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.
The Idaho Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document used in the state of Idaho when transferring the rights and responsibilities of a cooperative apartment and membership from one party to another. This agreement serves to outline the terms and conditions of the assignment, ensuring that all parties involved are aware of their obligations and rights. Keywords: Idaho, Agreement, Assign, Proprietary Lease, Cooperative Apartment, Membership, transfer, rights, responsibilities, terms, conditions, assignment, obligations, rights. There are different types of Idaho Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership, including: 1. Residential Cooperative Agreement: This type of agreement is used when assigning the proprietary lease and membership of a cooperative apartment that is used for residential purposes. It outlines the rights and responsibilities of the assignor and assignee, such as payment of maintenance fees, occupancy regulations, and use of common facilities. 2. Commercial Cooperative Agreement: This agreement is specific to the assignment of a proprietary lease and membership for a cooperative apartment that is utilized for commercial purposes. It addresses commercial use restrictions, rental terms, and any additional clauses regarding commercial activities within the cooperative building. 3. Transfer of Ownership Agreement: This type of agreement is used when there is a transfer of ownership of the cooperative apartment and membership. It outlines the details of the transaction, including the purchase price, transfer fees, and any other terms that need to be agreed upon by both parties. 4. Temporary Assignment Agreement: When a cooperative apartment and membership need to be temporarily assigned to another party, such as for vacation purposes or during extended absences, a temporary assignment agreement is used. This agreement specifies the duration of the assignment, terms of use, and any conditions that need to be met during the temporary occupancy. Overall, the Idaho Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a comprehensive legal document that ensures a smooth transfer of rights and responsibilities between parties involved in cooperative apartment ownership.
