The owner of a project may, prior to the conveyance of any condominium therein, record a declaration of restrictions relating to such project, which restrictions shall be enforceable equitable servitudes where reasonable. Such servitudes, unless otherwise provided, may be enforced, by any owner of a condominium in the project, and may provide, among other things:
1. For the management of the project by one or more of the following management bodies:
(a) The condominium owners;
(b) A board of governors elected by the owners; or
(c) A management agent elected by the owners or the board or named in the declaration.
2. For voting majorities, quorums, notices, meeting dates and other rules governing such body or bodies.
3. As to any such management body:
(a) For the powers thereof, including power to enforce the provisions of the declaration of restrictions;
(b) For maintenance by it of fire, casualty, liability, workers’ compensation and other insurance insuring condominium owners, and for bonding of the members of any management body;
(c) For provision by it of and payment by it for maintenance, utility, gardening and other services benefiting the common areas, for employment of personnel necessary for operation of the building, and legal and accounting services;
(d) For purchase by it of materials, supplies and the like and for maintenance and repair of the common areas;
(e) For payment by it of taxes which would be a lien upon the entire project or common areas, and for discharge by it of any lien or encumbrance levied against the entire project or common areas;
(f) For payment by it for reconstruction of any portion or portions of the project damaged or destroyed;
(g) For delegation by it of its powers;
(h) For entry by it or its agents into any unit when necessary in connection with maintenance or construction for which such body is responsible; and
(i) For the power of the management body to sell the entire project for the benefit of all of the owners thereof when partition of the project may be had under NRS 117.050, which power shall be binding upon all of the owners, whether they assume the obligations of the restrictions or not.
4. For amendments of such restrictions, which amendments, if reasonable and made upon vote or consent of a majority in interest of the owners in the project given after reasonable notice, shall be binding upon every owner and every condominium subject thereto, whether the burdens thereon are increased or decreased thereby, and whether the owner of each and every condominium consents thereto or not.
5. For independent audit of the accounts of any management body.
6. For reasonable assessments to meet authorized expenditures of any management body, and for a reasonable method for notice and levy thereof, each condominium to be assessed separately for its share of such expense in proportion (unless otherwise provided) to its owner’s fractional interest in any common areas, and for the subordination of the liens securing such assessments to other liens either generally or specifically described.
7. For the conditions upon which partition may be had of the project pursuant to NRS 117.050. Such right to partition may be conditioned upon failure of the condominium owners to elect to rebuild within a certain period, specified inadequacy of insurance proceeds, specified damage to the building, a decision of an arbitrator, or upon any other reasonable condition.
8. For restrictions upon the severability of the component interests in real property which comprise a condominium. No such restrictions shall extend beyond the period in which the right to partition a project is suspended under NRS 117.050.
(Added to NRS by 1963, 128)