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.
Cook Illinois Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that pertains to the transfer of leasing and membership rights within a corporation, specifically related to properties situated in Cook County, Illinois. This document acts as a formal agreement whereby a corporation grants permission for an assigned lease and membership to be transferred to another individual or entity. It is designed to ensure that the corporation consents to the assignment of its proprietary lease and membership and reaffirms its obligations and rights as the original contracting party. The Cook Illinois Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership protects the interests of the corporation and sets out the terms and conditions for the assignment. It ensures that the assignee assumes all rights and obligations originally held by the assignor while adhering to the regulations and bylaws set forth by the corporation. It is essential to note that there might be different types of Cook Illinois Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership, varying based on the specific circumstances or requirements of the corporation. These types include: 1. Residential Property Assignment: This type of consent is applicable when assigning a proprietary lease and membership of a residential property owned by the corporation in Cook County, Illinois. 2. Commercial Property Assignment: In case of transferring a proprietary lease and membership of a commercial property owned by the corporation in Cook County, Illinois, this specific type of consent is utilized. 3. Non-Profit Organization Assignment: If the corporation being assigned is a non-profit organization with a proprietary lease and membership in Cook County, Illinois, this consent type caters to such circumstances. In conclusion, the Cook Illinois Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a vital legal document for the proper transfer of leasing and membership rights within a corporation. It ensures that all parties involved understand their rights and obligations while maintaining compliance with the corporation's regulations and the laws governing Cook County, Illinois.Cook Illinois Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that pertains to the transfer of leasing and membership rights within a corporation, specifically related to properties situated in Cook County, Illinois. This document acts as a formal agreement whereby a corporation grants permission for an assigned lease and membership to be transferred to another individual or entity. It is designed to ensure that the corporation consents to the assignment of its proprietary lease and membership and reaffirms its obligations and rights as the original contracting party. The Cook Illinois Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership protects the interests of the corporation and sets out the terms and conditions for the assignment. It ensures that the assignee assumes all rights and obligations originally held by the assignor while adhering to the regulations and bylaws set forth by the corporation. It is essential to note that there might be different types of Cook Illinois Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership, varying based on the specific circumstances or requirements of the corporation. These types include: 1. Residential Property Assignment: This type of consent is applicable when assigning a proprietary lease and membership of a residential property owned by the corporation in Cook County, Illinois. 2. Commercial Property Assignment: In case of transferring a proprietary lease and membership of a commercial property owned by the corporation in Cook County, Illinois, this specific type of consent is utilized. 3. Non-Profit Organization Assignment: If the corporation being assigned is a non-profit organization with a proprietary lease and membership in Cook County, Illinois, this consent type caters to such circumstances. In conclusion, the Cook Illinois Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a vital legal document for the proper transfer of leasing and membership rights within a corporation. It ensures that all parties involved understand their rights and obligations while maintaining compliance with the corporation's regulations and the laws governing Cook County, Illinois.
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.
