2006 Code of Virginia § 55-371 - Time-share instrument for project

55-371. Time-share instrument for project.

In addition to the requirements of 55-367, the time-share instrument for atime-share use program shall prescribe and outline reasonable arrangementsfor the management and operation of the time-share use program and for themaintenance, repair, and furnishing of time-share use units comprising same,which arrangements shall include, but need not be limited to, provisions forthe following:

1. Standards and procedures for upkeep, repair and interior furnishing oftime-share use units, for the replacements of such furnishings, and forproviding maid, cleaning, linen, and similar services to the units during useand occupancy periods;

2. Adoption of standards and rules of conduct governing the use, enjoyment,and occupancy of time-share use units by owners;

3. Payment by the developer of the costs and expenses of operating thetime-share use program and owning and maintaining the time-share use unitscomprising it;

4. Selection of a managing agent to act for and on behalf of the developershould the developer elect not to undertake the duties, responsibilities, andobligations of the management of the time-share use program;

5. Procedures for establishing the rights of time-share use owners tooccupancy, use, and enjoyment of time-share use units by prearrangement orunder a first-reserved, first-served priority system;

6. Procedures for imposing and collecting regular and/or special assessments,maintenance, or use fees from time-share use owners as necessary to defrayall time-share expenses and in providing materials and services to the units,as herein required of the developer;

7. Comprehensive general liability insurance for death, bodily injury, andproperty damage arising out of, or in connection with, the occupancy, use,and enjoyment of time-share use units by time-share use owners, their guests,and other users. The costs associated with securing and maintaining suchinsurance shall be a time-share expense. Nothing herein shall be construed toobligate the developer to secure insurance on the conduct of the time-shareuse owners, their guests and other users, or the personal effects or propertyof such owners, guests, and users;

8. Methods for providing compensating or alternate use periods or monetarycompensation to a time-share use owner if a time-share use unit cannot bemade available for the period to which the owner is entitled by schedule orby a confirmed reservation; and

9. Procedures for imposing a monetary penalty or suspension of a time-shareuse owner's rights and privileges in the time-share use program or project ortermination of the time-share use itself for failure of the time-share useowner to comply with the provisions of the time-share use instrument, therules and regulations established by the developer with respect to theoccupancy, use and enjoyment of the time-share use units, or the failure topay the charges imposed by the developer against the time-share use owner forproviding the materials and services as herein required of the developer.Except in matters where the time-share use owner has failed to pay the chargeimposed by the developer for a period of less than sixty days after it hasbecome due and payable, the owner shall be given notice and the opportunityto be heard.

(1981, c. 462; 1985, c. 517; 1994, c. 580; 1998, c. 460.)