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.
Oklahoma Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document that allows a corporation to transfer its proprietary leasehold interest in a property and consent to the assignment of membership rights to another party. This consent is crucial when a shareholder or member of a corporation wishes to sell or transfer their ownership in a cooperative or condominium. The Oklahoma Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is necessary to ensure that all involved parties understand and agree to the terms of the assignment and membership transfer. It provides a clear record of the corporation's acknowledgment and acceptance of the change in ownership and membership. When drafting the Oklahoma Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership, it is essential to include relevant clauses and information: 1. Identification of the Corporation: Clearly state the legal name, address, and tax identification number of the corporation giving its consent. 2. Description of Property: Provide a detailed description of the property subject to the proprietary lease, including the address, unit or apartment number, legal description, and any relevant identifiers. 3. Lease Information: Include the lease commencement date, lease term, and any specific provisions or restrictions outlined in the proprietary lease. This ensures that the assignee understands the obligations and responsibilities associated with the lease. 4. Assignee Information: Clearly state the legal name, address, and contact details of the assignee, including any required background information or qualifications for ownership. 5. Membership Transfer: Outline the terms and conditions of the membership transfer, including any transfer fees or additional requirements set forth by the corporation or governing bylaws. 6. Consents and Approvals: Include a section that confirms the corporation's consent to both the assignment of the proprietary lease and the transfer of membership rights. This section may also include statements affirming that the assignee meets all necessary qualifications and that there are no outstanding disputes or claims against the corporation or the assignee. 7. Governing Law: Specify that the Oklahoma state laws govern the consent, assignment, and membership transfer, ensuring its legal validity and enforceability. Different variations or versions of the Oklahoma Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership may exist based on specific circumstances or requirements of the cooperative or condominium corporation. Some versions may be tailored for particular property types or include additional provisions based on the corporation's bylaws. In conclusion, the Oklahoma Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a critical legal document that allows a corporation to consent to the transfer of a proprietary lease and membership rights. Its comprehensive and accurate drafting helps protect the interests of all parties involved and ensures compliance with Oklahoma State law.
