Common use of Right of occupation Clause in Contracts

Right of occupation. 3.1 The seller and the previous holder of right of occupation hereby grants to the purchaser who hereby acquires the right of occupation of the unit for the duration of the lifetime of the purchaser, his/her spouse or the lifetime of the nominated person whichever is the longest. This is subject to the provisions of clauses 7 and 18 hereof and subject to payment of the consideration as set out in clause 9 of the schedule annexed hereto and subject to Section 7 of the Act.. 3.2 It is recorded that the right of occupation is not capable of being registered in the deeds office but confers the same right as a registered lease referred to in Section 4A of the Act subject to the provisions of this contract.