Article Six

No: 42039135

Date(g): 25/1/2021 | Date(h): 12/6/1442

Status: In-Force

Effective from 2021-01-25 - Jan 24 2021
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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.