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Iowa Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership

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Description

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.


Iowa Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that outlines the process and requirements for transferring a proprietary lease and membership rights in a corporation. This consent is crucial to ensuring a smooth and legally valid transfer of the lease and membership from one party to another. In Iowa, there are two main types of Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership, namely Individual Transfers and Corporate Transfers. Individual Transfers: This type of consent is commonly used when an individual leaseholder wishes to transfer their proprietary lease and membership to another individual. The consent of the corporation is required to ensure that the new leaseholder is qualified and suitable for membership in the corporation. It also confirms that the corporation acknowledges and accepts the transfer. Corporate Transfers: In some instances, corporations may want to transfer their proprietary lease and membership to another corporation. The Iowa Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership facilitates this process by outlining the specific requirements and documentation needed for such a transfer. It ensures that all legal obligations and commitments associated with the original lease and membership are transferred to the new corporation, ensuring a seamless transition. The Iowa Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership typically includes various crucial provisions, including: 1. Parties Involved: Clearly identifies the names and contact information of the original leaseholder(s), the transferring corporation, and the individual or corporate recipient(s) of the lease and membership rights. 2. Purpose: Explains the objective of the consent document, which is to grant permission for the transfer of the proprietary lease and membership to the new party, subject to certain conditions and requirements. 3. Terms and Conditions: Outlines the terms and conditions that must be met for the transfer to be valid. This may include providing financial statements, credit checks, references, and any other qualifications set forth by the corporation. 4. Consent of Corporation: Contains the consent given by the corporation to the transfer, indicating its acknowledgement and approval of the new leaseholder or corporation. 5. Release and Indemnification: Includes provisions that protect the corporation from any claims or liabilities associated with the transfer, ensuring that the corporation is not held responsible for any disputes or issues that may arise post-transfer. 6. Execution: Specifies the execution and effective date of the consent, as well as the necessary signatures from all involved parties. It is crucial to consult with legal professionals familiar with Iowa law while drafting or executing the Iowa Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership, to ensure compliance with regulations and to safeguard the interests of all parties involved.

Iowa Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that outlines the process and requirements for transferring a proprietary lease and membership rights in a corporation. This consent is crucial to ensuring a smooth and legally valid transfer of the lease and membership from one party to another. In Iowa, there are two main types of Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership, namely Individual Transfers and Corporate Transfers. Individual Transfers: This type of consent is commonly used when an individual leaseholder wishes to transfer their proprietary lease and membership to another individual. The consent of the corporation is required to ensure that the new leaseholder is qualified and suitable for membership in the corporation. It also confirms that the corporation acknowledges and accepts the transfer. Corporate Transfers: In some instances, corporations may want to transfer their proprietary lease and membership to another corporation. The Iowa Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership facilitates this process by outlining the specific requirements and documentation needed for such a transfer. It ensures that all legal obligations and commitments associated with the original lease and membership are transferred to the new corporation, ensuring a seamless transition. The Iowa Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership typically includes various crucial provisions, including: 1. Parties Involved: Clearly identifies the names and contact information of the original leaseholder(s), the transferring corporation, and the individual or corporate recipient(s) of the lease and membership rights. 2. Purpose: Explains the objective of the consent document, which is to grant permission for the transfer of the proprietary lease and membership to the new party, subject to certain conditions and requirements. 3. Terms and Conditions: Outlines the terms and conditions that must be met for the transfer to be valid. This may include providing financial statements, credit checks, references, and any other qualifications set forth by the corporation. 4. Consent of Corporation: Contains the consent given by the corporation to the transfer, indicating its acknowledgement and approval of the new leaseholder or corporation. 5. Release and Indemnification: Includes provisions that protect the corporation from any claims or liabilities associated with the transfer, ensuring that the corporation is not held responsible for any disputes or issues that may arise post-transfer. 6. Execution: Specifies the execution and effective date of the consent, as well as the necessary signatures from all involved parties. It is crucial to consult with legal professionals familiar with Iowa law while drafting or executing the Iowa Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership, to ensure compliance with regulations and to safeguard the interests of all parties involved.

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FAQ

Definition: a written lease in a cooperative apartment building, between the owner/corporation and the tenant/stockholder, in which the tenant receives the right to occupy a particular unit. Pronunciation: \\pr0259-02c8pr012b-0259-02ccter-0113\\ \\02c8l0113s\\

Assignment of Proprietary Lease means the specific agreement creating a first lien on and pledge of the Co-op Shares and the appurtenant Proprietary Lease securing a Co-op Loan.

Content of the proprietary lease for a co-op apartment. A proprietary lease permits the owner to occupy the apartment that he purchased. An owner has shares. That proprietary allows him to reside in the unit.

A generic form of request for consent to the assignment of a commercial contract, which can be used by a party that is assigning its rights or delegating its performance obligations under the contract, or both, to a third party, if the non-transferring party's consent is required.

The process of assignment of a lease is essentially selling the lease to a third party (the assignee). If you are a commercial property tenant, your contract likely contains a clause that allows you to assign your lease to a new tenant. To do this, you will need to find a potential new tenant yourself.

Assigning or underletting without consent, where that consent is required, is a breach which (on usual lease terms) gives rise to a right to forfeit the lease. The tenant may seek relief from forfeiture in the usual way.

Proprietary Lease. A lease given by a corporation to another. It is often used in a co-op context, where the owner is given a certain number of shares in the co-op, along with a proprietary lease for one of the residences in the building. Maintenance.

While it is, of course, possible to assign a lease by implication or in equity, this is very exceptional and legal practitioners and their clients do need to ensure that all of the assignment formalities have been met.

An assignment and assumption of lease is a legal real estate document that allows one party to transfer rights and obligations of a lease to another party. Often used in real estate transactions and mortgage lending, the assignment and assumption of lease agreement requires the landlord to consent to move forward.

A proprietary lease is an agreement that grants shareholders in a co-op the right to live in a particular apartment space. Also known as occupancy agreements, proprietary leases stake out the rights and responsibilities of shareholders and the cooperative corporation's board of directors.

More info

Assignment of Proprietary Lease means the specific agreement creating a first lien on and pledge of the Co-op Shares and the appurtenant Proprietary Lease ... The parties agree that 3875 Owners Corp.Neither party attached a copy of the proprietary lease between Respondent and the cooperative ...For an explanation of this agreement see Information File Overview ofShould the Company consent to the use by Consultant of the services of any other ... Broker: a person or company licensed to buy, sell, exchange or lease REALInvoluntary Alienation: transfer of title without the owner's consent by the ... The consent resolutions authorized and directed Dolphin to acquireproprietary lease for Dolphin International's three hundred ninety- ... franchise agreement. See, e.g., IOWA CODE ANN. § 523H.5(4) (2014) (prohibiting a franchisor from requiring the franchisee or the transferee ... Lastly, a special thanks to the members of the Adams-Friendshipcorporation has a mortgage loan, theyA proprietary lease agreement giving the. By MM Harner · 2005 · Cited by 37 ? Bankruptcy Code also does not require the consent of the nondebtor party to thecontract or unexpired lease when applicable law prohibits the assignment ... A. The "No Disclosure Without Consent" Rule. ?No agency shall disclose any record which is contained in a system of records by any means of communication to ... FORM OF 421-a AFFORDABLE APARTMENT PROPRIETARY LEASE .Apartment Corporation will execute an assignment and assumption agreement for the. Ground Lease ...

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Iowa Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership