Cooperative apartments are different from individually owned subdivision properties, ordinary leaseholds, and condominiums. In subdivisions, each individual owns a home in fee. In an ordinary leasehold, the lessee holds no ownership interest in the lessor. In condominiums, each owner holds fee interest in a particular unit, together with an undivided fee interest in the common areas and facilities.
Cooperatives are often formed by members paying a membership fee or purchasing shares of stock. In a stock cooperative, members are issued stock certificates as evidence of their membership and capital investment. More than one type of stock may be issued. An apartment cooperative will typically be a corporation renting apartments to people who are also owners of stock in the corporation. The apartment complex is owned by the corporation.
Due to the proprietary nature of members' or stockholders' interests in the venture, substantial restrictions are generally imposed on lessee's rights to assign and sublease. Typically, assignment and sublease require consent of the board of directors of the corporation after examination of the suitability of the prospective assignee or sublessee.
The Illinois Cooperative Apartment Sublease Agreement is a legally binding agreement that allows a tenant, who is already renting a cooperative apartment, to sublease the premises to another individual, referred to as the subtenant, for a specific period of time. This agreement outlines the terms and conditions under which the subtenant can occupy and use the cooperative apartment. The sublease agreement serves as an addendum to the original lease agreement between the tenant and the landlord, where the tenant becomes the sublandlord and assumes the role of landlord to the subtenant. Both parties involved in the sublease agreement have rights and responsibilities that must be adhered to throughout the sublease term. Key elements outlined in the Illinois Cooperative Apartment Sublease Agreement typically include the names and addresses of the original tenant, subtenant, and the co-op apartment building. It establishes the start and end date of the sublease term, specifying whether it is for a fixed period or on a month-to-month basis. Additionally, the agreement includes the rental amount the subtenant is required to pay, along with any other charges such as utilities or parking fees. The sublease agreement also addresses important provisions such as maintenance responsibilities, pet policies, access to common areas, and any restrictions or rules set by the cooperative apartment building. It is crucial to note that the subtenant must comply with the same rules and regulations stipulated in the original lease agreement as the tenant does. It is essential to mention that there can be different types of Illinois Cooperative Apartment Sublease Agreements. These may include: 1. Fixed-Term Sublease: This type of sublease agreement specifies a fixed duration for the sublease, usually with a clear start and end date. The subtenant is obligated to pay rent and abide by the terms for the entire agreed-upon period. 2. Month-to-Month Sublease: This type of sublease agreement does not have a specific end date. Instead, it continues on a month-to-month basis until either the sublandlord or the subtenant decides to terminate the agreement by providing proper notice, typically 30 days in advance. 3. Subletting with Landlord's Consent: In some cases, the original lease agreement may require the tenant to obtain written consent from the landlord before subleasing the cooperative apartment. If so, the sublease agreement will explicitly state that the subtenant's occupancy is approved by the landlord. In conclusion, the Illinois Cooperative Apartment Sublease Agreement is a comprehensive document that establishes the rights and obligations of both the sublandlord and the subtenant in a cooperative apartment setting. By clearly specifying the terms and conditions, this agreement ensures a smooth and transparent sublease arrangement.
