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.
The Cook 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 rights for cooperative apartments in Cook County, Illinois. This agreement is crucial when transferring the ownership or occupancy rights of a cooperative apartment to a new party. Keywords: Cook Illinois, Agreement to Assign Proprietary Lease, Cooperative Apartment, Membership, transfer of ownership, occupancy rights, Cook County, Illinois. This agreement serves as a binding contract between the assignor (the current owner) and the assignee (the new owner). It ensures that all parties involved in the assignment process understand their rights, responsibilities, and obligations. There may be different types of Cook Illinois Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership, depending on the specific requirements of the cooperative housing association or the unique circumstances of the transaction. Some variations may include: 1. Standard Agreement: This is the most common type of agreement used for the assignment of proprietary lease and membership in cooperative apartments in Cook County. It includes provisions regarding the assignment process, the transfer of rights and responsibilities, and any fees or charges associated with the assignment. 2. Assignment with Approval: In some cases, the cooperative housing association may have additional requirements for approving an assignment of proprietary lease and membership. This type of agreement would include provisions outlining the approval process, the criteria for approval, and any other conditions that must be met before the assignment can take place. 3. Assignment with Restriction: There may be situations where the cooperative housing association imposes certain restrictions on the assignment of proprietary lease and membership. These restrictions could be related to the eligibility of the assignee, the purpose of the assignment, or other factors deemed significant by the association. The agreement would include provisions clarifying these restrictions and outlining the consequences of non-compliance. 4. Assignment with Transfer Fee: Some cooperative housing associations may charge a transfer fee when assigning the proprietary lease and membership rights. This fee is typically intended to cover administrative costs incurred during the assignment process. The agreement would specify the amount of the transfer fee, the payment terms, and any conditions under which the fee may be waived or reduced. In conclusion, the Cook Illinois Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is an essential document when transferring the ownership or occupancy rights of a cooperative apartment. It ensures that all parties involved understand their rights, responsibilities, and any additional requirements or restrictions imposed by the cooperative housing association.The Cook 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 rights for cooperative apartments in Cook County, Illinois. This agreement is crucial when transferring the ownership or occupancy rights of a cooperative apartment to a new party. Keywords: Cook Illinois, Agreement to Assign Proprietary Lease, Cooperative Apartment, Membership, transfer of ownership, occupancy rights, Cook County, Illinois. This agreement serves as a binding contract between the assignor (the current owner) and the assignee (the new owner). It ensures that all parties involved in the assignment process understand their rights, responsibilities, and obligations. There may be different types of Cook Illinois Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership, depending on the specific requirements of the cooperative housing association or the unique circumstances of the transaction. Some variations may include: 1. Standard Agreement: This is the most common type of agreement used for the assignment of proprietary lease and membership in cooperative apartments in Cook County. It includes provisions regarding the assignment process, the transfer of rights and responsibilities, and any fees or charges associated with the assignment. 2. Assignment with Approval: In some cases, the cooperative housing association may have additional requirements for approving an assignment of proprietary lease and membership. This type of agreement would include provisions outlining the approval process, the criteria for approval, and any other conditions that must be met before the assignment can take place. 3. Assignment with Restriction: There may be situations where the cooperative housing association imposes certain restrictions on the assignment of proprietary lease and membership. These restrictions could be related to the eligibility of the assignee, the purpose of the assignment, or other factors deemed significant by the association. The agreement would include provisions clarifying these restrictions and outlining the consequences of non-compliance. 4. Assignment with Transfer Fee: Some cooperative housing associations may charge a transfer fee when assigning the proprietary lease and membership rights. This fee is typically intended to cover administrative costs incurred during the assignment process. The agreement would specify the amount of the transfer fee, the payment terms, and any conditions under which the fee may be waived or reduced. In conclusion, the Cook Illinois Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is an essential document when transferring the ownership or occupancy rights of a cooperative apartment. It ensures that all parties involved understand their rights, responsibilities, and any additional requirements or restrictions imposed by the cooperative housing association.
