The Assignment Of Proprietary Lease Form is a crucial document in Canadian cooperative housing transactions, used when a member wishes to transfer their proprietary lease and corresponding cooperative shares to another individual. This document is essential in jurisdictions across Canada where cooperative housing arrangements are common, particularly in urban areas. It must comply with both federal and provincial regulations governing cooperative housing, property transfers, and residential tenancies. The form includes detailed provisions for the transfer of rights and obligations, cooperative board approval requirements, financial settlements, and necessary disclosures. It's typically used in conjunction with the transfer of cooperative shares and requires careful attention to provincial-specific requirements and cooperative corporation bylaws.
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1. Parties: Identifies the assignor (current leaseholder), assignee (new leaseholder), and the cooperative corporation
2. Background: Details about the existing proprietary lease, cooperative shares, and the reason for assignment
3. Definitions: Key terms used throughout the document including 'Proprietary Lease', 'Shares', 'Premises', 'Effective Date'
4. Assignment: Core provision transferring all rights, title, and interest in the proprietary lease from assignor to assignee
5. Consideration: Details of the payment or other consideration for the assignment
6. Cooperative Corporation Consent: Formal acknowledgment and consent from the cooperative corporation for the assignment
7. Representations and Warranties: Assignor's declarations regarding their authority to assign and the status of the lease
8. Assignee's Covenants: Assignee's agreement to assume all obligations under the proprietary lease
9. Closing Conditions: Requirements that must be met before the assignment becomes effective
10. Effective Date: Specification of when the assignment takes effect
11. Governing Law: Specifies that Canadian law governs the assignment
12. Execution: Signature blocks for all parties
1. Broker Provisions: Include when a real estate broker is involved in the transaction
2. Security Deposit Assignment: Include when there is an existing security deposit to be transferred
3. Outstanding Maintenance Fees: Include when there are unpaid maintenance fees or special assessments
4. Financing Contingency: Include when the assignment is contingent on the assignee obtaining financing
5. Cooperative Right of First Refusal: Include when the cooperative has a right of first refusal that needs to be addressed
6. Regulatory Compliance: Include when specific provincial or municipal regulations need to be addressed
7. Personal Property Transfer: Include when fixtures or personal property are included in the assignment
1. Schedule A - Description of Premises: Detailed description of the cooperative unit and any exclusive use areas
2. Schedule B - Original Proprietary Lease: Copy of the original proprietary lease being assigned
3. Schedule C - Share Certificate: Details of the cooperative shares associated with the lease
4. Schedule D - Cooperative Board Approval: Documentation of board approval for the assignment
5. Schedule E - Financial Statement: Current statement of maintenance fees and any outstanding charges
6. Appendix 1 - Unit Inspection Report: Current condition report of the cooperative unit
7. Appendix 2 - Cooperative Rules and Regulations: Current copy of the cooperative's rules and regulations
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Cooperative Housing
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Residential Housing
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Housing Administration
Relevant Teams
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Property Management
Real Estate Operations
Housing Administration
Compliance
Document Control
Corporate Governance
Residential Services
Relevant Roles
Property Manager
Cooperative Housing Administrator
Real Estate Lawyer
Cooperative Board Member
Housing Coordinator
Legal Counsel
Real Estate Agent
Property Administrator
Compliance Officer
Housing Operations Manager
Lease Administrator
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