Nevada Revised Statutes 119A.480 – Requirements if developer holds leasehold interest
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1. If the interest of the developer is a leasehold interest, the lease, unless otherwise determined by the Administrator, must provide that:
Terms Used In Nevada Revised Statutes 119A.480
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
(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.