liens: Manhattan Real Estate: Q&A: What is an Aztec Recognition Agreement?
- 01/26/11 01:50 AM
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 (13 comments)