Nev. Admin. Code § 116B.520 - Public offering statements and resale packages: Additional contents
In addition to the information required by NRS NRS 116B.735 and 116B.760, the public offering statement and resale package must also include, to the extent available:
1. Are you aware of all charges, expenses and assessments for which you will be responsible as a residential unit owner, both on a monthly and annual basis?
2. Do you specifically understand your obligations with respect to:
(1) shared expenses;
(2) reserve requirements for the major components of the shared components and the major components of the hotel unit; and
(3) the budget for the hotel unit and the association? Are you aware of the potential assessments or costs for which you may have to pay your proportionate share? Are you aware that the hotel unit owner has the power to place a lien on your unit and foreclose for unpaid shared expenses or other charges?
3. Do you understand the relations and interactions among you and the association, other residential unit owners, the hotel unit owner, hotel operator or management company? Are you aware that the majority of the condominium hotel may be owned or controlled by the hotel unit owner and that you will be subject to obligations and costs which will be determined by the operation and business goals of the condominium hotel, and that these obligations and costs may change in the future? Are you aware that the role of the association in the governance and operation of the condominium hotel may be extremely limited?
NRS 116B.785, 116B.805
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