If you lose an NFS server, and it is mounted with option "hard" (the default), processes that attempt to use the mount point will be stuck until the server comes back. This will cause the load average to increase as more and more processes are waiting on the missing server. Basically, losing an NFS mount under default settings is like having a hard drive stop responding to commands.
I don't know why it would necessarily reboot the server though. Maybe it has something to do with what was stored there?
ETA: Another possibility is that you're using a watchdog and the process that was supposed to poke it got stuck.