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)