The Aztecs will arrive signed by the bank. You sign and submit them with your request for cooperation and, finally, a member of the board of directors will sign, the agreement being executed in its entirety. Aztech Recognition Agreement (sometimes aztec) is a tripartite contract between buyer, lender and Co-op. It is named after the company that manufactures it, Aztech Document Systems, which dates from a not-so-old date in 1973 AD, lenders would negotiate directly with developers and co-op processors to create customized documents for individual shareholders. An “Aztech” or “Aztec” recognition agreement is a trilateral legal agreement between the shareholder, the lender and cooperative cooperation. The name of the form comes from the company that standardized the agreement in the 1970s. Before establishing a standard form, banks/lenders had to negotiate separately with each co-op. Since most of Aztech`s terms and conditions largely benefit co-op companies, they are generally happy to sign Aztech recognition agreements. Aztech retains a contract between these three parties. It states that the bank will have a first right to pledge to the buyer`s shares as collateral for the mortgage. The name comes from the company Aztech Document Systems of 1973. Previously, lenders negotiated directly with developers to create customized documents for individual shareholders.
The bank/lender generally requires that the agreement be signed when the shareholder needs financing. Since the agreement allows banks/lenders to pay maintenance costs if the shareholder does not, this is advantageous for the co-op. This is essentially an insurance policy for maintenance, as lenders want to ensure that their guarantees (co-op shares) are as clear as possible. On the other hand, when a shareholder is late in his monthly support, it is usually enough to send a copy of the healing notification to the bank/lender of the shareholder to be aware of his support payments. Many shareholders are afraid of making their loans insolvent. The aim of the agreement remains to protect cooperation in the event of a default. Any potential buyer who wishes to acquire a co-op in New York buys shares in the company. If you buy with a mortgage, the Aztec will be required.