North Dakota Cooperative Loan Recognition Agreement
Description
How to fill out Cooperative Loan Recognition Agreement?
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FAQ
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.
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.
An "Aztech Recognition Agreement" or "Aztec Form" is an agreement between you, your lender and the co-op and establishes what happens if you stop making maintenance and/or mortgage payments. It is required when financing the purchase of a co-op. While you do sign the Aztec, it's really just an acknowledgement.