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 Harris Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the conditions and provisions for assigning the proprietary lease and membership of a cooperative apartment in Harris, Texas. This agreement is essential for ensuring a smooth transfer of rights and responsibilities between the original tenant-shareholder (assignor) and the new tenant-shareholder (assignee). Keywords: Harris Texas, Agreement to Assign Proprietary Lease, Cooperative Apartment, Membership, legal document, conditions, provisions, assigning, tenant-shareholder, original, transfer, rights, responsibilities, assignor, assignee. There are various types of Harris Texas Agreements to Assign Proprietary Lease of Cooperative Apartment and Membership, each addressing specific scenarios or situations: 1. Standard Assignment Agreement: This agreement type is used when the original tenant-shareholder wishes to assign their proprietary lease and membership to a new tenant-shareholder. It covers the essential terms and conditions of the assignment, such as rent payment, maintenance obligations, and compliance with cooperative rules and regulations. 2. Partial Assignment Agreement: In certain cases, tenant-shareholders may wish to assign only a portion of their proprietary lease and membership. This agreement type specifies the specific rights and responsibilities being transferred while ensuring the assignor still retains ownership of other portions within the cooperative apartment. 3. Sublease Assignment Agreement: When a tenant-shareholder decides to sublet their cooperative apartment, this agreement comes into play. It outlines the terms and conditions of subletting, including rent payment, duration, and compliance with cooperative bylaws during the sublease period. 4. Temporary Assignment Agreement: In situations where the tenant-shareholder needs to temporarily transfer their proprietary lease and membership, such as for extended travel or medical reasons, this agreement is employed. It stipulates the duration of the temporary assignment and the conditions for the assignee to return the rights and responsibilities to the assignor after the specified period. 5. Assignment with Prior Consent Agreement: Occasionally, cooperative bylaws require obtaining prior consent from the board of directors or management before assigning the proprietary lease and membership. This agreement ensures that all necessary permissions have been granted, and it includes the conditions set forth by the board or management for the assignment to take place. In summary, the Harris Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a vital legal instrument used in various scenarios involving the transfer of rights and responsibilities within cooperative apartments. It ensures clarity, compliance, and mutual understanding between the assignor and assignee, guaranteeing a seamless transition of lease and membership.The Harris Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the conditions and provisions for assigning the proprietary lease and membership of a cooperative apartment in Harris, Texas. This agreement is essential for ensuring a smooth transfer of rights and responsibilities between the original tenant-shareholder (assignor) and the new tenant-shareholder (assignee). Keywords: Harris Texas, Agreement to Assign Proprietary Lease, Cooperative Apartment, Membership, legal document, conditions, provisions, assigning, tenant-shareholder, original, transfer, rights, responsibilities, assignor, assignee. There are various types of Harris Texas Agreements to Assign Proprietary Lease of Cooperative Apartment and Membership, each addressing specific scenarios or situations: 1. Standard Assignment Agreement: This agreement type is used when the original tenant-shareholder wishes to assign their proprietary lease and membership to a new tenant-shareholder. It covers the essential terms and conditions of the assignment, such as rent payment, maintenance obligations, and compliance with cooperative rules and regulations. 2. Partial Assignment Agreement: In certain cases, tenant-shareholders may wish to assign only a portion of their proprietary lease and membership. This agreement type specifies the specific rights and responsibilities being transferred while ensuring the assignor still retains ownership of other portions within the cooperative apartment. 3. Sublease Assignment Agreement: When a tenant-shareholder decides to sublet their cooperative apartment, this agreement comes into play. It outlines the terms and conditions of subletting, including rent payment, duration, and compliance with cooperative bylaws during the sublease period. 4. Temporary Assignment Agreement: In situations where the tenant-shareholder needs to temporarily transfer their proprietary lease and membership, such as for extended travel or medical reasons, this agreement is employed. It stipulates the duration of the temporary assignment and the conditions for the assignee to return the rights and responsibilities to the assignor after the specified period. 5. Assignment with Prior Consent Agreement: Occasionally, cooperative bylaws require obtaining prior consent from the board of directors or management before assigning the proprietary lease and membership. This agreement ensures that all necessary permissions have been granted, and it includes the conditions set forth by the board or management for the assignment to take place. In summary, the Harris Texas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a vital legal instrument used in various scenarios involving the transfer of rights and responsibilities within cooperative apartments. It ensures clarity, compliance, and mutual understanding between the assignor and assignee, guaranteeing a seamless transition of lease and membership.
