This office lease provision states that it is an unpermitted assignment for partners to have a change in their share of partnership ownership and thus a default under the lease. Generally, this type of change in ownership is couched in those provisions dealing with changes in share ownerships of corporations.
California Provision Dealing with Changes in Share Ownership of Corporations and Changes in Share Ownership of Partnership
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How to fill out Provision Dealing With Changes In Share Ownership Of Corporations And Changes In Share Ownership Of Partnership?
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FAQ
A "change in ownership" means a transfer of a present interest in real property, including the beneficial use thereof, the value of which is substantially equal to the value of the fee interest. Ca. Rev. and Tax. Code § 60.
Prop. 19 would allow a property owner to transfer their low property tax up to three times. Second, Prop. 19 would limit the transfer of low property tax assessments from deceased owners to their children or grandchildren (if all of their children have already died), which current law allows.
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Change in Ownership?R&TC section 64(d)?A change in ownership occurs when cumulatively more than 50 percent of the original co-owners' interests in the legal entity are transferred; original co-owner status is created when a transfer of property is excluded from reassessment under R&TC section 62(a)(2) in a prior ...
(c) In the case of a corporation, the change in ownership statement shall be signed either by an officer of the corporation or an employee or agent who has been designated in writing by the board of directors to sign such statements on behalf of the corporation.
