Verbatim from the public record. The law itself is a government work — always confirm the current version on the official source before you rely on it.
����� 1. A declarant of a common-interest
community containing converted buildings, and any dealer who intends to offer
units in such a common-interest community, shall give each of the residential
tenants and any residential subtenant in possession of a portion of a converted
building notice of the conversion and provide those persons with the public
offering statement no later than 120 days before the tenants and any subtenant
in possession are required to vacate. The notice must set forth generally the
rights of tenants and subtenants under this section and must be hand-delivered
to the unit or mailed by prepaid United States mail to the tenant and subtenant
at the address of the unit or any other mailing address provided by a tenant.
No tenant or subtenant may be required to vacate upon less than 120 days�
notice, except by reason of nonpayment of rent, waste or conduct that disturbs
other tenants� peaceful enjoyment of the premises, and the terms of the tenancy
may not be altered during that period. Failure to give notice as required by
this section is a defense to an action for possession. If, during the 6-month
period before the recording of a declaration, a majority of the tenants or any
subtenants in possession of any portion of the property described in such
declaration has been required to vacate for reasons other than nonpayment of
rent, waste or conduct that disturbs other tenants� peaceful enjoyment of the
premises, a rebuttable presumption is created that the owner of such property
intended to offer the vacated premises as units in a common-interest community
at all times during that 6-month period.
����� 2. For 60 days after delivery or mailing of
the notice described in subsection 1, the person required to give the notice
shall offer to convey each unit or proposed unit occupied for residential use
to the tenant who leases that unit. If a tenant fails to purchase the unit
during that 60-day period, the offeror may not offer to dispose of an interest
in that unit during the following 180 days at a price or on terms more
favorable to the offeree than the price or terms offered to the tenant. This
subsection does not apply to any unit in a converted building if that unit will
be restricted exclusively to nonresidential use or the boundaries of the
converted unit do not substantially conform to the dimensions of the
residential unit before conversion.
����� 3. If a seller, in violation of subsection
2, conveys a unit to a purchaser for value who has no knowledge of the
violation, the recordation of the deed conveying the unit or, in a cooperative,
the conveyance of the unit, extinguishes any right a tenant may have under
subsection 2 to purchase that unit if the deed states that the seller has
complied with subsection 2, but the conveyance does not affect the right of a
tenant to recover damages from the seller for a violation of subsection 2.
����� 4. If a notice of conversion specifies a
date by which a unit or proposed unit must be vacated and otherwise complies
with the provisions of NRS 40.251 and 40.280 , the notice also constitutes a
notice to surrender specified by those sections.
����� 5. This section does not permit
termination of a lease by a declarant in violation of its terms.