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.
Los Angeles, California, Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a crucial legal document that affirms the willingness of a corporation located in Los Angeles, California, to grant consent for the assignment of a proprietary lease and membership to an individual or entity. In Los Angeles, California, multiple types of Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership may exist, depending on the specific circumstances and the organization involved. These may include: 1. Residential Property Consent: This type of consent is used when a corporation owns and operates residential properties, such as apartments or condominiums, within Los Angeles. The corporation grants consent to transferring ownership of a proprietary lease to a new owner or entity while also agreeing to their membership in the homeowners' association. 2. Commercial Property Consent: In instances where the corporation owns and manages commercial real estate properties throughout Los Angeles, this form of consent is utilized. It enables the corporation to allow the transfer of lease rights from one party to another, while also granting membership rights within the organization responsible for managing the commercial property. 3. Non-Profit Organization Consent: Non-profit corporations based in Los Angeles, California, may encounter situations where they need to grant consent to the assignment of their leases and memberships. This type of Consent of Corporation differs from the commercial or residential instances, as it pertains to specific non-profit organizations within the region. The Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership document is carefully drafted, typically with the assistance of legal professionals, to ensure that all necessary rights, obligations, and responsibilities are addressed. It outlines key details such as the names and addresses of the parties involved, the specific property or premises subject to the assignment, and any terms or conditions set forth by the corporation regarding the assignment and membership transfer. The consent document acknowledges that the corporation has reviewed the assignment request and agrees to grant consent, confirming that the new assignee will assume all the responsibilities, liabilities, and terms of the proprietary lease and membership. It may also state that the corporation reserves the right to revoke the consent in specific circumstances, protecting its interests. Following the signing of this consent document, it becomes legally binding on all parties involved, safeguarding the corporation's interests while allowing for a smooth transition in property ownership and membership within the organization.Los Angeles, California, Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a crucial legal document that affirms the willingness of a corporation located in Los Angeles, California, to grant consent for the assignment of a proprietary lease and membership to an individual or entity. In Los Angeles, California, multiple types of Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership may exist, depending on the specific circumstances and the organization involved. These may include: 1. Residential Property Consent: This type of consent is used when a corporation owns and operates residential properties, such as apartments or condominiums, within Los Angeles. The corporation grants consent to transferring ownership of a proprietary lease to a new owner or entity while also agreeing to their membership in the homeowners' association. 2. Commercial Property Consent: In instances where the corporation owns and manages commercial real estate properties throughout Los Angeles, this form of consent is utilized. It enables the corporation to allow the transfer of lease rights from one party to another, while also granting membership rights within the organization responsible for managing the commercial property. 3. Non-Profit Organization Consent: Non-profit corporations based in Los Angeles, California, may encounter situations where they need to grant consent to the assignment of their leases and memberships. This type of Consent of Corporation differs from the commercial or residential instances, as it pertains to specific non-profit organizations within the region. The Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership document is carefully drafted, typically with the assistance of legal professionals, to ensure that all necessary rights, obligations, and responsibilities are addressed. It outlines key details such as the names and addresses of the parties involved, the specific property or premises subject to the assignment, and any terms or conditions set forth by the corporation regarding the assignment and membership transfer. The consent document acknowledges that the corporation has reviewed the assignment request and agrees to grant consent, confirming that the new assignee will assume all the responsibilities, liabilities, and terms of the proprietary lease and membership. It may also state that the corporation reserves the right to revoke the consent in specific circumstances, protecting its interests. Following the signing of this consent document, it becomes legally binding on all parties involved, safeguarding the corporation's interests while allowing for a smooth transition in property ownership and membership within the organization.
