Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Manhattan Real Estate: Q&A: What is an Aztec Recognition Agreement?
A: The Aztec Recognition Agreement (sometimes spelled Aztech) is a three-party contract between the borrower, lender, and coop. It is a form that must be signed by the borrower, lender and the coop.
(The form gets its name from the company that produces it)
It is the document that the bank draws up to give its lien the first priority over the co-op's lien in case the shareholder defaults. Also, the co-op corporation promises to notify the lender if the owner fails to pay maintenance or other fees to the co-op.
The co-op corporation is prohibited from permitting additional financing or canceling the shares/lease without the lender’s permission. This protects the security interest of the lender. The co-op, on the other hand, is given a superior lien on the equity. In the event of a default, a co-op’s lien is automatically prioritized over that of the lender. Only a few lenders will do HELO's in coops since they will be third lien.
Procedures for the lender and co-op to take in the event of a default are also established. The co-op agrees to inform the lender if the shareholders monthly maintenance payments fall into arrears (3 months). This functions as an ... more

__________________________________________________
Are you on The Rain? Grow Your Network!