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 Franklin Ohio Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the transfer of rights and responsibilities associated with a cooperative apartment in Franklin, Ohio. This agreement is crucial in facilitating the assignment of a proprietary lease, which grants the assignee the right to occupy and use the cooperative apartment. Keywords: — Franklin, Ohio: Referring to the specific location of the cooperative apartment and the legal jurisdiction governing the agreement. — Cooperative apartment: Denotes a type of housing where residents own shares in a corporation that owns the building, granting them a proprietary lease for a specific unit. — Proprietary lease: Defines the legal document that confers the right to occupy and utilize a specific cooperative apartment. — Assignment: Refers to the transfer of rights and responsibilities associated with the cooperative apartment from the assignor to the assignee. — Membership: Represents the status of being a member of the cooperative corporation, entailing certain benefits and obligations. — Legal document: Emphasizes the binding nature and enforceability of the agreement. Different types of Franklin Ohio Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership: 1. Individual Assignment: This type of agreement pertains to the transfer of a proprietary lease from one individual to another. It typically involves the assignor assigning their rights and obligations of the cooperative apartment to the assignee. 2. Corporate Assignment: In the case where a corporation or entity owns the proprietary lease, this type of agreement governs the transfer of the lease and membership from the company to an individual or another corporation. 3. Family Assignment: This variant of the agreement focuses on the transfer of a proprietary lease within a family. It may encompass specific clauses or provisions that cater to the familial relationship between the assignor and assignee. 4. Temporary Assignment: Sometimes, a proprietary lease can be assigned for a limited duration. This type of agreement outlines the terms and conditions associated with such temporary transfers. 5. Permanent Assignment: Contrary to temporary assignments, this type of agreement facilitates the permanent transfer of a proprietary lease from one party to another. It encompasses all rights, benefits, obligations, and responsibilities associated with the cooperative apartment and membership. Overall, the Franklin Ohio Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership serves as a crucial legal document in facilitating the transfer of rights and obligations related to a cooperative apartment in Franklin, Ohio.The Franklin Ohio Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the transfer of rights and responsibilities associated with a cooperative apartment in Franklin, Ohio. This agreement is crucial in facilitating the assignment of a proprietary lease, which grants the assignee the right to occupy and use the cooperative apartment. Keywords: — Franklin, Ohio: Referring to the specific location of the cooperative apartment and the legal jurisdiction governing the agreement. — Cooperative apartment: Denotes a type of housing where residents own shares in a corporation that owns the building, granting them a proprietary lease for a specific unit. — Proprietary lease: Defines the legal document that confers the right to occupy and utilize a specific cooperative apartment. — Assignment: Refers to the transfer of rights and responsibilities associated with the cooperative apartment from the assignor to the assignee. — Membership: Represents the status of being a member of the cooperative corporation, entailing certain benefits and obligations. — Legal document: Emphasizes the binding nature and enforceability of the agreement. Different types of Franklin Ohio Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership: 1. Individual Assignment: This type of agreement pertains to the transfer of a proprietary lease from one individual to another. It typically involves the assignor assigning their rights and obligations of the cooperative apartment to the assignee. 2. Corporate Assignment: In the case where a corporation or entity owns the proprietary lease, this type of agreement governs the transfer of the lease and membership from the company to an individual or another corporation. 3. Family Assignment: This variant of the agreement focuses on the transfer of a proprietary lease within a family. It may encompass specific clauses or provisions that cater to the familial relationship between the assignor and assignee. 4. Temporary Assignment: Sometimes, a proprietary lease can be assigned for a limited duration. This type of agreement outlines the terms and conditions associated with such temporary transfers. 5. Permanent Assignment: Contrary to temporary assignments, this type of agreement facilitates the permanent transfer of a proprietary lease from one party to another. It encompasses all rights, benefits, obligations, and responsibilities associated with the cooperative apartment and membership. Overall, the Franklin Ohio Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership serves as a crucial legal document in facilitating the transfer of rights and obligations related to a cooperative apartment in Franklin, Ohio.
