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Cooperative Assumption of Alteration Agreement

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  • Cooperative Assumption of Alteration Agreement

    Can anyone tell me what does Cooperative Assumption of Alteration Agreement means please? Thanks! (See below)

    COOPERATIVE ASSUMPTION OF ALTERATION AGREEMENT
    Property Address: 444 East 86th Street, New York, NY, 10028 Unit #: 27F

    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 Lease”) 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



  • #2
    Hi Jodie - signing the Co-op Assumption of Alteration Agreement basically means that you're agreeing to take responsibility as the purchaser for all of the renovations and alterations which were done by the previous owner under the Co-op's Alteration Agreement.

    Here is a sample alteration agreement: https://www.hauseit.com/sample-alteration-agreement/

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