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Nevada Revised Statutes Title 9. Security Instruments of Public Utilities; Mortgages; Deeds of Trust; Other Liens § 108.2405. Inapplicability of NRS 108.2403 and 108.2407 under certain circumstances;  service of notice of waiver of owners'  rights upon prime contractor and lien claimants

Current as of January 01, 2021 | Updated by FindLaw Staff

1. The provisions of NRS 108.2403 and 108.2407 do not apply:

(a) In a county with a population of 700,000 or more with respect to a ground lessee who enters into a ground lease for real property which is designated for use or development by the county for commercial purposes which are compatible with the operation of the international airport for the county.

(b) If all owners of the property, individually or collectively, record a written notice of waiver of the owners' rights set forth in NRS 108.234 with the county recorder of the county where the property is located before the commencement of construction of the work of improvement.  Such a written notice of waiver may be with respect to one or more works of improvement as described in the written notice of waiver.

2. Each owner who records a notice of waiver pursuant to paragraph (b) of subsection 1 must serve such notice by certified mail, return receipt requested, upon any prime contractor of the work of improvement and all other lien claimants who give the owner a notice of right to lien pursuant to NRS 108.245, within 10 days after the owner's receipt of a notice of right to lien or 10 days after the date on which the notice of waiver is recorded pursuant to this subsection.

3. As used in this section:

(a) “Ground lease” means a written agreement:

(1) To lease real property which, on the date on which the agreement is signed, does not include any existing buildings or improvements that may be occupied on the land;  and

(2) That is entered into for a period of not less than 10 years, excluding any options to renew that may be included in any such lease.

(b) “Ground lessee” means a person who enters into a ground lease as a lessee with the county as record owner of the real property as the lessor.

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Cite this article: FindLaw.com - Nevada Revised Statutes Title 9. Security Instruments of Public Utilities; Mortgages; Deeds of Trust; Other Liens § 108.2405. Inapplicability of NRS 108.2403 and 108.2407 under certain circumstances;  service of notice of waiver of owners'  rights upon prime contractor and lien claimants - last updated January 01, 2021 | https://codes.findlaw.com/nv/title-9-security-instruments-of-public-utilities-mortgages-deeds-of-trust-other-liens/nv-rev-st-108-2405/

Read this complete Nevada Revised Statutes Title 9. Security Instruments of Public Utilities; Mortgages; Deeds of Trust; Other Liens § 108.2405. Inapplicability of NRS 108.2403 and 108.2407 under certain circumstances;  service of notice of waiver of owners'  rights upon prime contractor and lien claimants on Westlaw

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