As far as I know you have 12 years or 2200Hr's whichever comes first.
However, and I'm not 100% sure of this, there are some Authorities that dont require the 12 year (NZ maybe?) so maybe this is the case with that A/C. Saying that though, its 'N' Reg and surely the FAA go with RHC and use the 12Y/2200Hrs.