Mississippi Cooperative Loan Recognition Agreement
Description
How to fill out Cooperative Loan Recognition Agreement?
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FAQ
Assignment of Recognition Agreement . With respect to a Cooperative Loan, an assignment of the Recognition Agreement sufficient under the laws of the jurisdiction wherein the related Cooperative Unit is located to reflect the assignment of such Recognition Agreement.
More specifically, a recognition agreement is a contract between a subtenant and a prime landlord under which the prime landlord agrees to recognize the subtenant and the sublease if the tenant/sublandlord defaults under the prime lease and the prime landlord terminates the prime lease.
A recognition agreement names the union or unions who have rights to represent and negotiate on behalf of employees in that workplace. It will make clear whether a particular union has sole negotiating rights for a bargaining group, or whether the employer recognises two or more unions jointly.
Recognition Agreement means, with respect to a Cooperative Mortgage Loan, an agreement executed by a Cooperative Corporation which, among other things, acknowledges the lien of the Mortgage on the Mortgaged Property in question.
What is a Recognition Agreement? A recognition agreement is a legal document that allows parties to recognize each other's interests in an agreement. This document could be used in co-op unit financing, a union negotiation, between borrowers and lenders for a loan, and for other purposes.
In a nutshell therefore Collective agreements deal with procedural and substantive issues that are of common interest to management and workers whereas the purpose of a recognition agreement is to allow the employer to strictly control the activities of the union and business leaders.