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)