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.
Arkansas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the transfer of rights, obligations, and ownership of a cooperative apartment and membership in a cooperative housing corporation in Arkansas. This agreement is essential when an existing tenant wishes to transfer their leasehold interest to another party. Keywords: Arkansas, Agreement, Assign Proprietary Lease, Cooperative Apartment, Membership, Transfer, Rights, Obligations, Ownership, Cooperative Housing Corporation, Tenant, Leasehold Interest. Different types of Arkansas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may include: 1. Individual Assignment Agreement: This type of agreement is used when a sole tenant wishes to transfer their proprietary lease and membership to another individual. 2. Corporate Assignment Agreement: In the case where the tenant is a corporation or an LLC, this agreement enables the transfer of the lease and membership to another entity. 3. Conditional Assignment Agreement: This type of agreement contains specific conditions and terms that must be met for the assignment to take effect. It may involve approval from the cooperative housing corporation or adherence to certain rules and regulations. 4. Partial Assignment Agreement: When a tenant wants to assign only a portion of their lease and membership rights, this type of agreement is employed, specifying the exact portion being transferred. 5. Permanent Assignment Agreement: This agreement signifies a complete transfer of the leasehold interest and membership, relinquishing all rights and obligations of the tenant. 6. Sublease Assignment Agreement: In instances where the original tenant has subleased the cooperative apartment, this agreement facilitates the transfer of the sublease to a new party. The Arkansas Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership serves as a legal contract that protects the interests of both the assigning tenant and the assignee. It outlines the terms, conditions, and responsibilities associated with the assignment, ensuring a smooth transfer of rights and obligations. It is crucial to consult with legal professionals or real estate experts familiar with Arkansas laws to draft and execute this agreement accurately.
