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.
Chicago Illinois Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the terms and conditions of assigning the proprietary lease and membership of a cooperative apartment in Chicago, Illinois. This agreement is crucial in the process of transferring ownership and rights to a cooperative unit. The agreement includes several key details such as the names and addresses of the assignor (current owner) and the assignee (prospective owner) along with their contact information. It mentions the date of the agreement and specifies the exact cooperative apartment being assigned, including its address and any unit identification number. Additionally, the agreement discusses the terms of the assignment, including the duration of the lease and membership being transferred. It outlines any restrictions on occupancy or usage of the apartment, ensuring that both parties are aware of their rights and responsibilities. The document also covers financial aspects, such as the purchase price of the cooperative unit and any payment terms agreed upon by the assignor and assignee. It may include provisions for a security deposit or any adjustments in case of any outstanding debts or expenses related to the apartment. Moreover, the agreement typically incorporates the rules and regulations of the cooperative building or association, ensuring that the assignee will comply with the governing policies and bylaws. This may include restrictions on making alterations to the apartment, pet policies, noise regulations, and other community guidelines. Different types of Chicago Illinois Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may include variations based on the specific cooperative building or association. These may encompass different rules and regulations, fees, and conditions specific to a particular cooperative community. Thus, it is important to carefully review and understand the details of each unique agreement before entering into the assignment process. In conclusion, the Chicago Illinois Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership acts as a legally binding contract between the assignor and assignee, ensuring a smooth transfer of ownership and responsibilities. Whether in a typical cooperative building or an exclusive development, this agreement plays a significant role in protecting the rights and interests of both parties involved in the assignment process.Chicago Illinois Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the terms and conditions of assigning the proprietary lease and membership of a cooperative apartment in Chicago, Illinois. This agreement is crucial in the process of transferring ownership and rights to a cooperative unit. The agreement includes several key details such as the names and addresses of the assignor (current owner) and the assignee (prospective owner) along with their contact information. It mentions the date of the agreement and specifies the exact cooperative apartment being assigned, including its address and any unit identification number. Additionally, the agreement discusses the terms of the assignment, including the duration of the lease and membership being transferred. It outlines any restrictions on occupancy or usage of the apartment, ensuring that both parties are aware of their rights and responsibilities. The document also covers financial aspects, such as the purchase price of the cooperative unit and any payment terms agreed upon by the assignor and assignee. It may include provisions for a security deposit or any adjustments in case of any outstanding debts or expenses related to the apartment. Moreover, the agreement typically incorporates the rules and regulations of the cooperative building or association, ensuring that the assignee will comply with the governing policies and bylaws. This may include restrictions on making alterations to the apartment, pet policies, noise regulations, and other community guidelines. Different types of Chicago Illinois Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may include variations based on the specific cooperative building or association. These may encompass different rules and regulations, fees, and conditions specific to a particular cooperative community. Thus, it is important to carefully review and understand the details of each unique agreement before entering into the assignment process. In conclusion, the Chicago Illinois Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership acts as a legally binding contract between the assignor and assignee, ensuring a smooth transfer of ownership and responsibilities. Whether in a typical cooperative building or an exclusive development, this agreement plays a significant role in protecting the rights and interests of both parties involved in the assignment process.
