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.
Wayne Michigan Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document used in the state of Michigan to establish the agreement and consent of a corporation regarding the assignment of a proprietary lease and membership interests within a corporation. This document is crucial in ensuring a smooth transfer of lease and ownership rights. When a corporation owns a property that is subject to a proprietary lease agreement, any assignment of that lease requires the consent of the corporation. The Wayne Michigan Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership serves as a declaration by the corporation, indicating their awareness and approval of the proposed assignment. In this consent document, the corporation acknowledges that it has been informed of the intention to assign the proprietary lease and the associated membership interests. This consent allows the assignment to take place and ensures that all parties involved, including the corporation, the assignee, and the lessor, are aware of and agree to the changes in ownership. Different types of Wayne Michigan Consents of Corporation to Assignment of Proprietary Lease and Consent to Membership may exist based on the specific nature of the transaction or the terms articulated by the corporation. Some possible variations may include: 1. Regular Consent: This type of consent is for the assignment of a proprietary lease and membership interests within the corporation, where there are no additional conditions or stipulations. 2. Conditional Consent: In certain cases, the corporation may impose certain conditions or requirements for the assignment to be approved. These conditions could include financial checks, background screenings, or adherence to specific guidelines outlined by the corporation. 3. Partial Consent: In situations where only a portion of the proprietary lease or membership interests are being assigned, a partial consent may be required. This allows for clarity in determining the extent of the assignment and the subsequent rights and obligations associated with it. It is important to consult with legal professionals or real estate experts when dealing with such documents to ensure compliance with the specific laws and regulations of Michigan. Additionally, the exact terms and content of the consent may vary depending on the unique circumstances of each assignment.Wayne Michigan Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document used in the state of Michigan to establish the agreement and consent of a corporation regarding the assignment of a proprietary lease and membership interests within a corporation. This document is crucial in ensuring a smooth transfer of lease and ownership rights. When a corporation owns a property that is subject to a proprietary lease agreement, any assignment of that lease requires the consent of the corporation. The Wayne Michigan Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership serves as a declaration by the corporation, indicating their awareness and approval of the proposed assignment. In this consent document, the corporation acknowledges that it has been informed of the intention to assign the proprietary lease and the associated membership interests. This consent allows the assignment to take place and ensures that all parties involved, including the corporation, the assignee, and the lessor, are aware of and agree to the changes in ownership. Different types of Wayne Michigan Consents of Corporation to Assignment of Proprietary Lease and Consent to Membership may exist based on the specific nature of the transaction or the terms articulated by the corporation. Some possible variations may include: 1. Regular Consent: This type of consent is for the assignment of a proprietary lease and membership interests within the corporation, where there are no additional conditions or stipulations. 2. Conditional Consent: In certain cases, the corporation may impose certain conditions or requirements for the assignment to be approved. These conditions could include financial checks, background screenings, or adherence to specific guidelines outlined by the corporation. 3. Partial Consent: In situations where only a portion of the proprietary lease or membership interests are being assigned, a partial consent may be required. This allows for clarity in determining the extent of the assignment and the subsequent rights and obligations associated with it. It is important to consult with legal professionals or real estate experts when dealing with such documents to ensure compliance with the specific laws and regulations of Michigan. Additionally, the exact terms and content of the consent may vary depending on the unique circumstances of each assignment.
