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 Indiana Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that grants permission from a corporation to assign a proprietary lease and consent to membership rights. This document is specific to the state of Indiana and is essential when transferring the lease and membership of a corporation. When drafting a Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership in Indiana, certain keywords are crucial to ensure accuracy and relevance. These keywords may include: 1. Indiana: This specifies that the document is specifically designed for use in the state of Indiana, ensuring legal compliance with local regulations and standards. 2. Consent: This highlights the explicit agreement and permission granted by the corporation to the assignee for the assignment of the proprietary lease and membership rights. 3. Assignment: This keyword refers to the transfer of the lease and membership rights from one entity to another. It emphasizes the legal process that takes place in order to effect such a transfer. 4. Proprietary Lease: This term refers to a lease agreement, typically in a cooperative housing or community, where the corporation owns the property and grants lease rights to individual members or shareholders. 5. Membership: Membership signifies the association or affiliation of individuals with a corporation. In the context of this document, it refers to the rights and privileges that come with being a member of the corporation. 6. Types or Variations: While there may not be specific variations of the Indiana Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership, it is essential to consider any potential specifications or requirements based on the particular circumstances of the assignment. For instance, different rules may apply when assigning a proprietary lease and membership in different types of corporations, such as cooperative housing corporations, nonprofit organizations, or limited liability companies (LCS). Overall, the Indiana Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a vital legal document used for transferring lease and membership rights within the state of Indiana. It ensures compliance with local regulations and protects the interests of both the corporation and the assignee. The use of relevant keywords in the document helps to accurately describe the nature and purpose of this consent.The Indiana Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that grants permission from a corporation to assign a proprietary lease and consent to membership rights. This document is specific to the state of Indiana and is essential when transferring the lease and membership of a corporation. When drafting a Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership in Indiana, certain keywords are crucial to ensure accuracy and relevance. These keywords may include: 1. Indiana: This specifies that the document is specifically designed for use in the state of Indiana, ensuring legal compliance with local regulations and standards. 2. Consent: This highlights the explicit agreement and permission granted by the corporation to the assignee for the assignment of the proprietary lease and membership rights. 3. Assignment: This keyword refers to the transfer of the lease and membership rights from one entity to another. It emphasizes the legal process that takes place in order to effect such a transfer. 4. Proprietary Lease: This term refers to a lease agreement, typically in a cooperative housing or community, where the corporation owns the property and grants lease rights to individual members or shareholders. 5. Membership: Membership signifies the association or affiliation of individuals with a corporation. In the context of this document, it refers to the rights and privileges that come with being a member of the corporation. 6. Types or Variations: While there may not be specific variations of the Indiana Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership, it is essential to consider any potential specifications or requirements based on the particular circumstances of the assignment. For instance, different rules may apply when assigning a proprietary lease and membership in different types of corporations, such as cooperative housing corporations, nonprofit organizations, or limited liability companies (LCS). Overall, the Indiana Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a vital legal document used for transferring lease and membership rights within the state of Indiana. It ensures compliance with local regulations and protects the interests of both the corporation and the assignee. The use of relevant keywords in the document helps to accurately describe the nature and purpose of this consent.
