NRS 107.040 Adoption of covenants by reference in instrument.

294 words·~1 min read·/nv/chapter-107-deeds-of-trust/107-040·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. In order to adopt by reference any of the covenants, agreements, obligations, rights and remedies in NRS 107.030 , it shall only be necessary to state in the deed of trust the following: “The following covenants, Nos. ................, ................ and ................ (inserting the respective numbers) of NRS 107.030 are hereby adopted and made a part of this deed of trust.”

2. A deed of trust, in order to fix the amount of insurance to be carried, need not reincorporate the provisions of Covenant No. 2 of NRS 107.030 , but may merely state the following: “Covenant No. 2,” and set out thereafter the amount of insurance to be carried or, if no amount is set out, the amount must be the full replacement value of the buildings and improvements which are now or shall hereafter be erected upon the premises.

3. In order to fix the rate of interest under Covenant No. 4 of NRS 107.030 , it shall only be necessary to state in such deed of trust the following: “Covenant No. 4,” and set out thereafter the rate of interest to be charged thereunder or, if no rate of interest is set out, the rate of interest must be at the highest applicable rate set forth in the note secured by such deed of trust.

4. In order to fix the amount or percent of counsel fees under Covenant No. 7 of NRS 107.030 , it shall only be necessary to state in such deed of trust, the following: “Covenant No. 7,” and set out thereafter the percentage to be allowed or, if no percentage is set out, the amount to be allowed must be reasonable counsel fees and costs actually incurred.