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.
An Alabama Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document used in the state of Alabama to transfer the rights and responsibilities of a proprietary lease and membership in a cooperative apartment. This agreement outlines the terms and conditions that both parties involved must adhere to in order to complete the assignment of the lease and membership. Keywords: Alabama, Agreement to Assign, Proprietary Lease, Cooperative Apartment, Membership. In Alabama, there may be different variations of the Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership, depending on the specific terms and conditions outlined by the parties involved. Some types of these agreements may include: 1. Exclusive Assignment Agreement: This type of agreement specifies that the assignment of the lease and membership of the cooperative apartment is exclusive and cannot be transferred or assigned to anyone else without the written consent of the original party. 2. Limited Assignment Agreement: In this type of agreement, the assignor may only transfer a portion of their rights and responsibilities in the cooperative apartment and membership, while still retaining partial ownership and control. This allows for shared ownership or limited transferability of the lease and membership. 3. Assignment and Assumption Agreement: This agreement not only transfers the lease and membership but also includes an assumption of certain obligations and liabilities associated with the cooperative apartment. The assignee agrees to assume all the responsibilities and obligations of the assignor under the original lease agreement. 4. Sublease Assignment Agreement: This type of agreement allows the assignor to sublease the cooperative apartment to a third party, while still retaining the primary lease with the cooperative. This agreement outlines the terms and conditions of the sublease, including rent payments, maintenance responsibilities, and any limitations imposed by the cooperative. When drafting an Alabama Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership, it is crucial to include important details such as the names and addresses of both parties involved, identification of the cooperative apartment unit, the effective date of the assignment, the duration of the assignment, any transfer fees or considerations involved, and the governing law of Alabama. Overall, an Alabama Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legally binding document that ensures a smooth transfer of rights and responsibilities between the assignor and assignee in the context of cooperative apartments in the state of Alabama.
