2006 Code of Virginia § 55-79.56 - Reallocation of interests in common elements

55-79.56. Reallocation of interests in common elements.

(a) If a condominium contains any convertible land or is an expandablecondominium, then the declaration shall not allocate undivided interests inthe common elements on the basis of par value unless the declaration:

(1) Prohibits the creation of any units not substantially identical to theunits depicted on the plats and plans recorded pursuant to subsections A andB of 55-79.58, or

(2) Prohibits the creation of any units not described pursuant to subdivision(b) (6) of 55-79.54 (in the case of convertible lands) and subdivision (c)(12) of 55-79.54 (in the case of additional land), and contains from theoutset a statement of the par value that shall be assigned to every such unitthat may be created.

(b) Interests in the common elements shall not be allocated to any units tobe created within any convertible land or within any additional land untilplats and plans depicting the same are recorded pursuant to subsection C of 55-79.58. But simultaneously with the recording of such plats and plans thedeclarant shall execute and record an amendment to the declarationreallocating undivided interests in the common elements so that the unitsdepicted on such plats and plans shall be allocated undivided interests inthe common elements on the same basis as the units depicted on the plats andplans recorded simultaneously with the declaration pursuant to subsections Aand B of 55-79.58.

(c) If all of a convertible space is converted into common elements,including without limitation limited common elements, then the undividedinterest in the common elements appertaining to such space shall thenceforthappertain to the remaining units, being allocated among them in proportion totheir undivided interests in the common elements. The principal officer ofthe unit owners' association, or such other officer or officers as thecondominium instruments may specify, shall forthwith prepare, execute, andrecord an amendment to the declaration reflecting the reallocation ofundivided interests produced thereby.

(d) In the case of a leasehold condominium, if the expiration or terminationof any lease causes a contraction of the condominium which reduces the numberof units, then the undivided interest in the common elements appertaining toany units thereby withdrawn from the condominium shall thenceforth appertainto the remaining units, being allocated among them in proportion to theirundivided interests in the common elements. The principal officer of the unitowners' association, or such other officer or officers as the condominiuminstruments may specify, shall forthwith prepare, execute, and record anamendment to the declaration reflecting the reallocation of undividedinterests produced thereby.

(1974, c. 416.)