DIY Legal Forms

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Deed of Gift of Shares in Cooperative Housing Corporation

(With Reservation of Life Tenancy in Donor and Donor's Spouse)

DEED OF GIFT made on [date], by [name], residing at [address] (the Donor) to [name of institution], an educational institution chartered by [State] with principal offices at [address] (the Donee).

WHEREAS, the Donor is the owner of [number] shares of the capital stock of the [name of corporation], a cooperative housing cooperation (the Stock); and

WHEREAS, the Stock is allocated to Apartment ---------- in the building owned by the [name of corporation] at [address] (the Apartment); and

WHEREAS, the Donor is the lessee of the Apartment under a proprietary leases between the Donor and the [name of corporation] dated [date] for a term commencing on [date] and terminating on [date] (the Lease); and

WHEREAS, the Donor wishes to convey to the Donee all of the Donor's right, title, and interest in and to the Stock and the Lease reserving for the Donor and his spouse a life tenancy therein, subject to the approval of the corporation's Board of Directors;

NOW, THEREFORE, KONW ALL MEN BY THESE PRESENTS THAT:

1. Conveyance of Stock and Lease. The Donor does hereby convey and transfer to the Donee all of the Donor's right, title, and interest in and to the Stock and the Lease reserving to the Donor and the Donor's spouse, the right to occupy and reside in the Apartment and to enjoy the rents, issues, and profits of the Stock and the Lease undisturbed by the Donee, its successors, and assigns for so long as the Donor or his wife shall live.

2. Conveyance Subject to Approval of Association's Board. This conveyance and transfer is subject to the approval of the Board of Directors of [name of corporation]. If such approval is not obtained by the Donor by [date], this Deed of Gift shall terminate and be of no effect and all rights herein conveyed and transferred to the Donee shall revert to the Donor.

3. Delivery of Proprietary Lease and Stock. Simultaneously with the execution of this Deed of Gift, the Donor will deliver to the Donee a fully executed copy of the Lease together with an assignment thereof duly executed by the Donor. The Donor also will deliver to the Donee simultaneously with the execution of this Deed of Gift, Stock Certificate Number ---------- of [name of corporation] issued to the Donor for the Stock together with an assignment thereof duly executed by the Donor. The Donee hereby grants to the Donor and or the Donor's spouse its irrevocable proxy during the Donor's lifetime, to vote the stock at all metings of the stockholders of [name of corporation] or otherwise.

4. Payment of Expenses and Maintenance. The Donor will pay all of the expenses involved in the ownership and maintenance of the Apartment for so long as he lives, including, but not limited to, all assessments, repairs, and maintenance charges levied by the cooperative housing corporation or otherwise incurred. The Donor also will maintain fire and liability insurance on the property in amounts sufficient to protect the Donee's remainder interest therein. Should the Donor die before [name], his spouse and the life tenant of the property, upon the Donor's death the obligation to pay all of the aforesaid charges shall be that of the life tenant.

5. Appraisal. The Donor has had the property appraised by [name of appraiser], a person qualified to appraise shares of cooperative housing corporations and proprietary leases therein, on [date]. [name of appraiser] has found the shares and the proprietary lease to be worth ---------- dollars ($----------) and the value of the remainder interest therein based upon Internal Revenue Service life expectancy tables to be ---------- dollars ($----------). A copy of the appraisal is annexed hereto as Schedule A [omitted]. On or before [date], the Donor will submit a completed Internal Revenue Form 8283 to the Donee containing a summary appraisal of the remainder interest in the property showing its value to be ---------- dollars ($----------) signed by [name of appraiser] The Donee will promptly sign the submitted Form 8283 and return it to the Donor so that the Donor may attach the Form to the Donor's Federal Income Tax Return for 20--.

IN WITNESS WHEREOF the Donor has signed this Deed of Gift the day and year first above written.

[signature]

Donor

[Acknowledgements]

ACCEPTANCE OF GIFT

The above gift is accepted by [name of institution] under the terms and conditions therein specified. [name of institution] acknowledges that the conveyance to it of the Stock and Lease constitute a contribution to it by the Donor.

Dated: [date]

[name of institution]

By: [signature]

[title]

[Acknowledgements]

This Section for Notary:

Acknowledgment

State of _________

County of ________ [County]

On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

Witness my hand and official seal.

Signature ________
Notary

My commission expires: _____

(Seal)