Article Six
| No: 42039135 | Date(g): 25/1/2021 | Date(h): 12/6/1442 | Status: In-Force |
Translated Document
The lessor may apply to the contract registration company to issue an extract of the enforcement instrument for the recovery of the movable asset in the following cases:
| 1- | The lessee fails to pay the agreed-upon monthly installments in the financing contract for three consecutive months, or more than five scattered months throughout the contract period, after the lessor has completed the following steps: | ||
| 1. | Notify the lessee through documented communication of the obligation to pay the overdue installments, otherwise, the lessor has the right to recover the movable asset. | ||
| 2. | Submit the request to the contract registration company after fifteen days from the notification to the lessee mentioned in Paragraph (1) above. | ||
| 2- | The contract expires, and the lessee does not either take ownership of the movable asset or return it to the lessor, after the following conditions are met | ||
| 1. | The contract term has ended. | ||
| 2. | The transfer of ownership of the movable asset to the lessee is not possible. | ||