1. If the governing body approves the application for the rehabilitation of an abandoned residential property, the written agreement entered between the county or city and the applicant must identify the property and specify:
(a) That the property must be rehabilitated for decent, safe and sanitary residential use;
(b) The terms and conditions of the rehabilitation of the property, including the period within which the rehabilitation must begin and be completed; and
(c) That the rehabilitation must be performed to the satisfaction of the governing body.
2. If the applicant completes the rehabilitation of the property in compliance with all terms and conditions of the agreement to the satisfaction of the governing body, the governing body must convey title to the property to the applicant.
3. If the applicant substantially complies with the terms and conditions of the agreement but fails to complete the rehabilitation of the property in full compliance with all terms and conditions of the agreement to the satisfaction of the governing body, the governing body must offer to sell the property to the applicant for a price not to exceed the fair market value of the property as it existed before the applicant began any rehabilitation of the property.
(Added to NRS by 1989, 190)