2006 Code of Virginia § 55-442 - Contents of declaration

55-442. Contents of declaration.

A. The declaration must contain:

1. The names of the cooperative, which must include the word "cooperative"or be followed by the words "a cooperative," and the association;

2. The name of every city or county in which any part of the cooperative issituated;

3. A legally sufficient description of the real estate included in thecooperative;

4. A statement of the maximum number of units which the declarant reservesthe right to create;

5. A description, which may be by plats or plans, of each unit created by thedeclaration, including the unit's identifying number, its size or number ofrooms, and its location within a building if it is within a buildingcontaining more than one unit;

6. A description of any limited common elements, other than those specifiedin paragraphs 2 and 4 of 55-439;

7. A description of any real estate, except real estate subject todevelopment rights, which may be allocated subsequently as limited commonelements, other than limited common elements specified in paragraphs 2 and 4of 55-439, together with a statement that they may be so allocated;

8. A description of any development rights and other special declarant rightsreserved by the declarant, together with a legally sufficient description ofthe real estate to which each of those rights applies, and a time limitwithin which each of those rights must be exercised;

9. If any development right may be exercised with respect to differentparcels of real estate at different times, a statement to that effecttogether with (i) either a statement fixing the boundaries of those portionsand regulating the order in which those portions may be subjected to theexercise of each development right, or a statement that no assurances aremade in those regards, and (ii) a statement as to whether, if any developmentright is exercised in any portion of the real estate subject to thatdevelopment right, that development right must be exercised in all or in anyother portion of the remainder of that real estate;

10. Any other conditions or limitations under which the rights described inparagraph 8 may be exercised or will lapse;

11. An allocation to each cooperative interest of the allocated interests inthe manner described in 55-444;

12. Any restrictions on (i) use and occupancy of the units; (ii) alienationof the cooperative interests; and (iii) the amount for which a cooperativeinterest may be sold or the amount that may be received by a proprietarylessee upon sale, condemnation or casualty loss to the unit or thecooperative or termination of the cooperative;

13. The recording data for recorded easements and licenses appurtenant to orincluded in the cooperative or to which any portion of the cooperative is ormay become subject by virtue of a reservation in the declaration; and

14. All matters required by 55-443, 55-444, 55-445, 55-451, 55-452 andsubsection D of 55-460.

B. The declaration may contain any other matters the declarant deemsappropriate.

(1982, c. 277.)