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.
Phoenix Arizona Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legally binding document that outlines the terms and conditions for transferring the rights and responsibilities of a cooperative apartment and membership to another party in Phoenix, Arizona. This agreement is crucial for both the assignor (current owner) and assignee (new owner) to protect their rights and interests. The Phoenix Arizona Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership typically contains the following key elements: 1. Parties involved: The agreement clearly specifies the names and addresses of both the assignor and assignee. It also includes relevant details about the cooperative apartment and membership being assigned. 2. Assignment details: This section of the agreement delineates the exact terms of the assignment, including the effective date, duration of the assignment, and any conditions or restrictions related to the transfer. 3. Assignment conditions: The agreement may specify any prerequisites or conditions that need to be met before the assignment can take place. For example, the assignor may need to obtain the approval of the cooperative management board or fulfill certain financial obligations. 4. Rights and obligations of the assignee: This section outlines the rights and responsibilities of the new owner upon assignment. It may include details about the payment of maintenance fees, adherence to cooperative bylaws, and any restrictions on the use or alteration of the apartment. 5. Indemnification and liability: This clause addresses the assignee's responsibility for any damages or liabilities that may arise during their ownership of the cooperative apartment. It may outline the assignee's obligation to hold the assignor harmless in case of any legal disputes or claims. 6. Governing law: The agreement specifies that the laws of the state of Arizona, particularly those of Phoenix, apply to this agreement. This ensures that any disputes or legal matters will be resolved according to the state's jurisdiction. While there may not be different types of Phoenix Arizona Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership, certain variations and modifications can be made based on the unique circumstances of the cooperative and the preferences of the parties involved. These could include additional clauses for specific terms or conditions, such as provisions for subletting the apartment or transferring membership to family members. It is important to consult with a legal professional or seek guidance from the cooperative management board to ensure that the agreement meets all legal requirements and adequately protects the rights and interests of both parties involved in the assignment process.Phoenix Arizona Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legally binding document that outlines the terms and conditions for transferring the rights and responsibilities of a cooperative apartment and membership to another party in Phoenix, Arizona. This agreement is crucial for both the assignor (current owner) and assignee (new owner) to protect their rights and interests. The Phoenix Arizona Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership typically contains the following key elements: 1. Parties involved: The agreement clearly specifies the names and addresses of both the assignor and assignee. It also includes relevant details about the cooperative apartment and membership being assigned. 2. Assignment details: This section of the agreement delineates the exact terms of the assignment, including the effective date, duration of the assignment, and any conditions or restrictions related to the transfer. 3. Assignment conditions: The agreement may specify any prerequisites or conditions that need to be met before the assignment can take place. For example, the assignor may need to obtain the approval of the cooperative management board or fulfill certain financial obligations. 4. Rights and obligations of the assignee: This section outlines the rights and responsibilities of the new owner upon assignment. It may include details about the payment of maintenance fees, adherence to cooperative bylaws, and any restrictions on the use or alteration of the apartment. 5. Indemnification and liability: This clause addresses the assignee's responsibility for any damages or liabilities that may arise during their ownership of the cooperative apartment. It may outline the assignee's obligation to hold the assignor harmless in case of any legal disputes or claims. 6. Governing law: The agreement specifies that the laws of the state of Arizona, particularly those of Phoenix, apply to this agreement. This ensures that any disputes or legal matters will be resolved according to the state's jurisdiction. While there may not be different types of Phoenix Arizona Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership, certain variations and modifications can be made based on the unique circumstances of the cooperative and the preferences of the parties involved. These could include additional clauses for specific terms or conditions, such as provisions for subletting the apartment or transferring membership to family members. It is important to consult with a legal professional or seek guidance from the cooperative management board to ensure that the agreement meets all legal requirements and adequately protects the rights and interests of both parties involved in the assignment process.
