Verbatim from the public record. The law itself is a government work — always confirm the current version on the official source before you rely on it.
����� 1. If a unit is acquired by eminent domain
or part of a unit is acquired by eminent domain leaving the unit�s owner with a
remnant that may not practically or lawfully be used for any purpose permitted
by the declaration, the award must include compensation to the unit�s owner for
that unit and its allocated interests, whether or not any common elements are
acquired. Upon acquisition, unless the decree otherwise provides, that unit�s
allocated interests are automatically reallocated to the remaining units in
proportion to the respective allocated interests of those units before the
taking, and the association shall promptly prepare, execute and record an
amendment to the declaration reflecting the reallocations. Any remnant of a
unit remaining after part of a unit is taken under this subsection is
thereafter a common element.
����� 2. Except as otherwise provided in
subsection 1, if part of a unit is acquired by eminent domain, the award must
compensate the unit�s owner for the reduction in value of the unit and its
interest in the common elements, whether or not any common elements are
acquired. Upon acquisition, unless the decree otherwise provides:
����� (a) That unit�s allocated interests are reduced
in proportion to the reduction in the size of the unit, or on any other basis
specified in the declaration; and
����� (b) The portion of the allocated interests
divested from the partially acquired unit are automatically reallocated to that
unit and to the remaining units in proportion to the respective allocated
interests of those units before the taking, with the partially acquired unit
participating in the reallocation on the basis of its reduced allocated
interests.
����� 3. If part of the common elements is
acquired by eminent domain, the portion of the award attributable to the common
elements taken must be paid to the association. Unless the declaration provides
otherwise, any portion of the award attributable to the acquisition of a
limited common element must be equally divided among the owners of the units to
which that limited common element was allocated at the time of acquisition.
����� 4. The judicial decree must be recorded in
every county in which any portion of the common-interest community is located.
����� 5. The provisions of this section do not
authorize an association to exercise the power of eminent domain pursuant to chapter 37 of NRS, and an association may not
exercise the power of eminent domain, as provided in NRS 37.0097 .