NRS 612.227 Lease-purchase agreements for purchase of office buildings and land; assurances by State of Nevada.

382 words·~2 min read·/nv/chapter-612-unemployment-compensation/612-227·

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

1. The Administrator, subject to the provisions of this section, may enter into lease-purchase agreements with any persons, corporations, associations or partnerships for the purchase of office buildings and the land upon which the buildings are located. Rentals to the lessor must be paid by the Division, or any agency which may hereafter absorb the employment security program.

2. The Administrator may take title in the name of the State of Nevada to premises which are the subject of such a lease-purchase agreement upon fulfillment of the terms of the agreement.

3. All lease-purchase agreements heretofore entered into by the Administrator are hereby ratified, confirmed and adopted.

4. The State of Nevada hereby assures the Employment and Training Administration of the United States Department of Labor that upon the amortization of the costs of any building and premises heretofore or hereafter purchased or agreed to be purchased for the use of the Division pursuant to any lease-purchase agreement, the Division may continue to occupy the building without the payment of rent, and will be assessed only the reasonable cost of operation and maintenance of the building.

5. If it becomes necessary for the Division to be moved from any such building after it has been purchased through the amortization of the cost thereof, the State of Nevada hereby gives assurance that other substantially similar space will be furnished to the Division without further payments by the Division or the Employment and Training Administration of the United States Department of Labor, other than payment of the reasonable cost of operation and maintenance thereof.

6. If it becomes necessary for the Division to be moved from any such building before the cost thereof has been completely amortized, the State of Nevada hereby gives assurance that credit will be allowed for the amount of money granted to the Division by the Employment and Training Administration of the United States Department of Labor for the partial amortization of the building to the end that money granted by the Employment and Training Administration for the use of substantially similar space will not exceed the amount which the Division would have been obligated to pay if it had remained in the premises.