NRS 116B.460 Delivery to association of additional common elements constructed by declarant or successor declarant.
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NRS 116B.460 Delivery to association of additional common elements constructed by declarant or successor declarant.
1. If a condominium hotel is developed in separate phases and any declarant or successor declarant is constructing any common elements that will be added to the association’s common elements after the date on which the units’ owners other than the declarant may elect a majority of the members of the executive board, the declarant or its successors or assigns who is constructing such additional common elements is responsible for:
(a)Paying all expenses related to the additional common elements which are incurred before the conveyance of the additional common elements to the association; and
(b)Except as otherwise provided in NRS 116B.455 , delivering to the association that declarant’s share of the amount specified in the study of the reserves completed pursuant to subsection 2.
2. Before conveying the additional common elements to the association, the declarant or successor declarant who constructed the additional common elements shall deliver to the association a study of the reserves for the additional common elements which satisfies the requirements of NRS 116B.605 .
3. As used in this section, “successor declarant” includes, without limitation, any successor declarant who does not control the association established by the initial declarant.