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.
The Hawaii Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the terms and conditions associated with the transfer of ownership rights, leasehold interest, and membership in a cooperative apartment within the state of Hawaii. This agreement serves as a binding contract between the assignor (current owner) and the assignee (new owner), ensuring a smooth and lawful transfer of the cooperative apartment and its associated rights and responsibilities. Keywords: Hawaii, Agreement, Assign, Proprietary Lease, Cooperative Apartment, Membership Different types of Hawaii Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may include: 1. Individual Assignment Agreement: This type of agreement is used when a single person or entity assigns their proprietary lease and membership rights to another individual or entity. It may involve the transfer of ownership in part or in full, depending on the terms agreed upon. 2. Corporate Assignment Agreement: This agreement is employed when a cooperative apartment and its membership are to be assigned from one corporation to another. It ensures that all legal aspects of the transfer are properly addressed, including corporate approvals and compliance with cooperative bylaws. 3. Family Assignment Agreement: In cases where cooperative apartment ownership is being transferred between family members, a Family Assignment Agreement may be used. This type of agreement ensures that interfamily transfers comply with the regulations set forth by the cooperative association and relevant laws. 4. Subleasing Assignment Agreement: When a cooperative apartment owner wants to assign their proprietary lease and membership rights to another individual for a specified period, a Subleasing Assignment Agreement is used. This allows the assignee to occupy the apartment temporarily while the original owner retains ownership and ultimate responsibility. 5. Ownership Transfer Agreement: This type of agreement is commonly used when the ownership of a cooperative apartment is being transferred completely from one party to another. It entails a comprehensive transfer of legal rights, responsibilities, and membership in the cooperative association. In summary, the Hawaii Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership describes the legal terms and conditions associated with the transfer of ownership and leasehold interest in a cooperative apartment. By utilizing various types of assignment agreements tailored to specific circumstances, this document ensures a secure and seamless transfer of rights and responsibilities while maintaining compliance with Hawaii's laws and cooperative association regulations.The Hawaii Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the terms and conditions associated with the transfer of ownership rights, leasehold interest, and membership in a cooperative apartment within the state of Hawaii. This agreement serves as a binding contract between the assignor (current owner) and the assignee (new owner), ensuring a smooth and lawful transfer of the cooperative apartment and its associated rights and responsibilities. Keywords: Hawaii, Agreement, Assign, Proprietary Lease, Cooperative Apartment, Membership Different types of Hawaii Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may include: 1. Individual Assignment Agreement: This type of agreement is used when a single person or entity assigns their proprietary lease and membership rights to another individual or entity. It may involve the transfer of ownership in part or in full, depending on the terms agreed upon. 2. Corporate Assignment Agreement: This agreement is employed when a cooperative apartment and its membership are to be assigned from one corporation to another. It ensures that all legal aspects of the transfer are properly addressed, including corporate approvals and compliance with cooperative bylaws. 3. Family Assignment Agreement: In cases where cooperative apartment ownership is being transferred between family members, a Family Assignment Agreement may be used. This type of agreement ensures that interfamily transfers comply with the regulations set forth by the cooperative association and relevant laws. 4. Subleasing Assignment Agreement: When a cooperative apartment owner wants to assign their proprietary lease and membership rights to another individual for a specified period, a Subleasing Assignment Agreement is used. This allows the assignee to occupy the apartment temporarily while the original owner retains ownership and ultimate responsibility. 5. Ownership Transfer Agreement: This type of agreement is commonly used when the ownership of a cooperative apartment is being transferred completely from one party to another. It entails a comprehensive transfer of legal rights, responsibilities, and membership in the cooperative association. In summary, the Hawaii Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership describes the legal terms and conditions associated with the transfer of ownership and leasehold interest in a cooperative apartment. By utilizing various types of assignment agreements tailored to specific circumstances, this document ensures a secure and seamless transfer of rights and responsibilities while maintaining compliance with Hawaii's laws and cooperative association regulations.
