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 North Dakota Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is a legal document that outlines the terms and conditions for transferring the rights and responsibilities of a cooperative apartment lease and membership to another party. This agreement is specific to North Dakota and is essential for ensuring a smooth transaction between the current leaseholder, the assignor, and the assignee. Keywords: North Dakota, Agreement, Assign, Proprietary Lease, Cooperative Apartment, Membership. Types of North Dakota Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership: 1. Residential Cooperative Assignment Agreement: This type of agreement pertains to the assignment of a proprietary lease and membership of a cooperative apartment used for residential purposes. It covers details like the names and addresses of the assignor and assignee, the specific cooperative apartment unit, lease rights and obligations, and any considerations involved in the assignment. 2. Commercial Cooperative Assignment Agreement: In the case of commercial cooperative apartments, this agreement is tailored to address the transfer of a proprietary lease and membership rights related to business or commercial activities. It encompasses provisions like the assignor and assignee's business details, lease terms and conditions, rental fees, sublease terms, and any permissions required for commercial use. 3. Vacation Rental Cooperative Assignment Agreement: This type of assignment agreement focuses on cooperative apartment leases that are used for short-term vacation rentals. It includes information about the duration of the rental agreement, vacation occupancy taxes, security deposit, cleaning arrangements, and any restrictions on the use of the cooperative apartment for vacation purposes. 4. Subleasing Cooperative Assignment Agreement: When an existing leaseholder wishes to sublease their cooperative apartment to another party, this agreement regulates the terms for such an arrangement. It covers aspects like the duration of the sublease, rental payments, maintenance responsibilities, and any limitations set forth by the cooperative's board of directors or association. Overall, the North Dakota Agreement to Assign Proprietary Lease of Cooperative Apartment and Membership is an important legal document that ensures a transfer of rights is properly documented, protecting the interests of all parties involved. It is crucial to consult with a legal professional to draft or review such an agreement to adhere to North Dakota's laws and regulations.
