Amend sec. 38, page 25, line 16, by deleting “nonresponsibility” and inserting “nonresponsibility.”.
Amend sec. 38, page 25, by deleting lines 17 through 32 and inserting:
“4. Any lessee who causes a work of improvement to be constructed, altered or repaired upon property that is leased shall provide a payment and completion bond from a surety licensed to do business in this state in an amount equal to not less than 1.5 times the total amount of the construction contract. The surety bond must be recorded in accordance with NRS 108.2415 to 108.2425, inclusive, before commencement of the construction, alteration or repair of the work of improvement and must be payable upon default by the lessee of any undisputed amount pursuant to the construction contract that is due and payable to the prime contractor for more than 30 days. If a lessee fails to record a surety bond as required pursuant to this section, the prime contractor may invalidate the construction contract and may recover damages including, without limitation, consequential damages, reasonable attorney’s fees and costs.
5. As used in this section, “disinterested owner” means an owner who did not personally or through his agent or representative, directly or indirectly, request, require, authorize, consent to or cause a work of improvement, or any portion thereof, to be constructed, altered or repaired upon the property of the owner. The term must not be interpreted to invalidate a notice of nonresponsibility recorded pursuant to this section or to deny the rights granted pursuant to this section upon the recording of a notice of nonresponsibility because:
(a) The disinterested owner is a lessor or an optionor under a lease that requests, requires, authorizes or consents to his lessee causing the work of improvement to be constructed, altered or repaired upon the property;
(b) The lessee personally or through his agent or representative enters into a contract and causes the work of improvement to be constructed, altered or repaired upon the property; and
(c) The lessor or optionor notifies the lessee in writing that pursuant to subsection 4, the lessee must record a surety bond before causing a work of improvement to be constructed, altered or repaired upon the property.”.