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.
Description: The King Washington Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the terms and conditions for the transfer of the proprietary lease and membership of a cooperative apartment within the King Washington community. This agreement ensures a smooth and transparent process for the assignment of the lease and membership rights, while protecting the interests of both the assignor and assignee. Keywords: King Washington, agreement, assign, proprietary lease, cooperative apartment, membership, transfer, terms and conditions, assignment, assignor, assignee. There are different types of King Washington Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership, namely: 1. Standard King Washington Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership: This document encompasses the basic provisions required for the assignment of a proprietary lease and membership within the King Washington community. 2. King Washington Agreement with Additional Terms and Conditions: This type of agreement incorporates additional clauses and conditions agreed upon by both parties, such as specific rights and obligations, payment terms, or any specific responsibilities related to the cooperative apartment. 3. King Washington Agreement for Transfer of Membership Only: This particular agreement focuses solely on the transfer of membership rights within the King Washington cooperative community, without involving the transfer of the proprietary lease. 4. King Washington Agreement for Assignment of Proprietary Lease Only: This agreement specifically deals with the assignment of the proprietary lease of a cooperative apartment in the King Washington community, without the transfer of membership rights. It's important to note that the specifics of each agreement may vary based on the requirements of the King Washington community and the preferences of the parties involved. It is recommended to consult legal professionals or experts familiar with cooperative housing to ensure that the agreement is tailored to the particular circumstances.Description: The King Washington Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the terms and conditions for the transfer of the proprietary lease and membership of a cooperative apartment within the King Washington community. This agreement ensures a smooth and transparent process for the assignment of the lease and membership rights, while protecting the interests of both the assignor and assignee. Keywords: King Washington, agreement, assign, proprietary lease, cooperative apartment, membership, transfer, terms and conditions, assignment, assignor, assignee. There are different types of King Washington Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership, namely: 1. Standard King Washington Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership: This document encompasses the basic provisions required for the assignment of a proprietary lease and membership within the King Washington community. 2. King Washington Agreement with Additional Terms and Conditions: This type of agreement incorporates additional clauses and conditions agreed upon by both parties, such as specific rights and obligations, payment terms, or any specific responsibilities related to the cooperative apartment. 3. King Washington Agreement for Transfer of Membership Only: This particular agreement focuses solely on the transfer of membership rights within the King Washington cooperative community, without involving the transfer of the proprietary lease. 4. King Washington Agreement for Assignment of Proprietary Lease Only: This agreement specifically deals with the assignment of the proprietary lease of a cooperative apartment in the King Washington community, without the transfer of membership rights. It's important to note that the specifics of each agreement may vary based on the requirements of the King Washington community and the preferences of the parties involved. It is recommended to consult legal professionals or experts familiar with cooperative housing to ensure that the agreement is tailored to the particular circumstances.
