Common use of Movables Clause in Contracts

Movables. 10.1 It is recorded that the financial statements of the Lessee reflects that the Movables are the property of the Lessee. The Lessor denies that the Movables are the property of the Lessee. This means that the ownership of the Movables are in dispute and which dispute will be dealt with after the Commencement Date. The Lessor accordingly agrees that to the extent that it is the owner of the Movables, the Movables are let to the Lessee in terms of this Lease. 10.2 Movable goods acquired by the Lessee after the Commencement Date, but during the Lease Period, to replace any of the Movable Goods and the cost of which were funded by the Replacement Reserve, will become the property of the Lessor; and 10.3 Movable goods purchased by the Lessee by using funds other than funds that form part of the Replacement Reserve will be the sole property of the Lessee. 10.4 It is also recorded that the Fixtures and Fittings in the Section belongs to the Lessor and all repairs and maintenance will be done in accordance with clause 8 of Annexure A hereto.