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.
Contra Costa California Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the terms and conditions for transferring the lease and membership rights of a cooperative apartment in Contra Costa County, California. This agreement is crucial when a current resident of a cooperative apartment wishes to assign their lease and membership to another individual. The Contra Costa California Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership typically includes the following key components: 1. Parties Involved: It clearly identifies and states the names of the current resident (assignor) and the incoming resident (assignee). 2. Cooperative Apartment Details: This section provides a detailed description of the cooperative apartment being assigned, including the address, unit number, and any amenities or exclusive rights associated with it. 3. Assignment of Lease and Membership: It states that the assignor, being the current leaseholder and member of the cooperative, is assigning their leasehold interest and membership rights to the assignee. This assigns all the rights, responsibilities, and obligations under the original lease and cooperative membership to the assignee. 4. Terms and Conditions: The agreement outlines the specific terms and conditions governing the assignment, such as the effective date of the assignment, the term of the remaining lease, and any restrictions or limitations imposed by the cooperative's governing documents. 5. Approval Process: In some cases, the agreement may require the assignee to seek approval from the cooperative's board of directors or management before the assignment can be finalized. The agreement may outline the steps and criteria for obtaining such approval. 6. Consideration and Financial Arrangements: If there is any consideration involved in the assignment, such as the payment of a fee or settlement between the assignor and assignee, this section specifies the amount and details of the financial arrangements. 7. Indemnification and Liability: This section outlines the responsibilities and liabilities of each party involved in the assignment, ensuring that any breach of the agreement or violations of the cooperative's rules and regulations may result in appropriate legal actions. 8. Governing Law and Severability: The agreement acknowledges that it is governed by the laws of the state of California and that if any provision is determined to be invalid, illegal, or unenforceable, the remaining provisions shall continue to be fully effective. Different variations of Contra Costa California Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may exist depending on the specific cooperative association or the preferences of the assignor and assignee. However, the core elements mentioned above are typically included in all types of agreements related to the assignment of proprietary lease and membership rights.Contra Costa California Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the terms and conditions for transferring the lease and membership rights of a cooperative apartment in Contra Costa County, California. This agreement is crucial when a current resident of a cooperative apartment wishes to assign their lease and membership to another individual. The Contra Costa California Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership typically includes the following key components: 1. Parties Involved: It clearly identifies and states the names of the current resident (assignor) and the incoming resident (assignee). 2. Cooperative Apartment Details: This section provides a detailed description of the cooperative apartment being assigned, including the address, unit number, and any amenities or exclusive rights associated with it. 3. Assignment of Lease and Membership: It states that the assignor, being the current leaseholder and member of the cooperative, is assigning their leasehold interest and membership rights to the assignee. This assigns all the rights, responsibilities, and obligations under the original lease and cooperative membership to the assignee. 4. Terms and Conditions: The agreement outlines the specific terms and conditions governing the assignment, such as the effective date of the assignment, the term of the remaining lease, and any restrictions or limitations imposed by the cooperative's governing documents. 5. Approval Process: In some cases, the agreement may require the assignee to seek approval from the cooperative's board of directors or management before the assignment can be finalized. The agreement may outline the steps and criteria for obtaining such approval. 6. Consideration and Financial Arrangements: If there is any consideration involved in the assignment, such as the payment of a fee or settlement between the assignor and assignee, this section specifies the amount and details of the financial arrangements. 7. Indemnification and Liability: This section outlines the responsibilities and liabilities of each party involved in the assignment, ensuring that any breach of the agreement or violations of the cooperative's rules and regulations may result in appropriate legal actions. 8. Governing Law and Severability: The agreement acknowledges that it is governed by the laws of the state of California and that if any provision is determined to be invalid, illegal, or unenforceable, the remaining provisions shall continue to be fully effective. Different variations of Contra Costa California Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may exist depending on the specific cooperative association or the preferences of the assignor and assignee. However, the core elements mentioned above are typically included in all types of agreements related to the assignment of proprietary lease and membership rights.
