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.
Salt Lake City is the capital and largest city of the state of Utah, known for its beautiful landscapes, vibrant culture, and outdoor recreational activities. As one of the fastest-growing metropolitan areas in the United States, Salt Lake City offers a diverse range of attractions, including world-class ski resorts, stunning national parks, renowned art galleries, and a thriving food scene. Within the realm of business and real estate, one important legal document that is commonly encountered is the Salt Lake Utah Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership. This document signifies the consent given by a corporation to assign a proprietary lease and membership rights to another individual or entity. The proprietary lease is a legally binding agreement that grants exclusive possession and use of a specific property or unit within a cooperative housing corporation. It outlines the rights and obligations of the shareholder (lessee) and the corporation (lessor). The consent of the corporation to the assignment of a proprietary lease ensures that the transaction is legally valid and recognized by all parties involved. Additionally, the Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership encompasses the transfer of membership rights within the cooperative housing corporation. Membership in such corporations often includes participation in decision-making processes, voting rights, and access to shared amenities and facilities. The consent ensures that the transfer of both proprietary lease and membership rights adheres to the corporation's bylaws and regulations. It is important to note that specific variations of the Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership may exist, depending on the unique requirements and provisions of each cooperative housing corporation in Salt Lake City. These variations may include different formats, specific clauses, or additional terms that are essential for the transfer of proprietary lease and membership rights for certain corporations. In conclusion, the Salt Lake Utah Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a vital legal document that enables the transfer of proprietary lease and membership rights within cooperative housing corporations in Salt Lake City. By obtaining the corporation's consent, both the assignor and assignee ensure that their rights and obligations are protected and recognized, establishing a transparent and secure environment for cooperative housing transactions in the area.
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.
