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.
Hennepin Minnesota Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legally binding document that governs the transfer of a proprietary lease and membership rights in a cooperative apartment in Hennepin County, Minnesota. This agreement outlines the terms and conditions that both the assignor (current leaseholder) and the assignee (prospective leaseholder) must adhere to in order to complete the assignment process smoothly. The Hennepin Minnesota Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership ensures that all parties involved are aware of their respective rights, responsibilities, and obligations. It safeguards the interests of the cooperative and helps maintain the harmonious functioning of the cooperative housing community. Keywords: Hennepin Minnesota, Agreement, Assign, Proprietary Lease, Cooperative Apartment, Membership, Transfer, Assignor, Assignee, Terms and Conditions, Rights, Responsibilities, Obligations, Cooperative, Housing Community. Different types of Hennepin Minnesota Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may include: 1. Standard Agreement to Assign Proprietary Lease: This is the most common type of agreement that covers the general terms and conditions for the assignment of a proprietary lease and membership in a cooperative apartment. 2. Agreement to Assign Proprietary Lease with Specific Conditions: In some cases, additional specific conditions may need to be included in the agreement, such as restrictions on subletting, pet policies, or maintenance responsibilities. This type of agreement addresses these specific conditions to ensure clarity and prevent future disputes. 3. Agreement to Assign Proprietary Lease with Financial Considerations: When there are financial factors involved, such as the assignment fee, additional assessments, or changes in monthly fees, this type of agreement includes provisions to address these considerations. 4. Agreement to Assign Proprietary Lease with Modifications: Situations may arise where modifications are needed to an existing proprietary lease. This type of agreement allows for the assignment of a lease with specific modifications agreed upon by all parties involved. It's important to consult with legal professionals or real estate experts in Hennepin County, Minnesota, to ensure the Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership accurately reflects the specific circumstances and adheres to local laws and regulations.Hennepin Minnesota Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legally binding document that governs the transfer of a proprietary lease and membership rights in a cooperative apartment in Hennepin County, Minnesota. This agreement outlines the terms and conditions that both the assignor (current leaseholder) and the assignee (prospective leaseholder) must adhere to in order to complete the assignment process smoothly. The Hennepin Minnesota Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership ensures that all parties involved are aware of their respective rights, responsibilities, and obligations. It safeguards the interests of the cooperative and helps maintain the harmonious functioning of the cooperative housing community. Keywords: Hennepin Minnesota, Agreement, Assign, Proprietary Lease, Cooperative Apartment, Membership, Transfer, Assignor, Assignee, Terms and Conditions, Rights, Responsibilities, Obligations, Cooperative, Housing Community. Different types of Hennepin Minnesota Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may include: 1. Standard Agreement to Assign Proprietary Lease: This is the most common type of agreement that covers the general terms and conditions for the assignment of a proprietary lease and membership in a cooperative apartment. 2. Agreement to Assign Proprietary Lease with Specific Conditions: In some cases, additional specific conditions may need to be included in the agreement, such as restrictions on subletting, pet policies, or maintenance responsibilities. This type of agreement addresses these specific conditions to ensure clarity and prevent future disputes. 3. Agreement to Assign Proprietary Lease with Financial Considerations: When there are financial factors involved, such as the assignment fee, additional assessments, or changes in monthly fees, this type of agreement includes provisions to address these considerations. 4. Agreement to Assign Proprietary Lease with Modifications: Situations may arise where modifications are needed to an existing proprietary lease. This type of agreement allows for the assignment of a lease with specific modifications agreed upon by all parties involved. It's important to consult with legal professionals or real estate experts in Hennepin County, Minnesota, to ensure the Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership accurately reflects the specific circumstances and adheres to local laws and regulations.
