1. If the interest of the developer is a leasehold interest, the lease, unless otherwise determined by the Administrator, must provide that:
- (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.
(Added to NRS by 1983, 991; A 1985, 1143; 2013, 3527)