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.
New Hampshire Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that grants permission to assign a proprietary lease and transfer membership rights within a corporation-owned property or cooperative. This consent allows the assignee to assume all obligations, rights, and privileges associated with the proprietary lease and membership. In New Hampshire, there are various types of Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership, depending on the specific circumstances. Some common types are: 1. Residential Cooperative Consent: This type of consent is applicable when a residential cooperative corporation approves the assignment of a proprietary lease and membership rights from one individual to another. The corporation grants formal consent to the transfer, ensuring that the new member complies with all cooperative rules, regulations, and financial obligations. 2. Commercial Cooperative Consent: In cases where a commercial cooperative corporation is involved, this type of consent is required. It authorizes the assignment of a proprietary lease and consent to membership to a new individual or entity, enabling them to conduct business in the cooperative property. 3. Membership Transfer Consent: This type of consent is specific to cases where there is a change in ownership or membership structure of a New Hampshire corporation. It allows for the assignment of proprietary lease and consent to membership to new owners or partners while ensuring compliance with the corporation's bylaws and regulations. The New Hampshire Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership document typically includes the following key elements: — Identification: The document includes the full names and addresses of the assigning party (current leaseholder/member) and the assignee (new leaseholder/member). — Property Details: The specific details of the corporation-owned property or cooperative, including the address, unit number, and any relevant identifiers. — Proprietary Lease Assignment: This section outlines the consent given by the corporation for the assignment of the proprietary lease to the assignee. It specifies that all rights, obligations, and privileges associated with the lease will be transferred to the new leaseholder. — Consent to Membership Transfer: This section grants consent for the transfer of membership in the corporation to the assignee. It ensures that the new member agrees to abide by all the corporation's rules, regulations, and financial responsibilities. — Corporation Approval: The document includes spaces for the authorized officials of the corporation to sign and date, indicating their approval and consent to the assignment and transfer. It is crucial to consult with legal professionals or experienced real estate advisors when drafting or executing the New Hampshire Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership. This ensures accuracy, compliance with state laws, and the smooth transition of lease and membership rights.
