Nevada Administrative Code (Last Updated: January 6, 2015)

NAC119A.225. Agreement by developer to subsidize costs.

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The developer, in lieu of paying the assessments on all unsold intervals, may enter an agreement with the association whereby he or she agrees to pay the difference between the total of the assessments paid by owners to the association and the actual operating costs, together with the budgeted reserves for repair and replacement. In addition to the agreement, the Division may require security in the form of a bond, letter of credit or other liquid asset to be placed in escrow.

(Added to NAC by Real Estate Div., eff. 12-3-84)

                    
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