Nevada § 116B.255 - Eminent domain

§ 116B.255. Eminent domain

1. If a unit is acquired by eminent domain or part of a unit is acquired by eminent

domain leaving the unit's owner with a remnant that may not practically or lawfully

be used for any purpose permitted by the declaration, the award must include compensation

to the unit's owner for that unit and its allocated interests, whether or not any

common elements are acquired. Upon acquisition, unless the decree otherwise provides, that unit's allocated interests

are automatically reallocated to the remaining units in proportion to the respective

allocated interests of those units before the taking, and the association shall promptly

prepare, execute and record an amendment to the declaration reflecting the reallocations. 2. Except as otherwise provided in subsection 1, if part of a hotel unit is acquired

by eminent domain, the award must compensate the hotel unit owner for the reduction

in value of the hotel unit and its interest in the common elements, whether or not

any common elements are acquired. If part of a residential unit is acquired by eminent domain, the award must compensate

the residential unit owner for the reduction in value of the residential unit and

its interest in the common elements, whether or not any common elements are acquired. Upon acquisition, unless the decree otherwise provides: (a) That unit's allocated interests are reduced in proportion to the reduction in

the size of the unit, or on any other basis specified in the declaration; and (b) The portion of the allocated interests divested from the partially acquired unit

are automatically reallocated to that unit and to the remaining units in proportion

to the respective allocated interests of those units before the taking, with the partially

acquired unit participating in the reallocation on the basis of its reduced allocated

interests. 3. If part of the common elements is acquired by eminent domain, the portion of the

award attributable to the common elements taken must be paid to the association. Unless the declaration provides otherwise, any portion of the award attributable

to the acquisition of a limited common element must be equally divided among the owners

of the units to which that limited common element was allocated at the time of acquisition. 4. If part of the shared components or hotel unit is acquired by eminent domain, the

portion of the award attributable to the shared components or hotel unit taken must

be paid to the owner of the hotel unit or the shared components. 5. The judicial decree must be recorded in every county in which any portion of the

condominium hotel is located.