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What is an Aztech recognition agreement? Well demystify this topic in the following video. Im Nick at Hauseit, visit our website to learn about ways to save money when buying or selling real estate here in New York City. So, lets get started. An Aztec recognition agreement is a trilateral contract between the buyer of the co-op, the buyers bank and the co-op corporation. The agreement is required if the buyer wishes to purchase a co-op apartment and finance the deal. The Aztech recognition agreement creates the following understanding between all parties. The co-op acknowledges that the lender has a lien against the co-op unit shares and proprietary lease as collateral. The co-op agrees not to allow the unit owner shares and proprietary lease to be encumbered with any additional debt. The co-op agrees to notify the lender if the homeowner stops paying their monthly co-op maintenance. The co-op agrees to accept payment from the lender on behalf of a delinquent shareh