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.
Ohio Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that allows a corporation in Ohio to give consent to assign a proprietary lease and membership rights to another party. This agreement is vital for managing real estate properties owned by corporations and ensuring smooth transitions of ownership and membership. Keywords: Ohio corporation, assignment, proprietary lease, consent, membership rights, legal document, real estate, ownership, smooth transition. There are various types of Ohio Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership agreements, depending on the specific circumstances and requirements. Some of these types include: 1. Standard Ohio Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership: This is the most common type of agreement used when a corporation agrees to transfer the rights and responsibilities of a proprietary lease and membership to another entity or individual. 2. Partial Assignment of Proprietary Lease and Consent to Membership: In some cases, a corporation may agree to transfer only a portion of the proprietary lease and membership rights to another party. This type of agreement specifies the specific terms and conditions related to the partial assignment. 3. Assignment of Proprietary Lease and Consent to Membership with Purchase Agreement: Sometimes, the assignment of proprietary lease and membership rights is done in conjunction with a purchase agreement. This type of agreement ensures a comprehensive transfer of ownership, membership, and related assets. 4. Assignment of Proprietary Lease and Consent to Membership with Restrictive Covenants: In certain situations, a corporation may impose certain restrictions or covenants on the assignment of proprietary lease and membership rights. This type of agreement spells out the additional conditions that must be adhered to by the assignee. 5. Ohio Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership for Non-Residential Properties: This specific type of agreement is tailored for corporations that own non-residential properties, such as commercial buildings, office spaces, or industrial facilities. It addresses any unique considerations that may arise due to the nature of the property. Overall, Ohio Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a crucial legal document that ensures the proper and authorized transfer of proprietary lease and membership rights to another party. It is essential for corporations to have these agreements in place to maintain the integrity and legality of property transactions and membership transfers.Ohio Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that allows a corporation in Ohio to give consent to assign a proprietary lease and membership rights to another party. This agreement is vital for managing real estate properties owned by corporations and ensuring smooth transitions of ownership and membership. Keywords: Ohio corporation, assignment, proprietary lease, consent, membership rights, legal document, real estate, ownership, smooth transition. There are various types of Ohio Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership agreements, depending on the specific circumstances and requirements. Some of these types include: 1. Standard Ohio Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership: This is the most common type of agreement used when a corporation agrees to transfer the rights and responsibilities of a proprietary lease and membership to another entity or individual. 2. Partial Assignment of Proprietary Lease and Consent to Membership: In some cases, a corporation may agree to transfer only a portion of the proprietary lease and membership rights to another party. This type of agreement specifies the specific terms and conditions related to the partial assignment. 3. Assignment of Proprietary Lease and Consent to Membership with Purchase Agreement: Sometimes, the assignment of proprietary lease and membership rights is done in conjunction with a purchase agreement. This type of agreement ensures a comprehensive transfer of ownership, membership, and related assets. 4. Assignment of Proprietary Lease and Consent to Membership with Restrictive Covenants: In certain situations, a corporation may impose certain restrictions or covenants on the assignment of proprietary lease and membership rights. This type of agreement spells out the additional conditions that must be adhered to by the assignee. 5. Ohio Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership for Non-Residential Properties: This specific type of agreement is tailored for corporations that own non-residential properties, such as commercial buildings, office spaces, or industrial facilities. It addresses any unique considerations that may arise due to the nature of the property. Overall, Ohio Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a crucial legal document that ensures the proper and authorized transfer of proprietary lease and membership rights to another party. It is essential for corporations to have these agreements in place to maintain the integrity and legality of property transactions and membership transfers.
