Aztech recognition agreement

The full definition

The agreement in which a co-op corporation acknowledges a lender's security interest in a shareholder's shares and proprietary lease. The Aztech form is the version most New York co-ops accept.

Also called: Recognition agreement, Aztech form.

Which related terms should you know?

These are the terms that come up alongside aztech recognition agreement in the same file.

Proprietary lease

The occupancy lease a co-op corporation grants a shareholder for a specific unit. It is assigned at closing together with the stock certificate for the allocated shares, and its amendments, rather than the original text, carry the building's current rules.

Stock certificate (co-op)

The certificate evidencing the shares allocated to a co-op apartment. Shares and the proprietary lease travel together and cannot be sold separately from each other.

UCC search

A search of UCC filings for security interests in personal property, run against the seller and, on entity deals, against the entity itself.

Co-op lien search

The search performed on a co-op purchase covering UCC filings, judgments, liens and unpaid building charges tied to the shares and to the selling shareholder. It supports no policy of insurance, so the protection comes from clearing what it reports before the closing rather than from insuring around it.

Offering plan

The sponsor's filed disclosure document for a co-op or condominium, carrying its budget, share or common interest allocation, building rules and sponsor commitments.

What else should you read before closing?