Nevada § 116B.735 - Public offering statement: General provisions

§ 116B.735. Public offering statement: General provisions

1. Except as otherwise provided in this chapter, a public offering statement must

set forth or fully and accurately disclose each of the following: (a) The name and principal address of the declarant, the hotel unit owner and of the

condominium hotel. (b) A general description of the condominium hotel, including to the extent possible,

the types, number and declarant's schedule of commencement and completion of construction

of buildings, and amenities that the declarant anticipates including in the condominium

hotel, including the shared components. (c) The estimated number of units in the condominium hotel. (d) Copies of this chapter, the declaration, bylaws, and any rules or regulations

of the association or hotel unit owner, but a plat is not required. (e) The financial information required by subsection 2. (f) The projected budget for the shared expenses, either within or as an exhibit to

the public offering statement. The budget must include, without limitation: (1) A statement of the amount included in the budget as reserves for repairs, replacement

and restoration pursuant to this chapter; (2) The projected monthly shared expenses for each type of unit, including the amount

established as reserves pursuant to this chapter; and (3) A description of any other payments, fees and charges that may be charged by the

hotel unit owner in order to offset the increased burden placed on the shared components

due to use of residential units as transient rentals. (g) After the date of the first conveyance of a residential unit to a purchaser, a

current year-to-date statement of the shared expenses charged to the units. (h) A description of any services or subsidies being provided by the declarant or

an affiliate of the declarant or the hotel unit owner not reflected in the budget

that the declarant provides, or expenses which the declarant pays and which the declarant

expects may become at any subsequent time a common expense of the association and

the projected common expense assessment attributable to each of those services or

expenses for the association and for each type of unit. (i) Any initial or special fee due from the purchaser at closing, including, without

limitation, any transfer fees, whether payable to the association, the community manager

of the association or any third party, together with a description of the purpose

and method of calculating the fee. (j) The terms and significant limitations of any warranties provided by the declarant,

including statutory warranties and limitations on the enforcement thereof or on damages. (k) A statement that the purchaser may cancel, by written notice, his or her contract

for purchase until midnight of the fifth calendar day following the date of execution

of the contract, and the contract must contain a provision to that effect. (l) A statement of any unsatisfied judgment or pending action against the association

or the hotel unit owner, and the status of any pending actions material to the condominium

hotel of which a declarant has actual knowledge. (m) Any current or expected fees or charges to be paid by residential unit owners

for the use of the shared components, the hotel unit or the common elements and other

facilities related to the condominium hotel. (n) The information statements required by this chapter. (o) Any restraints on alienation of any portion of the condominium hotel and any restrictions: (1) On the leasing or renting of units; and (2) On the amount for which a unit may be sold or on the amount that may be received

by a unit's owner on the sale or condemnation of or casualty loss to the unit or to

the condominium hotel, or on termination of the condominium hotel. 2. In addition to the information required pursuant to subsection 1, a statement of

the budget's assumptions concerning occupancy and inflation factors must be set forth

or fully and accurately disclosed. The statement of budget assumptions must include: (a) A statement of the amount included in the budget as a reserve for repairs, replacement

and restoration pursuant to NRS 116B.590 ; (b) A statement of any other reserves; (c) The projected common expense assessment by category of expenditures for the association;

and (d) The projected monthly common expense assessment for each type of unit, including

the amount established as reserves pursuant to NRS 116B.590 . 3. A declarant is not required to revise a public offering statement more than once

each calendar quarter, if the following warning is given prominence in the statement:

“THIS PUBLIC OFFERING STATEMENT IS CURRENT AS OF (insert a specified date). RECENT DEVELOPMENTS REGARDING (here refer to particular provisions of NRS 116B.735 and 116B.740 ) MAY NOT BE REFLECTED IN THIS STATEMENT.”