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.
Orange California Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document used in Orange, California, which grants permission to a corporation to transfer its proprietary lease and membership rights to another individual or entity. This consent is necessary to ensure the smooth transfer of ownership and membership within a corporation. The Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is essential when a corporation wants to assign its proprietary lease rights, which typically relate to a specific property or unit, to a new lessee. Additionally, it grants permission for the transfer of membership in the corporation, allowing the new individual or entity to become a member, with all the associated rights and responsibilities. The Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership ensures that the corporation, as the governing body, acknowledges and approves the assignment, ensuring that the new lessee and member meet the necessary requirements. This agreement serves as protection for both parties involved, clarifying the obligations and responsibilities of the assignee and the corporation. There may be different types of Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership in Orange, California, depending on the specific circumstances and requirements of the particular corporation and property. For example, there may be variations in the assignment process based on the type of property, such as residential, commercial, or industrial. Some relevant keywords for this topic include "Orange California," "Consent of Corporation," "Assignment of Proprietary Lease," "Consent to Membership," "legal document," "transfer of ownership," "transfer of membership," "corporation," "lessee," and "property rights."Orange California Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document used in Orange, California, which grants permission to a corporation to transfer its proprietary lease and membership rights to another individual or entity. This consent is necessary to ensure the smooth transfer of ownership and membership within a corporation. The Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is essential when a corporation wants to assign its proprietary lease rights, which typically relate to a specific property or unit, to a new lessee. Additionally, it grants permission for the transfer of membership in the corporation, allowing the new individual or entity to become a member, with all the associated rights and responsibilities. The Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership ensures that the corporation, as the governing body, acknowledges and approves the assignment, ensuring that the new lessee and member meet the necessary requirements. This agreement serves as protection for both parties involved, clarifying the obligations and responsibilities of the assignee and the corporation. There may be different types of Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership in Orange, California, depending on the specific circumstances and requirements of the particular corporation and property. For example, there may be variations in the assignment process based on the type of property, such as residential, commercial, or industrial. Some relevant keywords for this topic include "Orange California," "Consent of Corporation," "Assignment of Proprietary Lease," "Consent to Membership," "legal document," "transfer of ownership," "transfer of membership," "corporation," "lessee," and "property rights."
