2006 Code of Virginia § 55-79.61 - Conversion of convertible lands

55-79.61. Conversion of convertible lands.

A. The declarant may convert all or any portion of any convertible land intoone or more units and/or limited common elements subject to any restrictionsand limitations which the condominium instruments may specify. Any suchconversion shall be deemed to have occurred at the time of the recordation ofappropriate instruments pursuant to subsection B of this section andsubsection C of 55-79.58.

B. Simultaneously with the recording of plats and plans pursuant tosubsection C of 55-79.58, the declarant shall prepare, execute, and recordan amendment to the declaration describing the conversion. Such amendmentshall assign an identifying number to each unit formed out of a convertibleland and shall reallocate undivided interests in the common elements inaccordance with subsection (b) of 55-79.56. Such amendment shall describeor delineate the limited common elements formed out of the convertible land,showing or designating the unit or units to which each is assigned.

C. All convertible lands shall be deemed a part of the common elements exceptfor such portions thereof as are converted in accordance with the provisionsof this section. Until the expiration of the period during which conversionmay occur or until actual conversion, whichever occurs first, the declarantalone shall be liable for real estate taxes assessed against the convertibleland and any improvements thereon and all other expenses in connection withthat real estate, and no other unit owner and no other portion of thecondominium shall be subject to a claim for payment of those taxes orexpenses, and unless the declaration provides otherwise, any income orproceeds from the convertible land and any improvements thereon shall inureto the declarant. No such conversion shall occur after seven years from therecordation of the declaration, or such shorter period of time as thedeclaration may specify.

(1974, c. 416; 1975, c. 415; 1986, c. 324; 1991, c. 497; 1993, c. 45.)