Statute 116b 465

1. At the time of each close of escrow of a unit in a converted building, the declarant shall deliver to the hotel unit owner the amount of the converted shared component reserve deficit allocated to that unit. 2. The allocation to a unit of the amount of any converted shared component reserve deficit must be made in the same manner as liability for shared expenses is allocated to that unit. 3. As used in this section, 'converted shared component reserve deficit' means the amount necessary to replace the major components of the shared components needing replacement within 10 years after the date of the first sale of a unit. (Added to NRS by 2007, 2221)