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.
A Montana Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that governs the transfer of a cooperative apartment lease and membership rights from one party to another in the state of Montana. The agreement outlines the terms and conditions under which the assignment takes place, protecting the interests of all parties involved. Keywords: Montana, agreement, assign, proprietary lease, cooperative apartment, membership, legal document, transfer, terms and conditions, interests, parties. Different types of Montana Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership may include: 1. Montana Agreement to Assign Proprietary Lease and Membership Agreement for Cooperative Apartment Sale: This type of agreement specifically focuses on the transfer of cooperative apartment lease and membership rights when the apartment is being sold from one party to another. 2. Montana Agreement to Assign Proprietary Lease and Membership Agreement for Cooperative Apartment Rental: This agreement type is applicable when the cooperative apartment lease and membership are being assigned for a rental property, where the assignee becomes the tenant and member of the cooperative. 3. Montana Agreement to Assign Proprietary Lease and Membership Agreement for Cooperative Apartment Sublease: This agreement covers the transfer of lease and membership rights when the assignee wishes to sublease the cooperative apartment to another party for a specific period, while retaining their own membership. 4. Montana Agreement to Assign Proprietary Lease and Membership Agreement for Cooperative Apartment Transfer: This type of agreement is used for transferring the proprietary lease and membership rights of a cooperative apartment from one party to another without involving a sale, rental, or sublease. It may occur when the assignor wants to transfer their rights to another individual. 5. Montana Agreement to Assign Proprietary Lease and Membership Agreement for Cooperative Apartment Merger: This agreement type applies when two or more cooperative apartment leases and memberships are being merged into one, consolidating the rights and responsibilities of all parties involved into a unified lease and membership. In all the above types, the Montana Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership ensures that all financial obligations, maintenance responsibilities, and other terms of the original lease and membership remain intact, with any changes or modifications being duly documented and agreed upon by both the assignor and assignee.
