This is a three-way contract entered into by the bank (usually an „Aztec“ recognition agreement is required) with the board of directors, the credit bank and the purchaser who formalizes the relationship between the lending bank and the cooperative. In this document, the co-op acknowledges the relationship and agrees to notify the lender if the shareholder refrains from paying maintenance or other costs to the co-op in a timely manner. Your lender will send the Aztech recognition agreement, so it`s only for information purposes, but you can find a sample here. Please remember that this is not necessarily what you will see. The aim of this initiative was to reach an agreement with the European Union where we can count on inspections of each other`s drug production. After almost three years of negotiations, we concluded the mutual recognition agreement between the United States and the European Union last March. If a union addresses an employer for organizational reasons, the parties must meet to enter into a collective agreement. If such a meeting does not result in an agreement, the union is required to refer the dispute to the CCMA. The main advantage of Aztech`s recognition contracts is that they allow buyers to finance in co-ops. If you buy a co-op, you technically buy shares of the building and the owner lease to live in a particular unit. This is against a condo where you buy the apartment proper. From a legal point of view, koops is a personal property (shares and leasing), while condominiums are real estate (the real good). For this reason, a mortgage in a co-op is effectively guaranteed by shares and property rental.
An „Aztech Recognition Agreement“ or „Aztec“ is an agreement between you, your lender and koop, and determines what happens when you stop paying for maintenance and/or mortgages. It is necessary to finance the acquisition of a co-op. While you`re signing the Aztecs, this is really just confirmation. It doesn`t require you to do anything wrong. A union will successfully obtain recognition in the workplace if it can prove to the employer or the CCMA that it is sufficiently represented among the workers. The question is what is sufficient representation. The purpose of a recognition agreement is to give the employer the ability to strictly control the activity of the union and business managers. Without such an agreement, the stewards of the shop can go wild. That is, they can get into trouble and waste valuable production time dealing with union issues instead of earning the money they are paid. Aztech recognition agreements are usually one of the last outstanding points for your co-op application, as they are sent towards the end of the credit subscription. If we say „sent,“ we think so – your lender will physically send you three copies. Unlike virtually any other document in 2019, the Aztecs still have to be original copies (so don`t lose them!).
It is therefore essential that employers be able to assess in advance whether the union concerned is sufficiently representative or not. Indeed, if the answer is „yes,“ there is no point in refusing recognition. Each co-op has a different owner leasing, so the rules governing the use of shares as collateral for a mortgage vary. Today`s Aztech Recognition Agreement has accounted for these differences, making it easy for buyers to finance a co-op purchase. This greatly expands the pool of buyers, so that all the units in the building are much more valuable, which benefits all shareholders. 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. If a union can prove that its members represent the majority of all workers in the workplace, the union has a final right to recognition.