Notice of Default and Election to Sell
(Commercial Foreclosure) (NV)

Summary

This template notice of default and election to sell may be used in connection with the nonjudicial foreclosure of commercial property in Nevada. This template contains practical guidance and drafting notes. In Nevada, the commercial nonjudicial foreclosure process begins with the preparation and recording of a notice of default and election to sell (NOD), sometimes also called a notice of default and election to sell. Nev. Rev. Stat. Ann. § 107.080 (2) (b). The NOD identifies the deed of trust that is the subject of the foreclosure and generally describes the default giving rise to the foreclosure. The NOD must be mailed by certified mail to the trustor and its successors in interest, to junior lienholders, to any other parties that may have recorded a request for notice, and to guarantors of the loan. Nev. Rev. Stat. Ann. § 107.080(3); Nev. Rev. Stat. Ann. § 107.095. For further guidance see Commercial Foreclosure (NV) for a template notice of trustee's sale see Notice of Trustee 's Sale (Commercial Foreclosure) (NV).