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Can anyone tell me what does Cooperative Assumption of Alteration Agreement means please? Thanks! (See below)
WHEREAS, by a certain Assignment of Proprietary Lease, dated ___________________________,
_______________________________, ("Assignee") will acquire all of the right, title and interest of _______________________________ ("Assignor") in and to certain lease (the "“Lease") dated _____________, between _________________________________(Apartment Corporation), (“Lessor Corporation"), as lessor, and _____________________________________ ("Assignor"), or [her][his] predecessor in interest, as lessee, for apartment ______________ ("Apartment") in premises known as
_______________________; and
WHEREAS, by instrument dated ____________ (‘Assumption of Leaseâ€) Assignee will assume all of the
obligations of Assignor as lessee under the Lease, and is about to become the lessee of the Apartment by virtue of said instrument or the execution of a new lease.
NOW, THEREFORE, in consideration of the premises and the consent of Lessor Corporation or its directors to the assignment of the Lease to Assignee and to the transfer to Assignee of the shares of Lessor Corporation which accompany the Lease, Assignee hereby ASSUMES AND AGREEES TO PERFORM AND COMPLY with all the terms, covenants and conditions of that certain Alteration Agreement between Assignor and the Lessor Corporation dated ____________________ (copy attached hereto), including, without limitation, the obligation to maintain and repair, at Assignee’s expense, the alteration work which was the subject of the Alteration Agreement and any structures, fixtures, appliances, or other items installed or built in connection with such alteration work.
Any breach of this Assumption Agreement or the obligations assumed hereby shall be a breach of the Lease.
This Assumption Agreement and all of its provisions shall be binding on Assignee and [her][his] estate, heirs, executors, administrators, personal representatives, successors and assigns.
__________________________________________________ ______________________________________________
Applicant Name Co-Applicant Name
X_____________________________________ _________________________ X_____________________________________ _______________
Applicant Signature Date Co-Applicant Signature Date
State of New York )
) SS: ______________________
County of New York ) ______________________
On this ________________ day of _________________________ in the year ___________ before me, the undersigned, a Notary Public in and for said State, personally appeared _________________________ personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the written instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies) and that by his/her/their signature(s) on the instrument, the individual(s) or the person upon behalf of which the individual(s) acted, executed the instrument.
X_______________________________
NOTARY PUBLIC
State of New York )
) SS: ______________________
County of New York )
On this ________________ day of _________________________ in the year ___________ before me, the undersigned, a Notary Public in and for said State, personally appeared _________________________ personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the written instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies) and that by his/her/their signature(s) on the instrument, the individual(s) or the person upon behalf of which the individual(s) acted, executed the instrument.
X_________________________
NOTARY PUBLIC
COOPERATIVE ASSUMPTION OF ALTERATION AGREEMENT
Property Address: 444 East 86th Street, New York, NY, 10028 Unit #: 27FWHEREAS, by a certain Assignment of Proprietary Lease, dated ___________________________,
_______________________________, ("Assignee") will acquire all of the right, title and interest of _______________________________ ("Assignor") in and to certain lease (the "“Lease") dated _____________, between _________________________________(Apartment Corporation), (“Lessor Corporation"), as lessor, and _____________________________________ ("Assignor"), or [her][his] predecessor in interest, as lessee, for apartment ______________ ("Apartment") in premises known as
_______________________; and
WHEREAS, by instrument dated ____________ (‘Assumption of Leaseâ€) Assignee will assume all of the
obligations of Assignor as lessee under the Lease, and is about to become the lessee of the Apartment by virtue of said instrument or the execution of a new lease.
NOW, THEREFORE, in consideration of the premises and the consent of Lessor Corporation or its directors to the assignment of the Lease to Assignee and to the transfer to Assignee of the shares of Lessor Corporation which accompany the Lease, Assignee hereby ASSUMES AND AGREEES TO PERFORM AND COMPLY with all the terms, covenants and conditions of that certain Alteration Agreement between Assignor and the Lessor Corporation dated ____________________ (copy attached hereto), including, without limitation, the obligation to maintain and repair, at Assignee’s expense, the alteration work which was the subject of the Alteration Agreement and any structures, fixtures, appliances, or other items installed or built in connection with such alteration work.
Any breach of this Assumption Agreement or the obligations assumed hereby shall be a breach of the Lease.
This Assumption Agreement and all of its provisions shall be binding on Assignee and [her][his] estate, heirs, executors, administrators, personal representatives, successors and assigns.
__________________________________________________ ______________________________________________
Applicant Name Co-Applicant Name
X_____________________________________ _________________________ X_____________________________________ _______________
Applicant Signature Date Co-Applicant Signature Date
State of New York )
) SS: ______________________
County of New York ) ______________________
On this ________________ day of _________________________ in the year ___________ before me, the undersigned, a Notary Public in and for said State, personally appeared _________________________ personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the written instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies) and that by his/her/their signature(s) on the instrument, the individual(s) or the person upon behalf of which the individual(s) acted, executed the instrument.
X_______________________________
NOTARY PUBLIC
State of New York )
) SS: ______________________
County of New York )
On this ________________ day of _________________________ in the year ___________ before me, the undersigned, a Notary Public in and for said State, personally appeared _________________________ personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the written instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies) and that by his/her/their signature(s) on the instrument, the individual(s) or the person upon behalf of which the individual(s) acted, executed the instrument.
X_________________________
NOTARY PUBLIC
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