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.
Oregon Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a legal document required for the transfer of certain rights and responsibilities related to a proprietary lease and membership in a corporation. This document is particularly important in the context of real estate and cooperative housing schemes in Oregon. The Consent of Corporation to Assignment of Proprietary Lease ensures that the corporation (often a housing cooperative) grants its approval and consent for an individual or entity to transfer their proprietary lease rights to another party. In other words, it permits the assignment of a leasehold interest from the current leaseholder to a new tenant or owner. Additionally, the Consent of Corporation to Membership gives the corporation's consent to the addition of a new member to the cooperative. This agreement acknowledges the corporation's acknowledgment, approval, and acceptance of the new member into the cooperative's membership. For instance, there could be different types of Oregon Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership based on specific requirements or situations. These may include: 1. Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership for Residential Cooperatives: This type of consent document is specific to residential cooperative housing schemes where residents hold proprietary leases rather than traditional ownership. 2. Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership for Commercial Cooperatives: This type of consent document applies to cooperative structures that accommodate commercial businesses or office spaces. 3. Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership for Industrial Cooperatives: This category is relevant to cooperative setups associated with industrial activities, such as warehouses, manufacturing facilities, or shared industrial spaces. 4. Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership for Mixed-Use Cooperatives: This variant pertains to cooperatives that combine residential and commercial properties, allowing occupants to reside and operate their businesses within the same building or development. In conclusion, the Oregon Consent of Corporation to Assignment of Proprietary Lease and Consent to Membership is a crucial legal document that enables the transfer and approval of proprietary lease rights and membership in a cooperative housing scheme. Its various types cater to different cooperative setups, including residential, commercial, industrial, and mixed-use cooperatives.
