Nevada § 116.4101 - Applicability; exceptions

§ 116.4101. Applicability; exceptions

1. NRS 116.4101 to 116.412 , inclusive, apply to all units subject to this chapter, except as otherwise provided

in subsection 2 or as modified or waived by agreement of purchasers of units in a

common-interest community in which all units are restricted to nonresidential use. 2. Neither a public offering statement nor a resale package described in NRS 116.4109 need be prepared or delivered in the case of a: (a) Gratuitous disposition of a unit; (b) Disposition pursuant to court order; (c) Disposition by a government or governmental agency; (d) Disposition by foreclosure or deed in lieu of foreclosure; (e) Disposition to a dealer; (f) Disposition that may be cancelled at any time and for any reason by the purchaser

without penalty; (g) Disposition of a unit in a planned community which contains no more than 12 units

if: (1) The declarant reasonably believes in good faith that the maximum assessment stated

in the declaration will be sufficient to pay the expenses of the planned community;

and (2) The declaration cannot be amended to increase the assessment during the period

of the declarant's control without the consent of all units' owners; or (h) Disposition of a unit restricted to nonresidential purposes.