Every contract or duty governed by this chapter imposes an obligation of good faith in its performance or enforcement. NRS 116.1113 Added to NRS by 1991, 541 Added to NRS by 1991, 541
1. Except as otherwise provided in the declaration, the bylaws, this section or other provisions of this chapter, the executive board acts on behalf of the association. In the performance of their duties, the officers and members of the executive board are fiduciaries and shall act on an informed basis, in good faith and in the honest belief that their actions are in the best interest of the association. Officers and members of the executive board: (a) Are required to exercise the ordinary and reasonable
(a) For those mortgages to which the provisions of § 203.368 apply, the contract of insurance shall be terminated under the following circumstances: (1) The mortgagee notifies the Commissioner that it will not convey title to the Commissioner and will not file a claim for the insurance benefits when: (i) The mortgagee either acquires the property by any means, or (ii) Acquires the property and gives such notice during the redemption period; or (2) The mortgagee notifies the Commissioner that it will
(a) (1) The requirements of this section apply to any insured mortgage subject to this subpart which was either insured pursuant to: (i) A conditional commitment issued on or after November 30, 1983 or, as appropriate, (ii) An application for mortgage insurance endorsement under the Single Family Direct Endorsement Program, as provided in § 203.255(b) , where the property appraisal report was signed by the mortgagee's underwriter on or after November 30, 1983. (2) The requirements of this section