Nevada § 116.31039 - Delivery to association of additional common elements constructed by declarant or successor declarant

§ 116.31039. Delivery to association of additional common elements constructed by declarant or successor declarant

1. If a common-interest community 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 successor declarant 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 116.31038 , 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 116.31152 . 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.