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Nevada Revised Statutes Title 10. Property Rights and Transactions § 119A.480. Requirements if developer holds leasehold interest

Current as of January 01, 2025 | Updated by Findlaw Staff

1. If the interest of the developer is a leasehold interest, the lease, unless otherwise determined by the Administrator, must provide that:

(a) The lessee must give notice of termination of the lease for any default by the lessor to the association.

(b) The lessor, upon any default of the lessee including bankruptcy of the lessee, shall enter into a new lease with the association upon the same terms and conditions as the lease with the developer.

2. The Administrator may require the developer to execute a bond or other type of security for the payment of the rental obligation.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 10. Property Rights and Transactions § 119A.480. Requirements if developer holds leasehold interest - last updated January 01, 2025 | https://codes.findlaw.com/nv/title-10-property-rights-and-transactions/nv-rev-st-119a-480/

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