NRS 106A.150: Effect of mortgage modification.

1. For a mortgage modification described in subsection 2:

(a) The mortgage continues to secure the obligation as modified;

(b) The priority of the mortgage is not affected by the modification;

(c) The mortgage retains its priority regardless of whether a record of the mortgage modification is recorded in the land records of a jurisdiction in which the property is located; and

(d) The modification is not a novation.

2. Subsection 1 applies to one or more of the following mortgage modifications:

(a) An extension of the maturity date of an obligation;

(b) A decrease in the interest rate of an obligation;

(c) If the change does not result in an increase in the interest rate of an obligation as calculated on the date the modification becomes effective:

(1) A change to a different index that is a recognized index if the previous index to which changes in the interest rate were linked is no longer available;

(2) A change in the differential between the index and the interest rate;

(3) A change from a floating or adjustable rate to a fixed rate; or

(4) A change from a fixed rate to a floating or adjustable rate based on a recognized index;

(d) A capitalization of unpaid interest or other unpaid monetary obligation;

(e) A forgiveness, forbearance or other reduction of principal, accrued interest or other monetary obligation;

(f) A modification of a requirement for maintaining an escrow or reserve account for payment of an obligation, including taxes and insurance premiums;

(g) A modification of a requirement for acquiring or maintaining insurance;

(h) A modification of an existing condition to advance funds;

(i) A modification of a financial covenant; and

(j) A modification of the payment amount or schedule resulting from another modification described in this subsection.

3. The effect of a mortgage modification not described in subsection 2 is governed by other law.