1. A district court must discharge the receiver appointed pursuant to NRS 268.4284 when the district court finds that:
(a) The conditions set forth in the court order issued pursuant to NRS 268.4284 that made the residential multifamily rental property a substandard property have been properly repaired or abated; and
(b) A complete accounting of all costs relating to the operation, repair or rehabilitation of or abatement of a condition at the substandard property has been delivered to the district court.
2. Upon correction of the conditions that made the residential multifamily rental property a substandard property, the owner, the mortgagee or any lienholder may apply for the discharge of all money not used by the receiver for removal of the condition and all other costs.
3. After discharging the receiver, the district court may:
(a) Retain jurisdiction over the substandard property for a period of time not to exceed than 18 consecutive months; and
(b) Require the owner of the substandard property and the governing body of the city or its designee to report to the district court on the substandard property in accordance with a schedule determined by the district court.