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 Kansas Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that regulates and governs the assignment of a proprietary lease and membership in a corporation within the state of Kansas. It provides a framework for corporations and individuals looking to transfer or assign their leasehold interests in a property and maintain their membership rights in the corporation. The consent form acts as a powerful tool to ensure transparency, legality, and protection for all parties involved in the assignment process. By granting consent, the corporation acknowledges and approves the transfer of lease rights, obligations, and privileges from one individual to another while upholding the corporation's bylaws, rules, and regulations. Keywords: Kansas, consent form, corporation, assignment, proprietary lease, membership, legal document, transfer, leasehold interests, transparency, legality, protection, parties involved, obligations, privileges, bylaws, rules, regulations. Types of Kansas Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership may include: 1. Residential Assignment: This type of consent is utilized when transferring the leasehold rights and membership in a corporation for residential properties, such as apartments, condominiums, or cooperative housing units. 2. Commercial Assignment: This variant of the consent form is designed to facilitate the assignment of proprietary leases and membership rights within a corporation relating to commercial properties, including office spaces, retail shops, or industrial buildings. 3. Mixed-Use Assignment: For properties that combine residential and commercial elements, a mixed-use assignment consent form is required. This document enables the transfer and assignment of leasehold interests and membership in corporations that operate within these diverse properties. 4. Nonprofit Organization Assignment: This specific type of consent is utilized when the property in question is owned by a nonprofit organization and the assignment of proprietary leases and membership rights is subject to the organization's governing rules and regulations. It's important to note that these variations of the Kansas Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership may differ in terms of the specific requirements, clauses, and provisions included, depending on the nature and purpose of the property being assigned. Hence, it is crucial to seek legal advice or consult an attorney to ensure accuracy and compliance with the relevant laws and regulations in Kansas.
