Unable to remount NFS v3 share without using nolock option while it's already mounted as v4

Issue

Unable to remount NFS v3 share without using nolock option while it's already mounted as v4. Following error message is shown while trying to mount it:

[root@nfs-client ~]# mount /share
mount.nfs: rpc.statd is not running but is required for remote locking.
mount.nfs: Either use '-o nolock' to keep locks local, or start statd.
mount.nfs: an incorrect mount option was specified

Important:

When multiple NFS clients are accessing the same share at the same time with read-write access, it's highly recommended not to use nolock option as this might cause data corruption. When using the nolock option, applications can lock files, but such locks provide exclusion only against other applications running on the same client. Remote applications are not affected by these locks.