Nevada Revised Statutes 463.345 – Early closing dates in certain transfers of gaming property prohibited
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When any person contracts to sell or lease any property or interest in property, real or personal, under circumstances which require the approval or licensing of the purchaser or lessee by the Commission, the contract shall not specify a closing date for the transaction which is earlier than the expiration of 90 days after the submission of the completed application for such approval or licensing. Any provision of such a contract which specifies an earlier closing date is void for all purposes, but such invalidity does not affect the validity of any other provision of the contract.
Terms Used In Nevada Revised Statutes 463.345
- Contract: A legal written agreement that becomes binding when signed.
- 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
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039