behalf of the governmental authority have the power and authority to do so, and that
all actions taken by such persons on behalf of such governmental authority are valid, legal, and sufficient; and (vii) all representations, warranties, certifications, and statements with respect to matters of fact and other factual information
(a) made by public officers, (b) made by officers or representatives of the Company, including certifications made in the Certificate, and (c) made or contained in any documents we have reviewed, are accurate, true, correct, and
complete in all material respects.
As to any facts material to our opinion set forth below, without undertaking to verify the same by
independent investigation, we have relied exclusively upon the documents we have reviewed, the statements and information set forth in such documents, the Certificate, and the additional matters recited or assumed in this letter, all of which we
assume to be true, complete, and accurate in all respects.
Based upon the foregoing and subject to the limitations and assumptions set
forth herein, and having due regard for such legal considerations as we deem relevant, we are of the opinion that the issuance of the Shares has been duly authorized and, when and if issued and delivered against payment therefor in accordance with
the Resolutions, the terms of the Series A-1 Units, the Series A-3 Units, the Series C Units, the Series D Units, the Series F Units, the Series G Units, the Series H
Units, the Series J Units, the Series K Units, or the Series L Units, as applicable, and the Partnership Agreement, will be validly issued, fully paid, and nonassessable.
The foregoing opinion is based on and is limited to the Maryland General Corporation Law (including the reported judicial decisions
interpreting those laws currently in effect), and we express no opinion herein with respect to the effect or applicability of any other laws or the laws of any other jurisdiction. The opinion expressed herein concerns only the effect of the laws