1. NRS 116.4101 to 116.412, inclusive, apply to all units subject to this chapter, except as otherwise provided in subsection 2 or as modified or waived by agreement of purchasers of units in a common-interest community in which all units are restricted to nonresidential use.
2. Neither a public offering statement nor a certificate of resale need be prepared or delivered in the case of a:
(a) Gratuitous disposition of a unit;
(b) Disposition pursuant to court order;
(c) Disposition by a government or governmental agency;
(d) Disposition by foreclosure or deed in lieu of foreclosure;
(e) Disposition to a dealer;
(f) Disposition that may be cancelled at any time and for any reason by the purchaser without penalty;
(g) Disposition of a unit in a planned community which contains no more than 12 units if:
(1) The declarant reasonably believes in good faith that the maximum assessment stated in the declaration will be sufficient to pay the expenses of the planned community; and
(2) The declaration cannot be amended to increase the assessment during the period of the declarant’s control without the consent of all units’ owners; or
(h) Disposition of a unit restricted to nonresidential purposes.
(Added to NRS by 1991, 571; A 1993, 2373; 1997, 3122; 1999, 3012; 2011, 2453)
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