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.
New Mexico Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is an important legal document that allows a corporation to give consent to the assignment of a proprietary lease and membership within a specific organization or property. This consent is necessary as it ensures that the corporation acknowledges the transfer of rights and obligations from one entity to another. This comprehensive form serves as evidence of the corporation's consent in such transactions. Keywords: New Mexico, consent, corporation, assignment, proprietary lease, membership, legal document, transfer of rights, transfer of obligations, acknowledgement, evidence, transaction. There may be different types of New Mexico Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership that cater to specific scenarios or circumstances. 1. Individual Assignment: This type of consent is utilized when an individual seeks to assign their proprietary lease and membership to another party, with the corporation's acknowledgement and consent. 2. Corporate Assignment: In instances where a corporation or business entity wishes to transfer its proprietary lease and membership to another company or individual, a specific form of consent is required. This consent acts as formal approval from the corporation for the assignment to take place. 3. Partial Assignment: This variant of the New Mexico Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is used when only a portion of the lease or membership rights are being transferred. It ensures that the corporation consents to the partial assignment while retaining control over the remaining rights. 4. Assignment of Membership Only: This type of consent focuses solely on the transfer of membership within an organization or property. It may not involve the assignment of a proprietary lease, but rather allows the transfer of rights and responsibilities associated with the membership itself. 5. Assignment of Proprietary Lease Only: In some cases, individuals or businesses may seek to assign their proprietary lease without transferring the membership rights. This variant of the consent form focuses specifically on the transfer of the lease agreement while maintaining the existing membership status. It is crucial to choose the appropriate New Mexico Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership form based on the specific assignment requirements to ensure legal compliance and smooth transactions.New Mexico Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is an important legal document that allows a corporation to give consent to the assignment of a proprietary lease and membership within a specific organization or property. This consent is necessary as it ensures that the corporation acknowledges the transfer of rights and obligations from one entity to another. This comprehensive form serves as evidence of the corporation's consent in such transactions. Keywords: New Mexico, consent, corporation, assignment, proprietary lease, membership, legal document, transfer of rights, transfer of obligations, acknowledgement, evidence, transaction. There may be different types of New Mexico Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership that cater to specific scenarios or circumstances. 1. Individual Assignment: This type of consent is utilized when an individual seeks to assign their proprietary lease and membership to another party, with the corporation's acknowledgement and consent. 2. Corporate Assignment: In instances where a corporation or business entity wishes to transfer its proprietary lease and membership to another company or individual, a specific form of consent is required. This consent acts as formal approval from the corporation for the assignment to take place. 3. Partial Assignment: This variant of the New Mexico Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is used when only a portion of the lease or membership rights are being transferred. It ensures that the corporation consents to the partial assignment while retaining control over the remaining rights. 4. Assignment of Membership Only: This type of consent focuses solely on the transfer of membership within an organization or property. It may not involve the assignment of a proprietary lease, but rather allows the transfer of rights and responsibilities associated with the membership itself. 5. Assignment of Proprietary Lease Only: In some cases, individuals or businesses may seek to assign their proprietary lease without transferring the membership rights. This variant of the consent form focuses specifically on the transfer of the lease agreement while maintaining the existing membership status. It is crucial to choose the appropriate New Mexico Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership form based on the specific assignment requirements to ensure legal compliance and smooth transactions.
