Common use of Joint Assets Clause in Contracts

Joint Assets. The Parties will jointly own the Joint Assets, as tenants in common, with each party owning a one-half undivided interest. The Parties represent and warrant that they will use the Joint Assets to continue the provision of services to existing Customer Accounts and to extend and/or make available to New Developments seeking a New Connection, on conditions mutually agreed upon by the Parties and adopted by the Parties’ respective governing bodies. This will be achieved in accordance with Section 3.02, below.