Nevada § 116B.335 - Leasehold condominium hotels

§ 116B.335. Leasehold condominium hotels

1. Any lease the expiration or termination of which may terminate the condominium

hotel or reduce its size must be recorded. Every lessor of such a lease in a condominium hotel shall sign the declaration. The declaration must state: (a) The recording data for the lease or a statement where the recorded lease may be

inspected. (b) The date on which the lease is scheduled to expire. (c) A legally sufficient description of the real estate subject to the lease. (d) Any right of the units' owners to redeem the reversion and the manner whereby

those rights may be exercised, or a statement that they do not have those rights. (e) Any right of the units' owners to remove any improvements within a reasonable

time after the expiration or termination of the lease, or a statement that they do

not have those rights. (f) Any rights of the units' owners to renew the lease and the conditions of any renewal,

or a statement that such rights do not exist. 2. After the declaration for a leasehold condominium hotel is recorded, neither the

lessor nor the lessor's successor in interest may terminate the leasehold interest

of a unit's owner who makes timely payment of his or her share of the rent and otherwise

complies with all covenants which, if violated, would entitle the lessor to terminate

the lease. The leasehold interest of a unit's owner in a condominium hotel is not affected

by failure of any other person to pay rent or fulfill any other covenant. 3. Acquisition of the leasehold interest of any unit's owner by the owner of the reversion

or remainder does not merge the leasehold and freehold interests unless the leasehold

interests of all units' owners subject to that reversion or remainder are acquired. 4. If the expiration or termination of a lease decreases the number of units in a

condominium hotel, the allocated interests must be reallocated in accordance with

subsection 1 of NRS 116B.255 as if those units had been taken by eminent domain. Reallocations must be confirmed by an amendment to the declaration prepared, executed

and recorded by the association.