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Hear this out loud PauseRecognition 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.
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.
Hear this out loud PauseA recognition agreement names the union or unions who have rights to represent and negotiate on behalf of employees in that workplace.
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.
An assignment and assumption agreement is used after a contract is signed, in order to transfer one of the contracting party's rights and obligations to a third party who was not originally a party to the contract.
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.
Hear this out loud PauseMore 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.
Hear this out loud PauseAssignment 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.