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.
Michigan Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that grants consent and approval from a corporation for the assignment of a proprietary lease and membership transfer within a Michigan-based corporation or organization. This important document outlines the terms and conditions under which the corporation allows the transfer of lease and membership rights to another individual or entity. Keywords: 1. Michigan: This document is specific to the state of Michigan and must comply with the applicable laws and regulations of the state. 2. Consent: Implies granting permission or approval from the corporation for the assignment and transfer of proprietary lease and membership. 3. Corporation: Refers to a legally recognized entity governed by Michigan corporate laws. 4. Assignment: In this context, it means the transfer of a proprietary lease and membership rights from one party to another. 5. Proprietary Lease: A lease agreement that grants exclusive rights to occupy and use a specific property owned by the corporation. 6. Membership: Describes the affiliation or participation in a corporation as a member, which often entails certain privileges and responsibilities. 7. Transfer: The act of conveying or passing the ownership or rights of a proprietary lease and membership to another party. 8. Legal Document: Refers to a written agreement or contract that holds legal significance and establishes the rights and obligations of involved parties. Types of Michigan Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership: 1. Residential Property: This type of consent is specific to the assignment and transfer of proprietary leases and memberships within residential properties owned by the corporation. 2. Commercial Property: This category pertains to the transfer and assignment of proprietary leases and memberships related to commercial properties held by the corporation. 3. Non-profit Organization: In cases where the corporation is a non-profit entity, the consent document may include specific provisions and regulations related to non-profit activities and governance. 4. Condominium Associations: If the corporation acts as a condominium association, the consent document will address the assignment and transfer of proprietary leases and memberships within the condominium complex.Michigan Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that grants consent and approval from a corporation for the assignment of a proprietary lease and membership transfer within a Michigan-based corporation or organization. This important document outlines the terms and conditions under which the corporation allows the transfer of lease and membership rights to another individual or entity. Keywords: 1. Michigan: This document is specific to the state of Michigan and must comply with the applicable laws and regulations of the state. 2. Consent: Implies granting permission or approval from the corporation for the assignment and transfer of proprietary lease and membership. 3. Corporation: Refers to a legally recognized entity governed by Michigan corporate laws. 4. Assignment: In this context, it means the transfer of a proprietary lease and membership rights from one party to another. 5. Proprietary Lease: A lease agreement that grants exclusive rights to occupy and use a specific property owned by the corporation. 6. Membership: Describes the affiliation or participation in a corporation as a member, which often entails certain privileges and responsibilities. 7. Transfer: The act of conveying or passing the ownership or rights of a proprietary lease and membership to another party. 8. Legal Document: Refers to a written agreement or contract that holds legal significance and establishes the rights and obligations of involved parties. Types of Michigan Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership: 1. Residential Property: This type of consent is specific to the assignment and transfer of proprietary leases and memberships within residential properties owned by the corporation. 2. Commercial Property: This category pertains to the transfer and assignment of proprietary leases and memberships related to commercial properties held by the corporation. 3. Non-profit Organization: In cases where the corporation is a non-profit entity, the consent document may include specific provisions and regulations related to non-profit activities and governance. 4. Condominium Associations: If the corporation acts as a condominium association, the consent document will address the assignment and transfer of proprietary leases and memberships within the condominium complex.
