An applicant who accepts an award does so under the following conditions:
1. The State of Nevada is immediately subrogated in the amount of the award to any right of action or recovery the applicant may have against any party, and that right of subrogation may be diminished for attorney’s fees and other costs of litigation in obtaining a recovery from another source; and
2. If recovery from any source is obtained for damages caused by the crime, the applicant shall promptly notify the Director of the source and amount of that recovery, and shall promptly pay to the Department the lesser of the amount of the award made pursuant to this chapter or the amount recovered less attorney’s fees and costs. The duty of notice and payment pursuant to this subsection continues until the amount of the award has been repaid to the State of Nevada.