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.
Franklin Ohio Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that outlines the process and requirements for assigning a proprietary lease and transferring membership in a corporation. This document is specific to Franklin, Ohio, and is essential for any individuals or entities interested in engaging in such transactions. When considering the content of this document, it is crucial to understand the keywords that reflect its nature and purpose. The following keywords are relevant: 1. Consent: This document requires the consent of the corporation involved in the assignment of the proprietary lease and membership transfer. It signifies the corporation's agreement and approval for the transaction to take place. 2. Assignment: Refers to the transfer of a proprietary lease from one individual or entity to another. The assignee becomes the new leaseholder, assuming all rights and responsibilities. 3. Proprietary Lease: This type of lease grants a shareholder or member of a corporation the right to occupy a specific unit or property. 4. Membership: Refers to the membership in a corporation or organization where individuals have certain rights, benefits, and obligations. 5. Corporation: Denotes an entity formed under state laws comprising shareholders who enjoy limited liability protection. Different types of Franklin Ohio Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership may exist based on specific circumstances or variations in legal requirements. Some potential variations include: 1. Corporate-Residential Lease: Pertains to the assignment of proprietary leases and membership transfers in residential properties owned by a corporation. 2. Corporate-Commercial Lease: Addresses the assignment of proprietary leases and membership transfers in commercial buildings or spaces owned by a corporation. 3. Non-Profit Corporation: This type of consent document may be required when a non-profit corporation allows the assignment of proprietary leases and membership transfers. 4. Cooperative Corporation: Refers to the assignment and transfer of proprietary leases and membership in a cooperative corporation, where a corporation owns the property and grants proprietary leases to shareholders. In summary, the Franklin Ohio Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a vital legal document that outlines the terms, conditions, and approvals necessary for assigning proprietary leases and transferring membership in a corporation. With the appropriate consent, individuals can engage in these transactions while abiding by the specific laws and regulations of Franklin, Ohio.Franklin Ohio Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that outlines the process and requirements for assigning a proprietary lease and transferring membership in a corporation. This document is specific to Franklin, Ohio, and is essential for any individuals or entities interested in engaging in such transactions. When considering the content of this document, it is crucial to understand the keywords that reflect its nature and purpose. The following keywords are relevant: 1. Consent: This document requires the consent of the corporation involved in the assignment of the proprietary lease and membership transfer. It signifies the corporation's agreement and approval for the transaction to take place. 2. Assignment: Refers to the transfer of a proprietary lease from one individual or entity to another. The assignee becomes the new leaseholder, assuming all rights and responsibilities. 3. Proprietary Lease: This type of lease grants a shareholder or member of a corporation the right to occupy a specific unit or property. 4. Membership: Refers to the membership in a corporation or organization where individuals have certain rights, benefits, and obligations. 5. Corporation: Denotes an entity formed under state laws comprising shareholders who enjoy limited liability protection. Different types of Franklin Ohio Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership may exist based on specific circumstances or variations in legal requirements. Some potential variations include: 1. Corporate-Residential Lease: Pertains to the assignment of proprietary leases and membership transfers in residential properties owned by a corporation. 2. Corporate-Commercial Lease: Addresses the assignment of proprietary leases and membership transfers in commercial buildings or spaces owned by a corporation. 3. Non-Profit Corporation: This type of consent document may be required when a non-profit corporation allows the assignment of proprietary leases and membership transfers. 4. Cooperative Corporation: Refers to the assignment and transfer of proprietary leases and membership in a cooperative corporation, where a corporation owns the property and grants proprietary leases to shareholders. In summary, the Franklin Ohio Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a vital legal document that outlines the terms, conditions, and approvals necessary for assigning proprietary leases and transferring membership in a corporation. With the appropriate consent, individuals can engage in these transactions while abiding by the specific laws and regulations of Franklin, Ohio.
