Nevada Revised Statutes 597.050 – Lease agreement: Disclosures required upon renegotiation but not upon extension; when deemed to be renegotiated
1. The disclosures required by NRS 597.030:
Terms Used In Nevada Revised Statutes 597.050
- 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
(a) Must be made if a lease agreement with an option to purchase is renegotiated.
(b) Are not required to be made if such an agreement is extended.
2. For the purposes of this section, a lease agreement with an option to purchase:
(a) Is renegotiated if it is replaced by a new agreement entered into by the same customer and lessor.
(b) Has not been renegotiated if:
(1) The leased property is exchanged or added to or individual items are returned and the average payment is not changed by more than 25 percent;
(2) One or more of the periodic payments or portions of a periodic payment are deferred or extended;
(3) Any additional fees charged are reduced; or
(4) It is the subject of a judicial proceeding.