Nevada Revised Statutes Title 10. Property Rights and Transactions § 116.2106. Leasehold common-interest communities

1. Any lease the expiration or termination of which may terminate the common-interest community or reduce its size must be recorded.  Every lessor of those leases in a condominium or planned community shall sign the declaration.  The declaration must state:

2. After the declaration for a leasehold condominium or leasehold planned community is recorded, neither the lessor nor the lessor's successor in interest may terminate the leasehold interest of a unit's owner who makes timely payment of his or her share of the rent and otherwise complies with all covenants which, if violated, would entitle the lessor to terminate the lease.  The leasehold interest of a unit's owner in a condominium or planned community is not affected by failure of any other person to pay rent or fulfill any other covenant.

3. Acquisition of the leasehold interest of any unit's owner by the owner of the reversion or remainder does not merge the leasehold and freehold interests unless the leasehold interests of all units' owners subject to that reversion or remainder are acquired.

4. If the expiration or termination of a lease decreases the number of units in a common-interest community, the allocated interests must be reallocated in accordance with subsection 1 of NRS 116.1107 as if those units had been taken by eminent domain.  Reallocations must be confirmed by an amendment to the declaration prepared, executed and recorded by the association.