1. An agreement for development of land entered into pursuant to NRS 278.0201 may be amended or cancelled, in whole or in part, by:
(a) Mutual consent of the parties to the agreement or their successors in interest; or
(b) Subject to the requirements of this section and NRS 278.02053, the governing body without the consent of the other parties to the agreement or their successors in interest, if the governing body determines, upon a review of the development of the land held at least once every 24 months, that:
(1) A party to the agreement or a successor in interest is in breach of any of the terms or conditions of the agreement and:
(I) Any applicable period set forth in the agreement for curing the breach has passed; or
(II) If the agreement does not contain an applicable period for curing the breach, the governing body has provided the party in breach with notice that the party is in breach and has provided the party not less than 30 days to cure the breach; or
(2) Any event has occurred which demonstrates that a party to the agreement or a successor in interest is unable to perform his or her duties set forth in the agreement, including, without limitation, the insolvency or bankruptcy of the party or his or her successor in interest, the appointment of a receiver for the party or his or her successor in interest or the commission of fraud by the party or his or her successor in interest.
2. In addition to the notice requirement set forth in subsection 1 of NRS 278.02053, notice of intention to amend or cancel any portion of the agreement must be given by publication in a newspaper of general circulation in the applicable city or county. The governing body may approve cancellation of the agreement by ordinance or approve any amendment to the agreement by ordinance if the amendment is consistent with the master plan. The original of the notice of cancellation or the amendment must be filed for recording with the county recorder or the recorder of Carson City.
(Added to NRS by 1985, 2114; A 2015, 313)
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.