Statute 116b 470

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