An apartment cooperative will typically involved a corporation renting apartments to people who are also owners of stock in the corporation. The apartment complex is owned by the corporation.
Two basic documents are ordinarily involved in the transfer of a member's or stockholder's interest in a cooperative apartment corporation: (1) an agreement for the purchase and sale of the proprietary lease and the appurtenant membership or stock; and (2) the instrument of assignment.
The agreement of purchase and sale is similar in format to an agreement for the sale of real property. The seller agrees to assign all rights under the proprietary lease covering the unit, and to sell the membership or stock in the corporation. The seller also agrees to procure the consent of the corporation to the transfer if this is required in the proprietary lease. The purchaser agrees to pay the purchase price and to submit references to the corporation and otherwise cooperate in procuring its consent to the transfer, and also promises to execute an agreement in a form approved by the corporation by which the purchaser assumes and agrees to be bound by all covenants and conditions of the proprietary lease.
The instrument of assignment does not differ materially from an ordinary assignment of a lease of real property, except that the assignor's interest in the membership or stock in the corporation is assigned together with interests under the proprietary lease. Ordinarily, the assignor declares that there are no liens or other claims outstanding against the lease or the shares to be assigned, that there are no undischarged bankruptcy proceedings or unsatisfied judgments or tax liens outstanding against the assignor, and that the assignor has full right and authority to assign the lease and shares.
Chicago Illinois Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that outlines the process by which a corporation in Chicago, Illinois gives consent to the assignment of a proprietary lease and membership to another individual or entity. This document is crucial when transferring ownership or membership rights within a corporation. The Chicago Illinois Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership serves as evidence of the corporation's agreement to transfer the lease and membership rights to another party. This consent is necessary to ensure a smooth transition of ownership and maintain compliance with the corporation's bylaws and regulations. The consent typically includes important details such as the unique identification of the corporation, including its name, registered address, and contact information. It also captures the name and contact information of the assignee, whether an individual or an entity. Moreover, the document specifies the terms and conditions of the assignment, outlining any restrictions or limitations imposed by the corporation. It may also address issues such as lease duration, renewal options, or termination clauses, protecting the rights of both parties involved. The Chicago Illinois Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legally binding agreement that must be signed and dated by authorized representatives of the corporation and the assignee. These signatures verify the corporation's consent and ensure the document's validity and enforceability. Different types of Chicago Illinois Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership can include variations based on specific corporations, lease terms, or membership requirements. Some variations may address specific industries, such as residential housing corporations, commercial leasing corporations, or nonprofit organization corporations. It is crucial to consult legal professionals specialized in corporate law to draft or review the Chicago Illinois Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership. Their expertise ensures compliance with local regulations and protects the interests of all parties involved in the assignment. In summary, the Chicago Illinois Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a vital legal document that facilitates the transfer of lease and membership rights within a corporation. Its purpose is to provide clear and documented consent from the corporation to ensure a smooth and lawful transition of ownership and membership.Chicago Illinois Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that outlines the process by which a corporation in Chicago, Illinois gives consent to the assignment of a proprietary lease and membership to another individual or entity. This document is crucial when transferring ownership or membership rights within a corporation. The Chicago Illinois Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership serves as evidence of the corporation's agreement to transfer the lease and membership rights to another party. This consent is necessary to ensure a smooth transition of ownership and maintain compliance with the corporation's bylaws and regulations. The consent typically includes important details such as the unique identification of the corporation, including its name, registered address, and contact information. It also captures the name and contact information of the assignee, whether an individual or an entity. Moreover, the document specifies the terms and conditions of the assignment, outlining any restrictions or limitations imposed by the corporation. It may also address issues such as lease duration, renewal options, or termination clauses, protecting the rights of both parties involved. The Chicago Illinois Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legally binding agreement that must be signed and dated by authorized representatives of the corporation and the assignee. These signatures verify the corporation's consent and ensure the document's validity and enforceability. Different types of Chicago Illinois Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership can include variations based on specific corporations, lease terms, or membership requirements. Some variations may address specific industries, such as residential housing corporations, commercial leasing corporations, or nonprofit organization corporations. It is crucial to consult legal professionals specialized in corporate law to draft or review the Chicago Illinois Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership. Their expertise ensures compliance with local regulations and protects the interests of all parties involved in the assignment. In summary, the Chicago Illinois Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a vital legal document that facilitates the transfer of lease and membership rights within a corporation. Its purpose is to provide clear and documented consent from the corporation to ensure a smooth and lawful transition of ownership and membership.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
