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EXHIBIT 5
September 28, 2000
Malan Realty Investors, Inc.
30200 Telegraph Road
Suite 105
Bingham Farms, Michigan 48025-4503
Re: Registration Statement on Form S-8
(the "Registration Statement")
Gentlemen:
This opinion is furnished to you (the "Company") in connection with the
filing of the Company's Registration Statement with the Securities and Exchange
Commission.
You have supplied us with, and we have examined in our capacity as
counsel to the Company, such documents and other information as we deemed
necessary and relevant as a basis for the opinion expressed below. In all such
examinations, we have assumed the genuineness of all signatures and all original
and certified documents and the conformity to original and certified documents
of all copies submitted to us as conformed or photostatic copies. As to various
questions of fact material to such opinion, we have relied upon statements or
certificates of officers and representatives of the Company.
Based upon the foregoing, it is our opinion that the Company's common
stock registered under the Registration Statement, when issued, will be duly and
validly issued, fully paid and nonassessable.
We consent to the filing of this opinion as an exhibit to the
Registration Statement.
Very truly yours,
/s/ Miro Weiner & Kramer
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