Nevada Specific Lien Provisions Sample Clauses

Nevada Specific Lien Provisions. Pursuant to Article 108.234 of the NRS, Lessor hereby informs Lessee that Lessee must comply with the requirements of NRS 108.2403 and NRS 108.2407 prior to contracting for and commencing any work of improvement to be constructed, altered or repaired in, on or about the Leased Area, including without limitation, Lessee’s improvements contemplated by the Leasehold Improvement Agreement set forth on Exhibit C. Lessee shall take all actions necessary under laws of the State to ensure that no liens encumbering Lessor’s interest in the Leased Area and the Property arise as a result of Lessee’s work, which actions shall include, without limitation, the recording of a notice of posted security in the Official Records of Xxxxx County, Nevada, in accordance with NRS 108.2403(1)(a), and either (i) establish a construction disbursement account pursuant to NRS 108.2403(1)(b)(1), or (ii) furnish and record, in accordance with NRS 108.2403(1)(b)(2), a surety bond for the prime contract for Lessee’s work at the Leased Area that meets the requirements of NRS 108.2415. Lessee shall notify Lessor of the name and address of Lessee’s prime contractor who will be performing Lessee’s work as soon as it is known, but in no event later than ten (10) business days prior to entering into contract with the prime contractor for the construction, alteration or repair of the work of improvement. Lessee shall notify Lessor immediately upon the signing of any contract with the prime contractor for Lessee’s work or other construction, alteration or repair of any portion of the Leased Area or any improvements to the Leased Area, which notification shall include the name and physical address of the prime contractor to enable Lessor to properly serve a recorded notice of non-responsibility upon the prime contractor pursuant to NRS 108.234(4). Lessee may not enter the Leased Area to begin initial construction on Lessee’s work or begin any alteration or other work on the Leased Area until Lessee has delivered evidence satisfactory to Lessor that Lessee has complied with the terms of this Article 7.2. Failure by Lessee to comply with the terms of this Article 7.2 shall permit Lessor to declare an Event of Default and to terminate this Lease. Further, Lessor shall have the right to post and maintain any notices of non-responsibility. In the event this Lease is terminated pursuant to the foregoing, neither Party hereunder shall have any liability to the other under this Lease except for then- out...
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