Nevada Revised Statutes 116B.380 – Amendment of declaration
1. Provisions in an agreement to purchase a residential unit between a purchaser and a declarant which permit the declarant to amend or change the governing documents at any time before the close of escrow of a residential unit are enforceable.
Terms Used In Nevada Revised Statutes 116B.380
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- county: includes Carson City. See Nevada Revised Statutes 0.033
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Grantor: The person who establishes a trust and places property into it.
2. Following the period of a declarant’s control of the association, with regard to an amendment that does not in any way affect the hotel unit or the shared components, the declaration may be amended by a majority of the total voting power in the association. The declaration may specify a larger number of votes necessary to amend the declaration.
3. Following the period of declarant’s control of the association, with regard to an amendment that in any way affects the hotel unit or the shared components, such an amendment is not effective without the prior written consent of the declarant or the hotel unit owner and the vote of a majority of the total voting power in the association. The declaration may specify a larger number of votes necessary to amend the declaration.
4. No action to challenge the validity of an amendment adopted pursuant to this section may be brought more than 1 year after the amendment is recorded.
5. Every amendment to the declaration must be recorded in every county in which any portion of the condominium hotel is located and is effective only upon recordation. An amendment must be indexed in the grantee’s index in the name of the condominium hotel and the association and in the grantor‘s index in the name of the parties executing the amendment.