2020 Nevada Revised Statutes
Chapter 116B - Condominium Hotel Act
NRS 116B.455 - Delivery to association of property held or controlled by declarant; exceptions.
1. In addition to any applicable requirement set forth in this chapter, within 30 days after units’ owners other than the declarant may elect a majority of the members of the executive board, the declarant shall deliver to the association all property of the units’ owners and of the association held by or controlled by the declarant, including:
(a) The original or a certified copy of the recorded declaration as amended, the articles of incorporation, articles of association, articles of organization, certificate of registration, certificate of limited partnership, certificate of trust or other documents of organization for the association, the bylaws, minute books and other books and records of the association and any rules or regulations which may have been adopted.
(b) An accounting for money of the association and audited financial statements for each fiscal year and any ancillary period from the date of inception of the association to the date the period of the declarant’s control ends. The financial statements must fairly and accurately report the association’s financial position.
(c) If major components of the common elements exist within the condominium hotel, a complete study of the reserves of the association, conducted by a person who is registered to conduct such a study pursuant to chapter 116A of NRS. At the time the control of the declarant ends, the declarant shall:
(1) Except as otherwise provided in this paragraph, deliver to the association a reserve account that contains the declarant’s share of the amounts then due, and control of the account.
(2) Disclose, in writing, the amount by which the declarant has subsidized the association’s dues on a per unit basis.
(d) The association’s money or control thereof.
(e) All of the declarant’s tangible personal property that has been represented by the declarant as property of the association or, unless the declarant has disclosed in the public offering statement that all such personal property used in the condominium hotel will remain the declarant’s property, all of the declarant’s tangible personal property that is necessary for, and has been used exclusively in, the operation and enjoyment of the common elements, and inventories of these properties.
(f) A copy of any plans and specifications used in the construction of the common elements which were completed within 2 years before the declaration was recorded.
(g) All insurance policies then in force, in which the units’ owners, the association, or its directors and officers are named as insured persons.
(h) Copies of any certificates of occupancy that may have been issued with respect to any improvements comprising the common elements.
(i) Any renewable permits and approvals issued by governmental bodies applicable to the common elements or the operation of the association which are in force and any other permits and approvals so issued and applicable which are required by law to be kept on the premises of the condominium hotel.
(j) Written warranties of the contractor, subcontractors, suppliers and manufacturers that are still effective pertaining to the residential units or the common elements.
(k) A roster of owners and mortgagees of units and their addresses and telephone numbers, if known, as shown on the declarant’s records.
(l) Contracts of employment in which the association is a contracting party.
(m) Any contract for service in which the association is a contracting party or in which the association has any obligation to pay a fee to the persons performing services related to the common elements.
2. The declarant is not required to deliver to the association any property related to the hotel unit or the shared components.
(Added to NRS by 2007, 2219)
