NEVADA PUBLIC OFFERING STATEMENT FOR VEER TOWERS

CURRENT AS OF JANUARY 23, 2013

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TABLE OF CONTENTS 1. The Seller. ................................................................................................................................ 1 2. The Condominium ................................................................................................................... 1 3. Scope of Ownership................................................................................................................. 2 4. Planned Development .............................................................................................................. 2 5. Governing Documents ............................................................................................................. 2 6. Purchase and Sale Agreement ................................................................................................. 3 7. Easements ................................................................................................................................ 3 7.1 Central Plant Agreement .................................................................................................. 3 7.2 Parking and Property Easement Agreements ................................................................... 4 7.3 Other Agreements ............................................................................................................ 4 8. Fees and Assessments .............................................................................................................. 4 8.1 Initial Fees ........................................................................................................................ 4 8.2 Annual Assessment .......................................................................................................... 4 8.3 Assessment Amounts ....................................................................................................... 5 8.4 Statement of Estimated Fees ............................................................................................ 5 9. Services/Subsidies of Declarant .............................................................................................. 5 10. Warranties ............................................................................................................................ 5 11. Developmental Rights .......................................................................................................... 7 11.1 Maximum Number of Units ......................................................................................... 7 11.2 No Representation ........................................................................................................ 7 11.3 No Assurances of Compatibility................................................................................... 7 11.4 No Assurances Regarding Improvements .................................................................... 7 11.5 No Assurances Regarding Location of Any Building or Other Improvements ........... 7 11.6 No Assurances Regarding Limited Common Elements ............................................... 7 11.7 No Assurances of Proportion of Limited Common Elements ..................................... 7 11.8 No Assurances of Application of Restrictions ............................................................. 7 11.9 Non-Application of Assurances.................................................................................... 8 12. Leasing Restrictions ............................................................................................................. 8 13. Cancellation Right ............................................................................................................... 8 14. Unsatisfied Judgments or Pending Suits .............................................................................. 8 15. Schools ................................................................................................................................. 8 16. Airports ................................................................................................................................ 8 17. Areas Surrounding the Condominium ................................................................................. 8 18. Utilities................................................................................................................................. 9 19. Models.................................................................................................................................. 9 20. Supplemental Taxes ............................................................................................................. 9 21. Authority of Brokers or Sales People .................................................................................. 9 21. No Offer ............................................................................................................................. 10 23. Further Information Regarding Common-Interest Communities ...................................... 10 24. Residential Disclosure Guide ............................................................................................. 10

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EXHIBITS Exhibit A - Declaration of Covenants, Conditions and Restrictions Exhibit B - Rules and Regulations Exhibit C - Articles of Incorporation Exhibit D - Bylaws Exhibit E - Current Budget Exhibit F - Current Balance Sheet Exhibit G - Central Plant Agreement Exhibit H - Parking and Access Easement Agreement Exhibit I - Support and Encroachment Easement Agreement Exhibit J - Declaration of Life Safety Systems Easements Exhibit K - Did You Know? Exhibit L - Certain NRS Statutes

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NEVADA PUBLIC OFFERING STATEMENT FOR VEER TOWERS CITYCENTER PROJECT LAS VEGAS, NEVADA 1. The Seller. The Seller of certain residential units (the Units) in the Veer Towers condominium project (the Condominium) is LVT Owner LLC, a Delaware limited liability company, whose address is 345 Park Avenue, 8th Floor, New York, NY 10154 Attn: Robert Perleman (the Seller). Seller hereby notifies each prospective purchaser of a Unit (each, a Buyer), and each Buyer acknowledges, that the Unit that Buyer seeks to purchase was previously purchased by Seller from the original developer of the Condominium, an entity called CityCenter Veer Towers Development, LLC, a Nevada limited liability company (the "Declarant"). Moreover, Seller did not construct or cause the construction of the Condominium, the Unit, or the Project. Additionally, Seller has assumed from Declarant only rights to market and sell Units, and maintain sales offices and models. Accordingly, Seller discloses to Buyer and Buyer acknowledges that: (a) the Unit has been previously disposed of within the meaning of Nevada Revised Statutes (NRS) 116.035; (b) the Unit has previously been offered to the public by Declarant, within the meaning of NRS 116.4102; and (c) pursuant to NRS 116.31043, Seller generally does not assume, and is not subject to, the obligations or liabilities of a declarant under Nevada law. To the fullest extent permitted by law, Seller disclaims any such liability, and further disclaims, to the fullest extent permitted by law, any obligation to provide disclosures required of a declarant under Nevada law, or that are required in connection with the initial sale of residential property in Nevada. Notwithstanding the foregoing, Seller hereby provides to the above-named Buyer(s) the following information with respect to the Condominium and Unit. 2. The Condominium. The Condominium is located on or in the Condominium Property, as defined in the Declaration of Covenants, Conditions and Restrictions for Veer Towers, which was recorded in the Official Records of Clark County, Nevada (the Official Records) on May 3, 2010, in Book 20100503, Instrument No. 0002036 (the Declaration). The Declaration is attached as Exhibit A. The Condominium and the Condominium Property are located in the Buildings (as defined below) which are part of a large mixed-use development project known as CityCenter (the Project). The uses reflected within the Project may include, without limitation, residential condominium, condominium/hotel, timeshare, hotel/casino, commercial, office, retail, dining and entertainment and entertainment. The Condominium Property is located at 3722 and 3726 Las Vegas Boulevard South in Clark County, Nevada. The Condominium consists of approximately four hundred and twenty-seven (427) Units situated in two buildings (the Buildings), each improved with a thirty-two (32) story tower designated as the East Tower and the West Tower (the floor numbering system in each tower skips numbers 4 and 13). The Condominium is located adjacent to and above a commercial structure (the Commercial Structure), portions of which are used for commercial and/or retail purposes in accordance with applicable land use approvals and ordinances. The Commercial Structure is not a part of the Condominium. There are approximately four (4) types of Units, ranging from studio units to three (3) bedroom units. Certain of the Units have been previously rented or occupied, and certain of the Units have never been rented or occupied.
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The Units are being sold by Seller in an as is, where is and with all faults condition based on the prior inspection of the Unit (or opportunity to inspect) by Buyer. Notwithstanding the as is, where is and with all faults nature of the sale of Units, on a case-by-case basis Seller may agree in writing to effectuate specified punch list touch up, finish, or repair work with respect to a particular Unit. In such case, Seller will agree to perform only such additional work as specified in the punch list agreement or similar agreement, in accordance with the terms thereof. However, Seller shall be responsible only for the performance of such punch list or other work as specified in writing, and undertakes no obligation with respect to the condition of the Unit generally, and makes no representation or warranty, express or implied, as to the condition or nature of, or the manner or quality of construction of, any Unit or any materials incorporated therein. The common elements pertaining to the Condominium include, but are not limited to, pools and patios, fitness centers, certain structural elements and elevator shafts extending from the initial floor of the Buildings to the top floor of each tower of the Condominium Property (the Common Elements), all as depicted on the final map for the Condominium, recorded in the Official Records in Book 142 of Plats, Page 42 (the Map). Maintenance for the common elements is provided by the Veer Towers Unit Owners Association (the Association). 3. Scope of Ownership. Upon purchasing a Unit within the Condominium from Seller, each Buyer will acquire a fee estate in the Unit, as described in the Declaration, including without limitation Section 1.78 thereof, as well as on the Map (as defined in the Declaration). Moreover, each Buyer will acquire an undivided interest in the Common Elements relating to the Condominium and an interest in any limited common elements assigned to the Unit being purchased, as further described in the Declaration, including without limitation, Section 2.4 thereof. In interpreting deeds, the Declaration, or the Map, the existing physical boundaries of a Unit, shall be conclusively presumed to be its boundaries, regardless of minor variances between boundaries shown on the Map or defined in the deed or the Declaration and the actual physical boundaries of a Unit as constructed. Generally, the right to use the Common Element amenities situated in the East Tower (as defined in the Declaration) will be limited to Owners (as defined in the Declaration) of Units situated in the East Tower, and the right to use Common Element amenities situated in the West Tower (as defined in the Declaration) will be limited to Owners of Units situated in the West Tower, subject to the terms of the Declaration. 4. Planned Development. By purchasing a Unit within the Condominium, each Owner becomes a member of the Association, and as such is subject to the Declaration and the Rules and Regulations as contained in the most recent available Community Handbook for Veer Towers (the Rules and Regulations) attached hereto as Exhibit B, and other Governing Documents (as defined in the Declaration) of the Association. Please be advised that the contact information and certain other details pertaining to the operation of the Association, as referenced in the Rules and Regulations, is subject to change from time to time. The use of the Condominium Property is subject to the restrictions contained in the Governing Documents and the Easements (as defined below). As indicated in the Governing Documents, the Association will have lien rights against any Owners Unit for any unpaid assessments. 5. Governing Documents. A copy of the Associations Articles of Incorporation is
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attached as Exhibit C, the Bylaws of the Association are attached hereto as Exhibit D, and the current Operating Budget including Reserves for the Association (the Budget) is attached hereto as Exhibit E. A current balance sheet for the Association is attached hereto as Exhibit F. 6. Purchase and Sale Agreement. If a Buyer elects to purchase a specific Unit, a purchase and sale agreement (Purchase Agreement) will be prepared and an escrow will be opened. The purchase price and other terms of the purchase will depend upon the location of the Unit, its features, current market conditions, and other factors. It is anticipated that each Unit will be conveyed by grant, bargain, and sale deed, subject to the limitations set forth therein and as noted in the Purchase Agreement. Allocation of costs and fees will be as set forth in the Purchase Agreement. It is anticipated that title to each Unit will be subject to: (a) the Declaration; (b) the Easements; (c) applicable zoning, building code, and other land use laws; (d) easements and encumbrances and other matters of record; (e) taxes not yet due and payable; (f) any state of facts which an accurate survey would not disclose; (g) any matters shown on the Map; and (h) any other matters as reflected in the Purchase Agreement. Moreover, use and enjoyment of Common Elements will be subject to the Governing Documents and the rights of other Owners. 7. Easements. Declarant has entered into and/or has recorded one or more agreements or declarations (collectively, the Easements) which establish rights and responsibilities among the various owners of property within the Project including the Association and the Owners. The Easements establish rights and obligations with respect to, among other things, structural support, vehicular and pedestrian ingress and egress, emergency access, parking, access to and use of ancillary support services such as loading dock and trash removal, life safety systems, landscaping, maintenance and the Systems (as defined in the Declaration). Such rights and responsibilities will include the right of the party providing such services or granting such easements or access to assess the Association, Owners and others for the costs thereof, which costs may include, but will not necessarily be limited to, the cost of providing such services, maintenance, upkeep, reserves for replacement or repair, as well as related taxes and insurance with respect thereto. Failure to pay such assessments may subject the Unit to a lien as set forth in the Easements. Without limitation, the Project or Condominium contains easements which have been granted to Clark County, Nevada (the County), utility providers, or other parties. Certain known easements of this sort as of the date of recordation of the Map are referenced on the Map. The Budget includes an estimate of the anticipated assessments which will result from the Easements. It is anticipated that the Easements will include, but will not necessarily be limited to, the following: 7.1 Central Plant Agreement. A Central Plant Agreement as well as that certain Declaration of Central Plant Easements, as amended, a recorded copy of which is attached hereto as Exhibit G, which governs the respective rights and obligations of certain property owners in the Project, including the Association, with respect to the provision of services from the central plant to the Condominium and various parts of the Project and the payment of certain fees and costs associated with the central plant, including, without limitation, costs related to the provision of services, maintenance, repair, reserves for replacement, taxes and insurance. The services to be provided by the central plant currently include heating of water for domestic uses, chilled water for air cooling purposes and fire alarm and monitoring services. The water itself
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will be provided by the Las Vegas Valley Water District (each owner will be obligated to pay its pro rata share of costs associated with the central plant, an estimate of which is included in the Budget for the Association); 7.2 Parking and Property Easement Agreements. One or more easement agreements, declarations of easements, covenants and restrictions, license agreements and other agreements by or between Declarant and/or its Affiliates and the owners of property located within the Project, including, but not limited to, that certain Parking and Access Easement Agreement, a recorded copy of which is attached hereto as Exhibit H, that certain Declaration of Support and Encroachment Easements, as amended, a recorded copy of which is attached hereto as Exhibit I and that certain Declaration of Life Safety Systems Easements, a recorded copy of which is attached hereto as Exhibit J, which, among other things, governs the rights and obligations of owners of property within the Project, including the Owners, with respect to the following: (a) easements for support, parking, vehicular and pedestrian ingress and egress; (b) access to and use of the loading dock servicing the Commercial Structure and/or the Buildings; (c) any other matters pertaining to the use, repair, maintenance and improvement of certain components and improvements within the Project, including, but not limited to, roadways, parking areas and other areas of the Project; (d) limitations and restrictions on Units Owners' use of the Resort Property and other improvements on the Project; and (e) the payment of costs associated with the foregoing, including, without limitation, costs related to maintenance, repair, reserves for replacement, taxes and insurance (each Owner will be obligated to pay its pro rata share of such costs, an estimate of which is included in the Budget for the Association; and 7.3 Other Agreements. Such other easements, covenants, restrictions, declarations, rights of way or use agreements as Declarant has deemed necessary or advisable to develop the Condominium and the Commercial Structure and as necessary or advisable to develop the Project. 8. Fees and Assessments. 8.1 Initial Fees. Each Buyer shall pay a Sellers fee equal to three (3) months' regular monthly Association assessments for the Unit at Closing (as defined in the Purchase Agreement) to Seller. This fee shall be determined at the time of Closing, will not be credited against regular assessments or any other costs or expenses which the Buyer may incur, and may be used for any purpose as Declarant determines in its sole discretion. In addition to the foregoing, each Buyer shall be required to make a deposit in the amount of one percent (1.0%) of the purchase price of the Unit (the "LEED Deposit") in consideration of the partial property tax abatement and other benefits that may be enjoyed by the Buyer as a result of the Condominium having obtained Leadership in Energy and Environmental Design Certification ("LEED Certification") from the U.S . Green Building Council. The LEED Deposit will likewise be retained by Seller and may be used for any purpose as Declarant determines in its sole discretion. 8.2 Annual Assessment. Each Owner is responsible for paying an annual assessment for ownership in the Condominium. The assessment will is determined on an annual basis as set forth in the Declaration. The assessment will be paid in installments at such frequency as established by the board of directors of the Association (the "Board"). The monthly assessment for each Unit will vary according to the type of unit. Typically, larger Units will be assessed more than Units which are smaller. The current monthly assessment for each Unit type is set forth in the Budget. All estimated assessments are subject to change.
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8.3 Assessment Amounts. The annual assessment amounts set forth in the Budget are current estimates for the fiscal year of the Association and are subject to change. As indicated above, the annual assessments will include an estimate of the assessment related to the Easements. 8.4 Statement of Estimated Fees. A summary of certain fees that may be charged by the Association is included as Exhibit A to the Rules and Regulations. 9. Services/Subsidies of Declarant. It is anticipated that Declarant may have paid or may yet pay for certain expenses, to the extent deemed necessary by Declarant in its sole discretion in connection with the operation of the Association, as set forth in the Budget. It is expected that these estimated expenses, to the extent paid by Declarant, together with additional personnel and service expenses as determined by the Board, will eventually become expenses of the Association. DECLARANT IS IN NO WAY OBLIGATED TO PAY FOR ANY EXPENSES OF THE ASSOCIATION, OR CONTINUE TO DO SO, AND MAY CHOOSE NOT TO DO SO AT ANY TIME. SELLER IS NOT A DECLARANT, IS NOT AFFILIATED WITH DECLARANT, DOES NOT CONTROL DECLARANT, AND CANNOT DETERMINE OR STATE WHETHER DECLARANT WILL CONTINUE TO MAKE ANY SUCH EXPENDITURE. SELLER SHALL UNDER NO CIRCUMSTANCES BE RESPONSIBLE FOR THE PAYMENT OF ANY EXPENSES ON BEHALF OF ASSOCIATION OR THE BUDGET, OR FOR THE FAILURE OR REFUSAL OF DECLARANT TO MAKE ANY SUCH EXPENDITURES. 10. Warranties. Notwithstanding any other provision contained in this Nevada Public Offering Statement, all express warranties and all implied warranties are disclaimed and excluded by Seller to the maximum extent permitted by law. No promises, warranties, representations or commitments will be binding on Seller other than those reduced to writing and included in the Purchase Agreement and/or this Nevada Public Offering Statement and delivered at Closing. All implied warranties (including, without limitation, any implied warranty of merchantability, fitness for a particular purpose, habitability and workmanship) are hereby disclaimed and excluded by Seller. As to any implied warranty which cannot be disclaimed entirely, all secondary, incidental and consequential damages are specifically excluded and disclaimed. NRS 116.4113 provides generally that express warranties made by any seller to a purchaser of a unit, if relied upon by the purchaser, may be created as follows: (a) Any affirmation of fact or promise that relates to the unit, its use or rights appurtenant thereto, improvements to the common-interest community that would directly benefit the unit or the right to use or have the benefit of facilities not located in the common interest community creates an express warranty that the unit and related rights and uses will conform to the affirmation or promise. (b) Any model or description of the physical characteristics of the common interest community, including plans and specifications of or for improvements, creates an express warranty that the common-interest community will reasonably conform to the model or description. (c)
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Any description of the quantity or extent of the real estate comprising the
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common-interest community, including plats or surveys, creates an express warranty that the common-interest community will conform to the description, subject to customary tolerances. (d) A provision that a purchaser may put a unit only to a specified use is an express warranty that the specified use is lawful. SELLER AND EACH OWNER, BY VIRTUE OF TAKING TITLE TO A UNIT, HEREBY AGREE THAT THE WARRANTIES PROVIDED FOR BY NRS 116.4113 SHALL NOT APPLY TO THE CONDOMINIUM OR TO ANY UNIT CREATED THEREIN AND SELLER EXPRESSLY DISCLAIMS ALL OF THE ABOVE REFERENCED WARRANTIES SET FORTH IN NRS 116.4113. WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, EACH BUYER ACKNOWLEGES THAT THE UNIT IS BEING PURCHASED SOLELY AS IS, WHERE IS AND WITH ALL FAULTS, THAT THE UNIT IS EXISTING AND IS SUBJECT TO INSPECTION BY THE BUYER (OR THE BUYER SHALL HAVE HAD THE OPPORTUNITY TO INSPECT AND SHALL HAVE ELECTED NOT TO DO SO. MOREOVER, OWNER INCORPORATES BY REFERENCE THE PROVISIONS OF SECTIONS 2 AND 19. Pursuant to NRS 116.4114, a declarant or dealer warrants, unless otherwise excluded or modified by agreement, to each purchaser: (i) That if constructed before the Purchase Agreement is executed, that the unit will be in at least as good condition upon conveyance to the purchaser as it was on the date the Purchase Agreement was executed (reasonable wear and tear excepted); (ii) That the units and common elements are suitable for their ordinary intended use;

(iii) That, as of the close of escrow, all improvements made by such declarant or dealer will be free from defective materials, constructed in accordance with applicable law, sound standards of engineering and construction and in a workmanlike manner; and (iv) The use of the Condominium as a residential community does not violate any applicable laws. SELLER HEREBY DISCLAIMS, TO THE FULLEST EXTENT PERMITTED BY LAW, ALL LIABILITY ARISING UNDER NRS 116.4115, INCLUDING WITHOUT LIMITATION, ANY AND ALL LIABILITY PERTAINING TO ANY AND ALL DEFECTIVE MATERIALS AND CONSTRUCTION DEFECTS WITH RESPECT TO THE UNIT, CONDOMINIUM, OR PROJECT. SELLER HEREBY NOTIFIES BUYER, AND BUYER ACKNOWLEGES, THAT THE UNIT TO BE PURCHASED AS PART OF THE PURCHASE AGREEMENT WAS PREVIOUSLY PURCHASED BY SELLER FROM THE DECLARANT AND SELLER AND DID NOT CONSTRUCT THE UNIT, CONDOMINIUM, OR PROJECT. AS SUCH, SELLER AND BUYER AND ACKNOWLEDGE THAT AS A RESULT SELLER IS NOT OBLIGATED FOR ANY WARRANTIES WITH RESPECT TO CONSTRUCTION OF THE UNIT, THE CONDOMINIUM, OR THE PROJECT, ARISING UNDER NRS 116.4114.
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11. Developmental Rights. The Condominium is or may be subject to certain developmental rights in favor of Declarant as set forth in the Declaration. With the exception of the right to maintain models, sales offices, or sales, Seller holds no developmental rights, and as a result, pursuant to NRS 116.31043, Seller is not liable for any liability or obligation of Declarant or of a declarant. Seller has no control over or knowledge as to whether Declarant yet holds or will hold any valid developmental rights or intends to exercise the same. If and to the extent Declarant holds and elects to exercise any developmental rights: 11.1 Maximum Number of Units. The maximum total number of units within the Condominium will be nine hundred ninety-nine (999) residential condominium units. However, there is made no warranty or representation that any or all nine hundred ninety-nine (999) units will be built. 11.2 No Representation. No representation or assurance is made regarding the use or uses of additional units, if any. 11.3 No Assurances of Compatibility. There are no assurances made that any buildings or other improvements that may be erected pursuant to any developmental right in any part of the Condominium, if any, will be compatible with existing buildings and improvements in the Condominium in terms of architectural style, quality of construction and size. 11.4 No Assurances Regarding Improvements. There are no assurances made regarding the general descriptions of all other improvements that may be made and limited common elements that may be created within any part of the Condominium pursuant to any developmental right reserved by Declarant, if any. 11.5 No Assurances Regarding Location of Any Building or Other Improvements. There are no assurances made as to the location of any building or other improvement that may be constructed or made within any part of the Condominium, if any, pursuant to any developmental right. 11.6 No Assurances Regarding Limited Common Elements. There are no assurances made that any limited common elements created pursuant to any developmental right reserved by Declarant, if any, will be of the same general types and sizes as the limited common elements, if any, within other parts of the Condominium. 11.7 No Assurances of Proportion of Limited Common Elements. There are no assurances made that the proportion of limited common elements to Units created pursuant to any developmental right reserved by Declarant, if any, will be approximately equal to the proportion existing within other parts of the Condominium. 11.8 No Assurances of Application of Restrictions. There are no assurances made that all restrictions in the Declaration affecting the use, occupancy and alienation of the Units will apply to any units created pursuant to any developmental right reserved by Declarant, if any.

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11.9 Non-Application of Assurances. In the event Declarant does not elect to exercise any developmental right reserved by Declarant, any assurance made in this Section 11 shall not apply. 12 Leasing Restrictions. Buyer is advised that Section 9. 18 of the Declaration provides that Owners may lease their Units no more than twice per calendar year for a minimum lease term of six (6) months. 13 Cancellation Right. Pursuant to NRS 116.4108, unless the Buyer or an agent of the Buyer has personally inspected the Unit to be purchased, Buyer may cancel the Purchase Agreement upon written notice to Seller by midnight of the fifth (5th) calendar day following the date of execution of the Purchase Agreement. In the event the Buyer or an agent of the Buyer has personally inspected the Unit prior to the execution of the Purchase Agreement, Buyer shall not be entitled to cancel the Purchase Agreement as set forth in the preceding sentence. 14 Unsatisfied Judgments or Pending Suits. Seller has no actual knowledge of any unsatisfied judgments or pending suits against the Association. There is no litigation affecting Seller that in the best estimation of the Seller could have a material adverse effect on the Condominium. Mechanics' liens and legal actions relating thereto from various contractors and/or materialmen have been filed against the Project. However, no closings will occur with respect to Units in the Condominium subject to such liens unless the owner's title insurance policy issued in conjunction with the sale and conveyance provides coverage for mechanics' liens. Seller believes that none of these liens, claims or actions will have any material adverse effect on Seller or the Condominium. 15 Schools. Neither Seller nor Declarant has any control over which public school children residing in the Condominium shall attend. Such determination is made by the Attendance Zone Advisory Commission of Clark County School District and may be changed at any time without prior notification. Further information regarding schools may be obtained from the Clark County School District, Demographics, Zoning & GIS Department, at (702) 799-6430, or write to 4212 Eucalyptus Annex, Las Vegas, Nevada 89121. 16 Airports. Seller discloses and Buyer acknowledges and understands that the Project is located near McCarran International Airport and may be in or near the path of airport travel. Buyer acknowledges and understands that Buyer may hear sound within his or her Unit generated by aircraft. 17 Areas Surrounding the Condominium. Seller makes no representations or warranties with respect to the property surrounding the Condominium and the uses to which such property is being used or may be used in the future and any interference which such uses may present to the views and/or other uses of the Condominium. The Condominium is located in an area of Clark County, Nevada that is and will continue to be subject to major development and re-development efforts, including condominiums. Certain portions of land (the "Neighboring Developments") outside, abutting and/or near the Condominium and the Project have not yet been developed or may be subject to re-development. There is no representation as to the nature, use or architecture of any future development or improvements on Neighboring Developments.
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Such use, development and/or construction on Neighboring Developments including within the Project may result in noise, dust, view and light impairment or other "nuisance." 18 Utilities. Certain utility services, including, but not limited to, electricity, water, sewer, trash removal, cable and/or satellite television, heating and/or cooling systems, telephone and monitoring systems, may be provided to the Owners in the Condominium through the Association or through third parties pursuant to one or more of the Easements or other agreements and purchaser acknowledges and agrees that some or all of such utility services may or may not be separately metered to the Unit. 19 Models. Seller has reserved the right to create and maintain - but need not create and maintain - model unit(s) within the Condominium for its sales and marketing purposes (the "Models"). The Models reflect typical exterior elevations, floor plans, workmanship, and methods of construction, and also illustrate possibilities and conceptual ideas for future interior decoration and exterior landscaping and hardscape items. Any specific Unit, however, is being sold strictly as is, where is and with all faults (subject only to possible punch list or other refurbishing work as described in Section 2) and thus will not necessarily conform with any Model. The architectural treatments, floor plans and colors shown on any plans on display at the office of the Seller, may be different that those displayed in any Model. Additionally, window locations, window types, roof lines, architectural projections and other similar features vary by building and location, and not all of such features displayed in any Models may be included in any particular Units. The Models will also have been professionally decorated to show various dcor items. Decoration items such as furnishings, draperies and other window treatments, any window tinting, wallpaper, custom carpet, coordinated paint, built-in shelves, beams, certain lighting fixtures, special ceiling treatments and some mirrors are for display purposes only, and are not included in the base purchase price for any Unit. A Buyer may not rely on the location of electrical, cable and telephone outlets, water and gas outlets, floor drains, light switches, and other similar improvements contained in any Models because they may not be in the same location in a Unit or indeed may not be included in a Unit. Floor plans and elevations shown in the Models may differ from any particular Unit. Room dimensions and layouts in the Models may differ from that of any particular Unit. All options and upgrades placed in any Model, including decorator items, are not included in the purchase price for a Unit unless expressly agreed to in writing by Seller in conjunction with the Purchase Agreement. 20 Supplemental Taxes. The Clark County Assessor has the authority to re-assess any Unit when all of the conditions of the Purchase Agreement are met and title to the Unit is officially transferred to the Buyer (the "Close of Escrow"). Upon the Close of Escrow, the Clark County Assessor will then issue a Supplemental Tax Bill to Buyer for the tax difference resulting from that re-assessment. Seller has no control over the valuation of the assessment, nor the timing or the amount of any supplemental tax bill resulting from the re-assessment and Seller accepts no responsibility for adjusted taxes. 21 Authority of Brokers or Sales People. Any information, data or representation referred to in this Public Offering Statement and not contained in the various exhibits and documents must not be relied upon. No real estate broker, sales representative, employee or agent has the authority to make any representation to any Buyer which contradicts the foregoing matters and no person has been authorized by the Seller to make any representations which are
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not expressly contained herein. Buyer understands that no broker, sales representative, employee, or agent has authority to modify the terms of this document or the Purchase Agreement for the Unit. Buyer acknowledges that no such representations or offers to modify the terms of this Public Offering Statement or the Purchase Agreement shall be binding on Seller whether verbally or in writing have been made upon which Buyer has relied in the purchase of the Unit. 22 No Offer. Seller, in its sole and absolute discretion, may accept or reject any offer to purchase a Unit. This Public Offering Statement is not, and shall not be construed to be, an offer by Seller or any other person for the sale of a Unit. 23 Further Information Regarding Common-Interest Communities. An information statement regarding the purchase of property in a common-interest community is attached as Exhibit K to this Nevada Public Offering Statement. Subject to the disclaimers listed in Section 1, this information is being provided to Buyer pursuant to NRS 116.4103 and 116.41095 and should be carefully reviewed and fully understood prior to the purchase of a Unit. Subject to the disclaimers listed in Section 1, a copy of NRS 11.202 through 11 206 and NRS 40.600 through 40.695 is provided to Buyer as Exhibit L pursuant to NRS Chapter 113. 24 Residential Disclosure Guide. Subject to the disclaimers listed in Section 1, a copy of the Residential Disclosure Guide produced by the Nevada Real Estate Division is being provided with this Nevada Public Offering Statement and is attached hereto as Exhibit M. THIS NEVADA PUBLIC OFFERING STATEMENT IS CURRENT AS OF THE DATE ON THE COVER OF THIS NEVADA PUBLIC OFFERING STATEMENT. RECENT DEVELOPMENTS REGARDING (i) THE GENERAL DESCRIPTION OF THE CONDOMINIUM, OR (ii) PENDING SUITS AGAINST THE ASSOCIATION MAY NOT BE REFLECTED IN THIS STATEMENT, AS SELLER IS ONLY REQUIRED TO REVISE THIS PUBLIC OFFERING STATEMENT ONCE EACH CALENDAR QUARTER PURSUANT TO NRS 116.4103(2). SELLER RESERVES THE RIGHT TO CHANGE THE TERMS OF THIS PUBLIC OFFERING STATEMENT TO THE EXTENT AND IN THE MANNER PERMITTED BY LAW. THIS PUBLIC OFFERING MAY NOT BE CHANGED OR MODIFIED ORALLY. THE STATEMENTS SET FORTH IN THIS NEVADA PUBLIC OFFERING STATEMENT ARE ONLY SUMMARY IN NATURE. A BUYER SHOULD REFER TO THE ENTIRE SET OF DISCLOSURE MATERIALS AND THE PURCHASE AGREEMENT. ALL DISCLOSURE MATERIALS AND CONTRACTS ARE IMPORTANT DOCUMENTS AND, IF NOT UNDERSTOOD, THE BUYER SHOULD SEEK COMPETENT ADVICE. BUYER:

BY: ____________________________ NAME: _________________________ DATE:_____________/ TIME:______

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BY: ____________________________ NAME: _________________________ DATE:_____________/ TIME:______

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Exhibit A Declaration of Covenants, Conditions and Restrictions (See attached)

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Exhibit B Rules and Regulations (See Attached)

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Exhibit C Articles of Incorporation (See Attached)

09614-01/Public Offering Statement.doc

Exhibit D Bylaws (See Attached)

09614-01/Public Offering Statement.doc

Exhibit E Current Budget (See Attached)

09614-01/Public Offering Statement.doc

Exhibit F Association Financials (See Attached)

09614-01/Public Offering Statement.doc

Exhibit G Central Plant Agreement (See Attached)

09614-01/Public Offering Statement.doc

Exhibit H Parking and Access Easement Agreement (See Attached)

09614-01/Public Offering Statement.doc

Exhibit I Support and Encroachment Easement Agreement

09614-01/Public Offering Statement.doc

Exhibit J Declaration of Life Safety Systems Easements

09614-01/Public Offering Statement.doc

Exhibit K Did You Know?

09614-01/Public Offering Statement.doc

Exhibit L Certain NRS Statutes

09614-01/Public Offering Statement.doc

Exhibit M Residential Disclosure Guide

09614-01/Public Offering Statement.doc

Exhibit M Residential Disclosure Guide

09614-01/995973_3.doc

UTIES OWED BY A NEVADA LICENSEE

Nevada Real Estate Division

Nevada Real Estate Division

MPACT FEES

OIL REPORT

RESIDENTIAL DISCLOSURE GUIDE

A few things you need to know before buying or selling a home in Nevada.

OMMON-INTEREST COMMUNITIES

IEN FOR DEFERRED TAXES

PEN RANGE
Revised November 2011

ELLERS REAL PROPERTY DISCLOSURE

SED MOBILE HOMES

ESIDENTIAL POOL SAFETY AND DROWNING PREVENTION

NVIRONMENTAL HAZARDS

EWER AND WATER RATES

State of Nevada Department of Business & Industry Real Estate Division

Introduction

Table of Contents
State Disclosures Common-Interest Communities and Condominium Hotels.4 Consent to Act7 Construction Defects.8 Duties Owed By a Nevada Real Estate Licensee..9 Impact Fees11 Lien for Deferred Taxes..12 Manufactured Housing Used Manufactured/Mobile Homes.....13 Manufactured Home Parks..14 Open Range Disclosure..15 Private Transfer Fee Obligation17 Sellers Real Property Disclosure..18 Water & Sewer Rates20 Federal/Local/Miscellaneous Disclosures Lead-Based Paint21 Pool Safety & Drowning Prevention..22 Airport Noise..23 Building & Zoning Codes..23 Environmental Hazards.23 Gaming (Initial Purchaser in New Construction Only)24 Home Inspections.24 Military Activities24 Licensee Disclosures..25 Road Maintenance District........25 Soil Report (New Construction Only)25 Contact Information.26 Acknowledgement Form27

he Department of Business and IndustryNevada Real Estate

Division has developed this booklet to increase consumer awareness and understanding of disclosures that may be required by a buyer or seller during the sale or purchase of a residential property in the State of Nevada. In almost every real estate transaction, some form of written disclosure is required. For example, real estate licensees must disclose if they are related to a party in the transaction or affiliated with the lender involved in approving the loan for that particular transaction. Sellers, for instance, are responsible for disclosing material facts, data and other information relating to the property they are attempting to sell. And buyers, in some cases, must disclose if they are choosing to waive their 10-day opportunity to conduct a risk assessment of lead hazards.

These are only a few examples of what must be disclosed during a real estate transaction. While it is impossible to outline which disclosures are needed in every situation (as each real estate transaction is unique), this booklet contains discussions on the most commonly required state, federal and local disclosures.

References to real estate licensees and the sale of residential properties in this booklet apply only to the state of Nevada. This guide, however, does not specifically address vacant land or commercial properties.

We hope that you will find this booklet helpful and that it becomes a valuable resource during your real estate transaction. For more information, please visit our website at www.red.state.nv.us.

Published pursuant to NRS 645.194 by the Nevada Real Estate Division in both electronic and hardcopy formats.

2006-2011 Nevada Real Estate Division, Department of Business & Industry, State of Nevada. All rights reserved. Fourth reprint: October 2011 Fifth reprint: November 2011

First reprint: January 2007 Second reprint: April 2008 Third reprint: August 2010

This booklet is state-issued and may not be modified or altered in any way. It may be reproduced as needed and downloaded for printing from the Divisions website at http://red.state.nv.us/publications/ rdg.htm

622

Common-Interest Communities and Condominium Hotels Common-Interest Communities and Condominium Hotels
- initial or special fees - number & identity of units in timeshare Unless the buyer has personally inspected the unit, the buyer may cancel the contract to purchase, by written notice, until midnight of the fifth calendar day following the date of execution of the contract. This provision must be stated in the contract.

Purpose of Disclosure

The purpose of the information statement required when purchasing a home or unit in a common-interest community or a condominium hotel is to make the buyer aware of all rights, obligations and other aspects related to owning a unit within a common-interest community (also known as a homeowners association) or a condominium hotel.

Who must provide the disclosure?

The seller must, at sellers expense, provide an information statement with the sale of any unit within a common-interest community or condominium hotel. The statement is entitled BEFORE YOU PURCHASE PROPERTY IN A [COMMON-INTEREST COMMUNITY] [CONDOMINIUM HOTEL] DID YOU KNOW...

When is it due? Transfer Fees

The statement must be delivered to the buyer not later than the date the offer becomes binding on the purchaser.

Resale Package In addition to the information statement, the seller must provide the prospective buyer with a resale package which includes the following: declarations, bylaws, rules and regulations, monthly assessments, unpaid assessments of any kind, current operating budget, financial statement, reserve summary, unsatisfied judgments, status of any pending legal actions.

Additional Information

Does not pertain to Condominium Hotels The resale package for a home or unit in a common-interest community must also include a statement of any transfer fees, transaction fees or any other fees associated with the resale of a unit. Unpaid Obligations Does not pertain to Condominium Hotels

Public Offering Statement If the property is a new unit in a common-interest community or a condominium hotel, or if the community is subject to any developmental rights, or contains converted buildings or contains units which may be in a time share, or is registered with the Securities and Exchange Commission, the buyer must also be provided with a Public Offering Statement disclosing applicable information, including:

development rights of contractors construction schedule description of proposed improvements mechanical & electrical installations

The resale package for a home or unit in a common-interest community must also include a statement from the association setting forth the amount of the monthly assessment for common expenses and any unpaid obligations that are due from the selling units owner, including management fees, transfer fees, fines, penalties, interest, collection costs, foreclosure fees and attorneys fee.
(Continued on next page) State 5

State

Common-Interest Communities and Condominium Hotels

Consent to Act
Purpose of Disclosure The purpose of the Consent to Act form is for the licensee to obtain the written consent to act for more than one party in a transaction. Who must provide the disclosure? The licensee must provide this form to all parties in the transaction if he seeks to act for more than one party. When is it due? If a licensee makes such a disclosure, the consent must be obtained from all parties before the licensee may continue to act in his capacity as an agent. Additional Information The written consent must include:

(Continued from previous page)

The statement of unpaid obligations will be effective for 15 working days from the date of delivery to the seller or sellers agent. If the association becomes aware of an error in the statement while it is effective and before close of escrow, it must deliver a replacement statement to, and obtain a written acknowledgment of receipt from, the seller or sellers agent. If a replacement statement is not timely provided, seller may rely on the accuracy of the statement provided.

Delivery of Resale Package

Pertains to Common-Interest Communities and Condominium Hotels

The resale package must be delivered as soon as practicable or before conveyance of the unit. Unless the buyer has accepted conveyance of the unit, the buyer may cancel the contract to purchase, by written notice, until midnight of the fifth calendar day following receipt of the resale package. This provision must be stated in the contract.

For more information:

[NRS 116 governs Common-Interest Communities;

NRS 116B governs Condominium Hotels]

Form: Before You Purchase Property in a Common-Interest Community Did You Know... or

1. A description of the real estate transaction; 2. A statement that the licensee is acting for two or more parties to the transaction and that, in acting for these parties, the licensee has a conflict of interest; 3. A statement that the licensee will not disclose any confidential information for 1 year after the revocation or termination of the brokerage agreement unless he is required to do so per court order or he is given written permission by that party; 4. A statement that a party is not required to consent to the licensee acting on his behalf; 5. A statement that the party is giving his consent without coercion and understands the terms of the consent given.
For more information: Form: Consent to Act Website: http://red.state.nv.us/forms/524.pdf NRS: 645.252-254 State 7

Before You Purchase Property in a Condominium Hotel Did You Know...

Website: http://red.state.nv.us/forms/584.pdf or

http://red.state.nv.us/forms/584a.pdf

NRS: 116.4101116.41095; Sec. 1, SB 403 (2011 Legislative Session);

116B.740-116B.765

State

Construction Defects

Duties Owed By a Nevada Real Estate Licensee

Purpose of Disclosure The purpose of the Duties Owed form is to make the buyer or seller aware of obligations owed by a real estate licensee to all parties involved in the transaction. Who must provide the disclosure? A licensee who acts as an agent in a real estate transaction must disclose to each party for whom the licensee is acting as an agent and any unrepresented party all duties owed to the parties and the licensees relationship as an agent to each party in the transaction. When is it due? The disclosure form must be presented to the client before any documents are signed by the client. Additional Information A Nevada licensee who has entered into a brokerage agreement to represent a client in a real estate transaction shall:

Purpose of Disclosure

The purpose of disclosures relating to construction defects is to make the buyer aware of any construction defects in the property.

Who must provide the disclosure?

If there is a construction defect, the contractor must disclose the information in understandable language that is underlined and in bold-faced type with capital letters. If the property is or has been the subject of a construction defect claim or lawsuit, the seller must provide the following information to the buyer: - copies of all notices given to contractor - expert opinions obtained by claimant - terms of settlement or order of judgment - detailed report of all repairs

When is it due?

Construction defects must be disclosed to the buyer before purchase of the residence. If the property is or has been the subject of a defect claim or lawsuit, the information must be disclosed 30 days before close of escrow, or if escrow is less than 30 days, then immediately upon signing the sales agreement. If a claim is made while in escrow, the disclosure must be made within 24 hours of notice of complaint.

Additional Information

If the property is located within a common-interest community and is the subject of a defect claim or lawsuit, this information must be disclosed in the buyers resale package (see Common-Interest Communities).

For more information:

NRS: 40.640, 40.688

1. Exercise reasonable skill and care to carry out the terms of the brokerage agreement and the licensees duties in the brokerage agreement; 2. Not disclose, except to the licensees broker, confidential information relating to a client for 1 year after the revocation or termination of the brokerage agreement, unless licensee is required to do so by court order or the client gives written permission; 3. Seek a sale, purchase, option, rental or lease of real property at the price and terms stated in the brokerage agreement or at a price acceptable to the client; 4. Present all offers made to or by the client as soon as practicable, unless the client chooses to waive the duty of the licensee to present all offers and signs a waiver of the duty on a form prescribed by the Division;
(Continued on next page) State 9

State

Duties Owed By a Nevada Real Estate Licensee

Impact Fees
Purpose of Disclosure The seller of any property must give notice of any impact fees that may be imposed upon the buyer. An impact fee is a charge imposed by a local government on new development (i.e., the construction, reconstruction, redevelopment, conversion, alteration, relocation or enlargement of any structure which increases the number of service units) to finance some of the costs attributable to the new development. Who must provide the disclosure? A seller who has knowledge of the impact fee must give written notice to the buyer, including the amount of the impact fee and the name of the local government imposing the fee. When is it due? The notice must be provided to the buyer before the property is conveyed. Additional Information If the seller fails to give this notice, the seller is liable to the buyer for the amount of the impact fee.

(Continued from previous page)

5. Disclose to the client material facts of which the licensee has knowledge concerning the real estate transaction; 6. Advise the client to obtain advice from an expert relating to matters which are beyond the expertise of the licensee; and 7. Account to the client for all money and property the licensee receives in which the client may have an interest.

Waiver of Duty to Present All Offers Authorization to Negotiate Directly with Seller

A client may choose to waive the brokers duty to present all offers by signing a waiver on a form, the Waiver Form, prescribed by the Division. Concurrent with the option of a client to waive the duty of his/her broker to present all offers is the form Authorization to Negotiate Directly with Seller, which gives permission in writing to authorize a licensee to negotiate a sale or lease directly with a seller. Both forms must be utilized and signed by a client who waives the duty to present all offers. Otherwise, a licensee for a buyer does not have the permission of the sellers broker to present offers or negotiate with the sellers directly.

For more information:

For more information: NRS: 278B.320

Form: Duties Owed By a Nevada Real Estate Licensee

NRS:

645.193; 645.252645.254

10

State

State

11

Lien for Deferred Taxes

Purpose of Disclosure

Manufactured Housing Used Manufactured/Mobile Homes

Purpose of Disclosure

If there are deferred taxes that have not been paid at the time the property is sold or transferred, the buyer must be notified in writing that there is a lien for deferred taxes on the property.

Who must provide the disclosure? Who must provide the disclosure?

The purpose of the Used Manufactured/Mobile Home disclosure is to make the buyer aware that a used manufactured or mobile home that has not been converted to real property is personal property and subject to personal property taxes. The real estate licensee shall provide the form to the purchaser as soon as practicable, but before title is transferred. Additional Information This disclosure also informs the purchaser that title will not pass unless the county assessors endorsement is placed on the face of the title, verifying that taxes have been paid in full. The disclosure also instructs the consumer to submit certain documents to Nevadas Manufactured Housing Division and the county assessor within 45 days after the sale is complete and before a certificate of ownership will be issued.

The seller must notify the buyer of the lien.

When is it due?

The lien must be disclosed at the time the property is sold or transferred.

Additional Information

The owner of the property on the date the deferred taxes become due is liable for the deferred taxes.

For more information:

For more information: Form: Used Manufactured/Mobile Home Disclosure Website: Manufactured Housing Division NRS: 645.258, 489.521, 489.531, 489.541

NRS: 361A.290

12

State

State

13

Manufactured HousingManufactured Home Parks

Open Range Disclosure

Purpose of Disclosure

Purpose of Disclosure

The purpose of the disclosure relating to placing or buying a manufactured or mobile home in a manufactured home park is to make the buyer aware that he may be subject to approval by the landlord of the manufactured home park if the manufactured or mobile home will remain in the park. Who must provide the disclosure?

If the landlord requires approval of a prospective buyer and tenant, the landlord must post a sign which is clearly readable at the entrance of the park which advises consumers that before a manufactured home in the park is sold, the buyer and tenant must be approved by the landlord. Additional Information

The purpose of the Open Range Disclosure is to inform the prospective buyer of a home or an improved or unimproved lot adjacent to open range that livestock are permitted to graze or roam on the property. Open range means all unenclosed land outside of cities and towns upon which cattle, sheep or other domestic animals by custom, license, lease or permit are grazed or permitted to roam. It also serves to inform the prospective buyer that the parcel may be subject to county or State claims of right-of-way, (commonly referred to as R.S. 2477 rights-of-way) including rights-of-way that may be unrecorded, undocumented or unsurveyed; and used by miners, ranchers, hunters or others, for access or recreational use, in a manner which interferes with the use and enjoyment of the parcel. Who must provide the disclosure? A seller must disclose, in writing, to a potential buyer of property adjacent to open range, that livestock grazing on the open range are permitted to enter the property; and that the parcel may be subject to county or State claims of right-ofway. When is it due? The disclosure must be provided to the potential buyer, with the requirement that the buyer sign the disclosure form acknowledging the date of receipt of the original disclosure document, before the sales agreement is signed. Additional Information The disclosure acknowledges fencing the property to keep livestock out and recognizes the property owners entitlement to damages if livestock enter a fenced property

If the property will remain in the manufactured home park, make sure you have a lease agreement with the park manager and that you know the park's rules and regulations. Remember: the seller or a manufactured home dealer cannot promise that you'll be accepted as a tenant in a particular manufactured home park. You must apply for the lease yourself and should do so before finalizing the purchase of your home. The landlord must approve or deny a completed application from a prospective buyer and tenant within 10 days after the date the application is submitted.

For more information:

Website: Manufactured Housing DivisionPlacing or Buying Your Home in a Rental Community

NRS: 118B.170

(Continued on next page) State 15

14

State

Open Range Disclosure

Private Transfer Fee Obligation

(Continued from previous page)

but warns against harming roaming livestock even on a fenced property.

The law requires that the seller retain a copy of the disclosure document that has been signed by the buyer acknowledging the date of receipt of the document, provide a copy to the buyer, and record the original disclosure document containing the buyers signature and the sellers notarized signature in the office of the county recorder in the county where the property is located.

Purpose of Disclosure The purpose of the disclosure is to make the buyer aware that the property is subject to a Private Transfer Fee Obligation (PTFO) which will require the buyer, upon conveyance of the property by the seller, to pay either a one-time fixed amount or a one-time percentage of the purchase price to a third party payee. Who Must Provide the Disclosure? The seller of a property that is subject to a PTFO must provide the disclosure as a written statement that discloses the existence of and describes the PTFO, and includes language substantially similar to the legislatively-prescribed notice informing the buyer that the PTFO may lower the value of the property and that the laws of this State prohibit the enforcement of certain PTFOs created on or after May 20, 2011. When is it due? The disclosure must be provided to the potential buyer before the conveyance of the property. Additional Information The notice regarding the existence of a PTFO in the sellers disclosure must be in substantially the following form:
A private transfer fee obligation has been created with respect to this property. The private transfer fee obligation may lower the value of this property. The laws of this State prohibit the enforcement of certain private transfer fee obligations that are created on or after May 20, 2011 and impose certain notice requirements with respect to private transfer fee obligations that were created before May 20, 2011.

For more information:

Form: Open Range Disclosure Form 551

NRS: 113.065; 568.355 For more information: Sec. 14, AB 271 (2011 Legislative Session)

Real Estate Division Position Statement, dated July 1, 2010

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State

State

17

Sellers Real Property Disclosure

Additional Information The content of the disclosure is based on what the seller is aware of at the time. If, after completion of the disclosure form, the seller discovers a new defect or notices that a previously disclosed condition has worsened, the seller must inform the purchaser, in writing, as soon as practicable after discovery of the condition, or before conveyance of the property.

Sellers Real Property Disclosure

Purpose of Disclosure

The purpose of the Sellers Real Property Disclosure form is to make the buyer aware of the overall condition of the property before it is transferred. This disclosure is not a guarantee nor does it take the place of an inspection. In some cases a Seller has never lived on the property and may have no knowledge of the condition of the property. The Buyer is advised to obtain an independent inspection performed by a properly licensed home inspector. This form is not required for new home sales.

Who must provide the disclosure?

The Seller must complete the Sellers Real Property Disclosure form, detailing the condition of the property, known defects, and any other aspects of the property which may affect its use or value. A real estate licensee, unless he is the Seller of the property, may not complete this form.

The buyer may not waive, and the seller may not require a buyer to waive, any of the requirements of the disclosure as a condition of sale or for any other purpose. In a sale or intended sale by foreclosure, the trustee and the beneficiary of the deed of trust shall provide, not later than the conveyance of the property to, or upon request from, the buyer: written notice of any defects of which the trustee or beneficiary is aware; and the contact information of any asset management company who provided asset management services, if any defects are repaired or replaced or attempted to be repaired or replaced. The asset management company shall provide a service report to the purchaser upon request. If a Seller requests a Buyer to wave his rights or legal remedies under NRS 113.150 or otherwise, the Buyer should contact an attorney for advice regarding the legal consequences. A real estate licensee cannot explain the legal consequences of waiving a Buyers legal rights or remedies.
For more information: Form: Sellers Real Property Disclosure NRS: 113.130; 113.140; 113.150; Sec. 34, SB 314 (2011 Legislative Session)

The form must be fully and properly completed. If the Seller has no knowledge, no is an appropriate answer to the Are you aware questions. Each question must be answered with a mark in the corresponding yes, no or n/a box. Explanations of any yes answers, and a properly executed signature by the Seller, are also required. The Buyer may only sign the form after full and proper completion by the Seller.

A Buyer may rescind the contract without penalty if he does not receive a fully and properly completed Sellers Real Property Disclosure form. If a Buyer closes a transaction without a completed form or if a known defect is not disclosed to a Buyer, the Buyer may be entitled to treble damages, unless the Buyer waives his rights under NRS 113.150(6).

When is it due?

The disclosure must be delivered to the buyer at least 10 days prior to conveyance of the property.

State

19

18

State

Water & Sewer Rates

Purpose of Disclosure The purpose of the lead-based paint disclosure is to make the buyer aware that the residential property (if built prior to 1978) may present exposure to lead. Who must provide the disclosure?

Lead-Based Paint

Purpose of Disclosure

The purpose of the disclosure relating to water and sewer rates is to inform the buyer of a previously unsold home or improved lot of public utility rates when service is for more than 25 but fewer than 2,000 customers.

Who must provide the disclosure?

The seller must post a notice, which shows the current or projected rates, in a conspicuous place on the property.

When is it due? When is it due?

Federal law requires that the seller disclose any known presence of lead-based paint hazards and provide the buyer with the EPA disclosure booklet, Protect Your Family From Lead in Your Home, along with any other available records and/or reports.

The notice must be posted and a copy provided to the buyer before the home is sold.

Additional Information

The disclosure is on a federally prescribed form and must be made as a condition of the sale before conveyance of the property. Additional Information On the disclosure form, the buyer must acknowledge receipt of the EPA disclosure booklet and copies of lead reports, if available. Additionally, the buyer will receive a 10-day opportunity to conduct a risk assessment or may choose to waive this opportunity.

The notice must contain the name, address and telephone number of the public utility and the Division of Consumer Complaint Resolution of the Public Utilities Commission of Nevada.

For more information:

For more information: Form: Disclosure of Information on Lead-Based Paint Website: Environmental Protection Agency (Lead) Phone: National Lead Information Center 1-800-424-LEAD

NRS 113.060

20

State

Federal

21

Pool Safety and Drowning Prevention Disclosure

Miscellaneous Disclosures
Depending upon the transaction, the following disclosures may also be required from a buyer, seller or licensee:

AIRPORT NOISE
Buyers should investigate the impact of airport flight paths and the noise levels at different times of the day over that property.

Purpose of Disclosure The purpose of the Southern Nevada Health Districts pool safety and drowning prevention disclosure is to make the buyer aware of the risk of death by drowning in private and public pools particularly for children 4 years or younger. BUILDING & ZONING CODES

Who must provide the disclosure? The information is provided by the Nevada Real Estate Division (NRED) in agreement with the Southern Nevada Health District (SNHD) to promote SNHDs efforts to inform the public on drowning prevention.

The purpose of the building and zoning disclosure is to inform the buyer of transportation beltways and/or planned or anticipated land use within proximity of the subject property of which the seller has knowledge. For more information on building and zoning codes, contact your local jurisdiction.

When is it due? The disclosure will be provided to the buyer before the sales agreement is signed by way of the Residential Disclosure Guide in which it is contained. The buyer is advised to visit SNHDs website http://www.southernnevadahealthdistrict.org/healthtopics/drowning-prevention.php for information. ENVIRONMENTAL HAZARDS

Although the seller is required to disclose the presence of environmental hazards, a statement that the seller is not aware of a defect or hazard does not mean that it does not exist. It is the buyers responsibility to be informed and take additional steps to further investigate. Some potential hazards that may be found in Nevada include:

Radon (www.epa.gov/radon) Floods ( http://www.floodsmart.gov) Methamphetamine Labs (NRS 40.770 & 489.776) Wood-Burning Devices (http://www.epa.gov/iaq/pubs/combust.html)

Additional Information Drowning is the leading cause of unintentional injury death in Clark County for children four years of age and under. The majority of drowning deaths occur in the family pool. Preventable mistakes include leaving a child unattended near a body of water in which a childs nose and mouth can be submerged.

More information on drowning facts, preventable mistakes, how to be prepared to prevent a drowning, pool security, drowning statistics, adult supervision and more can be obtained at SNHDs website at

Underground Storage Tanks (http://www.epa.gov/ebtpages/industoragetanksundergroundstora getanks.html) Well & Septic Systems (http://www.epa.gov/ebtpages/wategroundwaterwells.html) Contaminated Soils (http://www.epa.gov/ebtpages/pollsoilcontaminants.html) Groundwater (www.epa.gov/safewater/protect/citguide.html) Public Pools & Spas (http://www.poolsafety.gov/vgb.html)

http://www.southernnevadahealthdistrict.org/health-topics/drowningprevention.php and http://www.gethealthyclarkcounty.org/be-

safe/index.php.

Website: http://www.southernnevadahealthdistrict.org/healthtopics/drowning-prevention.php

For more information on environmental hazards, visit: www.epa.gov.

22

Local/Miscellaneous Local/Miscellaneous 23

Miscellaneous Disclosures
LICENSEE DISCLOSURES In addition to the Consent to Act and the Duties Owed by a Nevada Real Estate Licensee forms (see pages 7 & 9), a real estate licensee is required to disclose other information such as his relationship to one or more parties in the transaction and/or having a personal interest in the property.
For more information regarding duties and disclosures owed by a licensee, see: NRS 645.252-645.254, NAC 645.637 and NAC 645.640.

Miscellaneous Disclosures

GAMING (Initial Purchaser in New Construction Only)

If there is a gaming district near the property, the seller must disclose information which includes a copy of the most recent gaming enterprise district map, the location of the nearest gaming enterprise district, and notice that the map is subject to change. This disclosure is required for Nevada counties with population over 400,000. ROAD MAINTENANCE DISTRICT

The information must be provided at least 24 hours before the seller signs the sales agreement. The buyer may waive the 24-hour period.

The seller must retain a copy of the disclosure.

For more information on gaming, see: NRS 113.080

HOME INSPECTIONS

The sale of residential property within a road maintenance district is prohibited unless the seller provides notice to the purchaser, including the amount of assessments for the last two years.
For more information, see: NRS 320.130.

SOIL REPORT (New Construction Only) If the property has not been occupied by the buyer more than 120 days before completion, the seller must give notice of any soil report prepared for the property or for the subdivision in which the property is located. The seller must provide such notice upon signing the sales agreement. Upon receiving the notice, the buyer must submit a written request within 5 days for a copy of the actual report. The seller must provide a free report to the buyer within 5 days of receiving such request. Upon receiving the soil report, the buyer has 20 days to rescind the sales agreement. This rescission right may be waived, in writing, by the buyer.
For more information, see: NRS 113.135.

When obtaining an FHA-insured loan, this disclosure informs the buyer about the limits of the Federal Housing Administration appraisal inspection and suggests the buyer obtain a home inspection to evaluate the physical condition of the property prior to purchase. The form is entitled, For Your Protection: Get a Home Inspection.

For more information on FHA home inspections, visit: www.epa.gov.

MILITARY ACTIVITIES

The purpose of the Military Activities Disclosure is to make the purchaser of residential property aware of planned or anticipated military activity within the proximity of the property. Counties in which the military files Military Activities Plans include Clark County, Washoe County, Churchill County and Mineral County.

For more information on military activities plans in these counties, contact the local municipal jurisdiction or the Public Information Officer of the Military Installation in your county.

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Local/Miscellaneous

Local/Miscellaneous

25

Contact Information
Nevada Real Estate Division (CC) 1179 Fairview Drive, Suite E Carson City, NV 89701 Phone: (775) 687-4280 Fax: (775) 687-4868 Email: realest@red.state.nv.us Website: www.red.state.nv.us

Nevada Real Estate Division (LV) 2501 East Sahara, Suite 101 Las Vegas, NV 89104 Phone: (702) 486-4033 Fax: (702) 486-4275 Email: realest@red.state.nv.us Website: www.red.state.nv.us

Nevada Real Estate Division

Manufactured Housing Division (LV) 2501 East Sahara, Suite 204 Las Vegas, NV 89104 Phone: (702) 486-4135 Fax: (702) 486-4309 Email: nmhd@mhd.state.nv.us Website: http://mhd.state.nv.us Manufactured Housing Division (CC) 788 Fairview Drive, Suite 100 Carson City, NV 89701 Phone: (775) 687-5500 Fax: (775) 687-5521 Email: nmhd@mhd.state.nv.us Website: http://mhd.state.nv.us

RESIDENTIAL DISCLOSURE GUIDE

State of Nevada Department of Business & Industry Real Estate Division

I/We acknowledge that I/we have received a copy of the Residential Disclosure Guide. DATE ____________________ _______________________________________________ ClientPrint Name _______________________________________________ ClientSignature

Ombudsman Office (Common-Interest Communities) 2501 East Sahara, Suite 202 Las Vegas, NV 89104 Phone: (702) 486-4480 Toll Free: (877) 829-9907 Fax: (702) 486-5137 Email: CICOmbudsman@red.state.nv.us Website: http://red.state.nv.us/cic/cic.htm

U.S. Environmental Protection Agency Ariel Rios Building 1200 Pennsylvania Avenue, N.W. Washington, DC 20460 Phone: (202) 272-0167 Website: www.epa.gov

National Lead Information Center 8601 Georgia Avenue, Suite 503 Silver Spring, MD 20910 Phone: (800) 424-LEAD Fax: (301) 585-7976 Email: hotline.lead@epa.gov Website: www.epa.gov/lead

Department of Health and Human Services Center for Disease Control & Prevention 1600 Clifton Road Atlanta, GA 30333 Phone: (404) 639-3311 Public Inquiries: (800) 311-3435 Website: www.cdc.gov

_______________________________________________ ClientPrint Name _______________________________________________ ClientSignature

U.S. Consumer Product Safety Commission 4330 East West Highway Bethesda, MD 20814 Phone: (301) 504-7923 Fax: (301) 504-0124 Website: www.cpsc.gov

Make copy of page for additional signatures.

Retain original or copy in each transaction file.