Nevada § 116B.745 - Public offering statement: Condominium hotel containing converted building

§ 116B.745. Public offering statement: Condominium hotel containing converted building

The public offering statement of a condominium hotel involving a converted building

must contain, in addition to the information required pursuant to NRS 116B.740 : 1. A statement by the declarant, based on a report prepared by an independent registered

architect or licensed professional engineer, describing the present condition of all

structural components and mechanical and electrical installations material to the

use and enjoyment of the building. 2. A list of any outstanding notices of uncured violations of applicable building

codes or other municipal regulations, in addition to the estimated cost of curing

such violations. 3. The budget to maintain the reserves required pursuant to subsection 2 of NRS 116B.590 and subsection 1 of NRS 116B.595 , which must include, without limitation: (a) The current estimated replacement cost, estimated remaining life and estimated

useful life of each major component of the shared components, each major component

of the hotel unit and major components of the common elements, if any. (b) As of the end of the fiscal year for which the budget was prepared, the current

estimate of the amount of cash reserves that are necessary to repair, replace and

restore the major components of the shared components, major components of the hotel

unit and major components of the common elements, if any, and the current amount of

accumulated cash reserves that are set aside for such repairs, replacements and restorations. (c) A statement as to whether the declarant has determined or anticipates that the

levy of one or more special shared expense charges or special assessments, as applicable,

will be required within the next 10 years to repair, replace and restore any major

component of the shared components, major component of the hotel unit or major component

of the common elements, if any, or to provide adequate reserves for that purpose. (d) A general statement describing the procedures used for the estimation and accumulation

of cash reserves described in paragraph (b), including, without limitation, the qualifications

of the person responsible for the preparation of the study of reserves required pursuant

to NRS 116B.605 and 116B.610 . (e) The funding plan that is designed to allocate the costs for the repair, replacement

and restoration of the major components of the shared components, major components

of the hotel unit and major components of the common elements, if any, over a period

of years.