{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/55.1-2156.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/55.1-2156.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/55.1-2156.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/55.1-2156.html"}],"law_id":68806,"edition_id":1,"section_id":68806,"structure_id":14195,"section_number":"55.1-2156","catch_line":"Public offering statement; cooperatives subject to development rights","history":"1982, c. 277, \u00a7 55-479; 2004, c. 242; 2019, c. 712.","full_text":"If the declaration provides that a cooperative is subject to any development rights, the public offering statement shall disclose, in addition to the information required by \u00a7 55.1-2155:\n\n1\n\nThe maximum number of units and the maximum number of units per acre that may be created;2\n\nA statement of how many or what percentage of the units that may be created will be restricted exclusively to residential use, or a statement that no representations are made regarding use restrictions;3\n\nIf any of the units that may be built within real estate subject to development rights are not to be restricted exclusively to residential use, a statement, with respect to each portion of that real estate, of the maximum percentage of the real estate areas and the maximum percentage of the floor areas of all units that may be created therein that are not restricted exclusively to residential use;4\n\nA brief narrative description of any development rights reserved by a declarant and of any conditions relating to or limitations upon the exercise of development rights;5\n\nA statement of the maximum extent to which each cooperative interest’s allocated interests may be changed by the exercise of any development right described in subdivision 4;6\n\nA statement of the extent to which any buildings may be erected or other improvements that may be made pursuant to any development right in any part of the cooperative will be compatible with existing buildings and improvements in the cooperative in terms of architectural style, quality of construction, and size, or a statement that no assurances are made in those regards;7\n\nGeneral descriptions of all other improvements that may be made, and limited common elements that may be created within any part of the cooperative pursuant to any development right reserved by the declarant, or a statement that no assurances are made in that regard;8\n\nA statement of any limitations as to the locations of any building or other improvement that may be made within any part of the cooperative pursuant to any development right reserved by the declarant, or a statement that no assurances are made in that regard;9\n\nA statement that any limited common elements created pursuant to any development right reserved by the declarant will be of the same general types and sizes as the limited common elements within other parts of the cooperative, a statement of the types and sizes planned, or a statement that no assurances are made in that regard;10\n\nA statement that the proportion of limited common elements to units created pursuant to any development right reserved by the declarant will be approximately equal to the proportion existing within other parts of the cooperative, a statement of any other assurances in that regard, or a statement that no assurances are made in that regard;11\n\nA statement that all restrictions in the declaration affecting use and occupancy of units and alienation of cooperative interests will apply to any units and cooperative interests created pursuant to any development right reserved by the declarant, a statement of any differentiations that may be made as to those units and cooperative interests, or a statement that no assurances are made in that regard;12\n\nA specified or maximum amount, if any, of acquisition, development, or construction debt, inclusive of principal and any accrued interest, loan fees, and other similar charges, assumed or to be assumed by the association for each phase of the development and whether there will be a security interest encumbering the cooperative to secure repayment. If no such amount can be specified, a statement that no amount may be assumed unless approved by persons entitled to cast at least 80 percent of the votes in the association, including a simple majority of the votes allocated to cooperative interests not owned by a declarant, or any larger percentage the declaration specifies; and13\n\nA statement of the extent to which any assurances made pursuant to this section apply or do not apply in the event that any development right is not exercised by the declarant.","order_by":null,"text":{"0":{"id":249077,"text":"If the declaration provides that a cooperative is subject to any development rights, the public offering statement shall disclose, in addition to the information required by \u00a7 55.1-2155:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":249078,"text":"The maximum number of units and the maximum number of units per acre that may be created;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":249079,"text":"A statement of how many or what percentage of the units that may be created will be restricted exclusively to residential use, or a statement that no representations are made regarding use restrictions;","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"3":{"id":249080,"text":"If any of the units that may be built within real estate subject to development rights are not to be restricted exclusively to residential use, a statement, with respect to each portion of that real estate, of the maximum percentage of the real estate areas and the maximum percentage of the floor areas of all units that may be created therein that are not restricted exclusively to residential use;","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2","next_prefix":"4"},"4":{"id":249081,"text":"A brief narrative description of any development rights reserved by a declarant and of any conditions relating to or limitations upon the exercise of development rights;","type":"section","prefixes":["4"],"prefix":"4","entire_prefix":"4","prefix_anchor":"4","level":1,"prior_prefix":"3","next_prefix":"5"},"5":{"id":249082,"text":"A statement of the maximum extent to which each cooperative interest’s allocated interests may be changed by the exercise of any development right described in subdivision 4;","type":"section","prefixes":["5"],"prefix":"5","entire_prefix":"5","prefix_anchor":"5","level":1,"prior_prefix":"4","next_prefix":"6"},"6":{"id":249083,"text":"A statement of the extent to which any buildings may be erected or other improvements that may be made pursuant to any development right in any part of the cooperative will be compatible with existing buildings and improvements in the cooperative in terms of architectural style, quality of construction, and size, or a statement that no assurances are made in those regards;","type":"section","prefixes":["6"],"prefix":"6","entire_prefix":"6","prefix_anchor":"6","level":1,"prior_prefix":"5","next_prefix":"7"},"7":{"id":249084,"text":"General descriptions of all other improvements that may be made, and limited common elements that may be created within any part of the cooperative pursuant to any development right reserved by the declarant, or a statement that no assurances are made in that regard;","type":"section","prefixes":["7"],"prefix":"7","entire_prefix":"7","prefix_anchor":"7","level":1,"prior_prefix":"6","next_prefix":"8"},"8":{"id":249085,"text":"A statement of any limitations as to the locations of any building or other improvement that may be made within any part of the cooperative pursuant to any development right reserved by the declarant, or a statement that no assurances are made in that regard;","type":"section","prefixes":["8"],"prefix":"8","entire_prefix":"8","prefix_anchor":"8","level":1,"prior_prefix":"7","next_prefix":"9"},"9":{"id":249086,"text":"A statement that any limited common elements created pursuant to any development right reserved by the declarant will be of the same general types and sizes as the limited common elements within other parts of the cooperative, a statement of the types and sizes planned, or a statement that no assurances are made in that regard;","type":"section","prefixes":["9"],"prefix":"9","entire_prefix":"9","prefix_anchor":"9","level":1,"prior_prefix":"8","next_prefix":"10"},"10":{"id":249087,"text":"A statement that the proportion of limited common elements to units created pursuant to any development right reserved by the declarant will be approximately equal to the proportion existing within other parts of the cooperative, a statement of any other assurances in that regard, or a statement that no assurances are made in that regard;","type":"section","prefixes":["10"],"prefix":"10","entire_prefix":"10","prefix_anchor":"10","level":1,"prior_prefix":"9","next_prefix":"11"},"11":{"id":249088,"text":"A statement that all restrictions in the declaration affecting use and occupancy of units and alienation of cooperative interests will apply to any units and cooperative interests created pursuant to any development right reserved by the declarant, a statement of any differentiations that may be made as to those units and cooperative interests, or a statement that no assurances are made in that regard;","type":"section","prefixes":["11"],"prefix":"11","entire_prefix":"11","prefix_anchor":"11","level":1,"prior_prefix":"10","next_prefix":"12"},"12":{"id":249089,"text":"A specified or maximum amount, if any, of acquisition, development, or construction debt, inclusive of principal and any accrued interest, loan fees, and other similar charges, assumed or to be assumed by the association for each phase of the development and whether there will be a security interest encumbering the cooperative to secure repayment. If no such amount can be specified, a statement that no amount may be assumed unless approved by persons entitled to cast at least 80 percent of the votes in the association, including a simple majority of the votes allocated to cooperative interests not owned by a declarant, or any larger percentage the declaration specifies; and","type":"section","prefixes":["12"],"prefix":"12","entire_prefix":"12","prefix_anchor":"12","level":1,"prior_prefix":"11","next_prefix":"13"},"13":{"id":249090,"text":"A statement of the extent to which any assurances made pursuant to this section apply or do not apply in the event that any development right is not exercised by the declarant.","type":"section","prefixes":["13"],"prefix":"13","entire_prefix":"13","prefix_anchor":"13","level":1,"prior_prefix":"12"}},"ancestry":[{"id":14195,"edition_id":1,"name":"Protection of Cooperative Purchasers","identifier":"4","label":"article","depth":4,"order_by":1,"parent_id":13509,"metadata":{},"date_created":"2026-06-26 03:47:14","date_modified":"2026-06-26 03:47:14","permalink":{"id":247337,"object_type":"structure","relational_id":14195,"identifier":"4","token":"55.1\/IV\/21\/4","url":"\/55.1\/IV\/21\/4\/","edition_id":1,"permalink":0,"preferred":1}},{"id":13509,"edition_id":1,"name":"Virginia Real Estate Cooperative Act","identifier":"21","label":"chapter","depth":3,"order_by":1,"parent_id":12914,"metadata":{},"date_created":"2026-06-26 03:45:06","date_modified":"2026-06-26 03:45:06","permalink":{"id":247109,"object_type":"structure","relational_id":13509,"identifier":"21","token":"55.1\/IV\/21","url":"\/55.1\/IV\/21\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12914,"edition_id":1,"name":"Common Interest Communities","identifier":"IV","label":"subtitle","depth":2,"order_by":1,"parent_id":12707,"metadata":{},"date_created":"2026-06-26 03:44:01","date_modified":"2026-06-26 03:44:01","permalink":{"id":246473,"object_type":"structure","relational_id":12914,"identifier":"IV","token":"55.1\/IV","url":"\/55.1\/IV\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12707,"edition_id":1,"name":"Property and Conveyances","identifier":"55.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":244769,"object_type":"structure","relational_id":12707,"identifier":"55.1","token":"55.1","url":"\/55.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":69207,"structure_id":14195,"section_number":"55.1-2153","catch_line":"Applicability; waiver","url":"\/55.1-2153\/","token":"55.1\/IV\/21\/4\/55.1-2153","metadata":false},{"id":80903,"structure_id":14195,"section_number":"55.1-2154","catch_line":"Liability for public offering statement; requirements","url":"\/55.1-2154\/","token":"55.1\/IV\/21\/4\/55.1-2154","metadata":false},{"id":57013,"structure_id":14195,"section_number":"55.1-2155","catch_line":"Public offering statement; general provisions","url":"\/55.1-2155\/","token":"55.1\/IV\/21\/4\/55.1-2155","metadata":false},{"id":68806,"structure_id":14195,"section_number":"55.1-2156","catch_line":"Public offering statement; cooperatives subject to development rights","url":"\/55.1-2156\/","token":"55.1\/IV\/21\/4\/55.1-2156","metadata":false},{"id":71522,"structure_id":14195,"section_number":"55.1-2157","catch_line":"Public offering statement; time-shares","url":"\/55.1-2157\/","token":"55.1\/IV\/21\/4\/55.1-2157","metadata":false},{"id":74617,"structure_id":14195,"section_number":"55.1-2158","catch_line":"Public offering statement; cooperatives containing conversion building","url":"\/55.1-2158\/","token":"55.1\/IV\/21\/4\/55.1-2158","metadata":false},{"id":84882,"structure_id":14195,"section_number":"55.1-2159","catch_line":"Public offering statement; cooperative securities","url":"\/55.1-2159\/","token":"55.1\/IV\/21\/4\/55.1-2159","metadata":false},{"id":66392,"structure_id":14195,"section_number":"55.1-2160","catch_line":"Purchaser's right to cancel","url":"\/55.1-2160\/","token":"55.1\/IV\/21\/4\/55.1-2160","metadata":false},{"id":56734,"structure_id":14195,"section_number":"55.1-2161","catch_line":"Repealed","url":"\/55.1-2161\/","token":"55.1\/IV\/21\/4\/55.1-2161","metadata":false},{"id":66987,"structure_id":14195,"section_number":"55.1-2162","catch_line":"Escrow of deposits","url":"\/55.1-2162\/","token":"55.1\/IV\/21\/4\/55.1-2162","metadata":false},{"id":69847,"structure_id":14195,"section_number":"55.1-2163","catch_line":"Release of liens","url":"\/55.1-2163\/","token":"55.1\/IV\/21\/4\/55.1-2163","metadata":false},{"id":71295,"structure_id":14195,"section_number":"55.1-2164","catch_line":"Conversion buildings","url":"\/55.1-2164\/","token":"55.1\/IV\/21\/4\/55.1-2164","metadata":false},{"id":84401,"structure_id":14195,"section_number":"55.1-2165","catch_line":"Express warranties of quality","url":"\/55.1-2165\/","token":"55.1\/IV\/21\/4\/55.1-2165","metadata":false},{"id":85949,"structure_id":14195,"section_number":"55.1-2166","catch_line":"Implied warranties of quality","url":"\/55.1-2166\/","token":"55.1\/IV\/21\/4\/55.1-2166","metadata":false},{"id":68678,"structure_id":14195,"section_number":"55.1-2167","catch_line":"Exclusion or modification of implied warranties of quality","url":"\/55.1-2167\/","token":"55.1\/IV\/21\/4\/55.1-2167","metadata":false},{"id":62130,"structure_id":14195,"section_number":"55.1-2168","catch_line":"Statute of limitations for warranties","url":"\/55.1-2168\/","token":"55.1\/IV\/21\/4\/55.1-2168","metadata":false},{"id":82381,"structure_id":14195,"section_number":"55.1-2169","catch_line":"Effect of violation on rights of action; attorney fees; arbitration of disputes","url":"\/55.1-2169\/","token":"55.1\/IV\/21\/4\/55.1-2169","metadata":false},{"id":81822,"structure_id":14195,"section_number":"55.1-2170","catch_line":"Labeling of promotional material","url":"\/55.1-2170\/","token":"55.1\/IV\/21\/4\/55.1-2170","metadata":false},{"id":55380,"structure_id":14195,"section_number":"55.1-2171","catch_line":"Declarant's obligation to complete and restore","url":"\/55.1-2171\/","token":"55.1\/IV\/21\/4\/55.1-2171","metadata":false},{"id":64364,"structure_id":14195,"section_number":"55.1-2172","catch_line":"Substantial completion of units","url":"\/55.1-2172\/","token":"55.1\/IV\/21\/4\/55.1-2172","metadata":false}],"previous_section":{"id":57013,"structure_id":14195,"section_number":"55.1-2155","catch_line":"Public offering statement; general provisions","url":"\/55.1-2155\/","token":"55.1\/IV\/21\/4\/55.1-2155","metadata":false},"next_section":{"id":71522,"structure_id":14195,"section_number":"55.1-2157","catch_line":"Public offering statement; time-shares","url":"\/55.1-2157\/","token":"55.1\/IV\/21\/4\/55.1-2157","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/55.1-2156\/","history_text":"

This law was first created in 1982. The record of its establishment is cataloged in chapter 277 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1982 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2004, chapter 242<\/a>; in 2019, chapter 712<\/a>.<\/p>","references":[{"id":78680,"section_number":"55.1-2150","catch_line":"Limitation of assumption of debt and encumbrances","order_by":null,"url":"\/55.1-2150\/"},{"id":80903,"section_number":"55.1-2154","catch_line":"Liability for public offering statement; requirements","order_by":null,"url":"\/55.1-2154\/"}],"refers_to":[{"id":57013,"section_number":"55.1-2155","catch_line":"Public offering statement; general provisions","order_by":null,"url":"\/55.1-2155\/"}],"permalink":{"id":247351,"object_type":"law","relational_id":68806,"identifier":"55.1-2156","token":"55.1\/IV\/21\/4\/55.1-2156","url":"\/55.1-2156\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/55.1-2156\/","token":"55.1\/IV\/21\/4\/55.1-2156","dublin_core":{"Title":"Public offering statement; cooperatives subject to development rights","Type":"Text","Format":"text\/html","Identifier":"\u00a7 55.1-2156","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

If the declaration<\/span> provides that a cooperative<\/span> is subject to any development rights<\/span>, the public offering<\/span> statement shall disclose, in addition to the information required by \u00a7 55.1-2155<\/a>:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The maximum number of units<\/span> and the maximum number of units<\/span> per acre that may be created; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> A statement of how many or what percentage of the units<\/span> that may be created will be restricted exclusively to residential use, or a statement that no representations are made regarding use restrictions; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> If any of the units<\/span> that may be built within real estate<\/span> subject to development rights<\/span> are not to be restricted exclusively to residential use, a statement, with respect to each portion of that real estate<\/span>, of the maximum percentage of the real estate<\/span> areas and the maximum percentage of the floor areas of all units<\/span> that may be created therein that are not restricted exclusively to residential use; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> A brief<\/span> narrative description of any development rights<\/span> reserved by a declarant<\/span> and of any conditions relating to or limitations upon the exercise of development rights<\/span>; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> A statement of the maximum extent to which each cooperative interest<\/span>’s allocated interests<\/span> may be changed by the exercise of any development right described in subdivision 4; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> A statement of the extent to which any buildings may be erected or other improvements that may be made pursuant to any development right in any part of the cooperative will be compatible with existing buildings and improvements in the cooperative in terms of architectural style, quality of construction, and size, or a statement that no assurances are made in those regards; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> General descriptions of all other improvements that may be made, and limited common elements<\/span> that may be created within any part of the cooperative pursuant to any development right reserved by the declarant<\/span>, or a statement that no assurances are made in that regard; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

8.<\/span> A statement of any limitations as to the locations of any building or other improvement that may be made within any part of the cooperative pursuant to any development right reserved by the declarant<\/span>, or a statement that no assurances are made in that regard; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

9.<\/span> A statement that any limited common elements<\/span> created pursuant to any development right reserved by the declarant<\/span> will be of the same general types and sizes as the limited common elements<\/span> within other parts of the cooperative, a statement of the types and sizes planned, or a statement that no assurances are made in that regard; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

10.<\/span> A statement that the proportion of limited common elements<\/span> to units<\/span> created pursuant to any development right reserved by the declarant<\/span> will be approximately equal to the proportion existing within other parts of the cooperative, a statement of any other assurances in that regard, or a statement that no assurances are made in that regard; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

11.<\/span> A statement that all restrictions in the declaration<\/span> affecting use and occupancy of units<\/span> and alienation of cooperative interests<\/span> will apply to any units<\/span> and cooperative interests<\/span> created pursuant to any development right reserved by the declarant<\/span>, a statement of any differentiations that may be made as to those units<\/span> and cooperative interests<\/span>, or a statement that no assurances are made in that regard; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

12.<\/span> A specified or maximum amount, if any, of acquisition, development, or construction debt, inclusive of principal and any accrued interest, loan fees, and other similar charges, assumed or to be assumed by the association<\/span> for each phase of the development and whether there will be a security interest<\/span> encumbering the cooperative to secure repayment. If no such amount can be specified, a statement that no amount may be assumed unless approved by persons<\/span> entitled to cast at least 80 percent of the votes in the association<\/span>, including a simple majority of the votes allocated to cooperative interests<\/span> not owned by a declarant<\/span>, or any larger percentage the declaration<\/span> specifies; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

13.<\/span> A statement of the extent to which any assurances made pursuant to this section apply or do not apply in the event that any development right is not exercised by the declarant<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nPUBLIC OFFERING STATEMENT; COOPERATIVES SUBJECT TO DEVELOPMENT RIGHTS (\u00a7\n55.1-2156)\n\nIf the declaration provides that a cooperative is subject to any development\nrights, the public offering statement shall disclose, in addition to the\ninformation required by \u00a7 55.1-2155:\n\n1. The maximum number of units and the maximum number of units per acre that may\nbe created;\n\n2. A statement of how many or what percentage of the units that may be created\nwill be restricted exclusively to residential use, or a statement that no\nrepresentations are made regarding use restrictions;\n\n3. If any of the units that may be built within real estate subject to\ndevelopment rights are not to be restricted exclusively to residential use, a\nstatement, with respect to each portion of that real estate, of the maximum\npercentage of the real estate areas and the maximum percentage of the floor\nareas of all units that may be created therein that are not restricted\nexclusively to residential use;\n\n4. A brief narrative description of any development rights reserved by a\ndeclarant and of any conditions relating to or limitations upon the exercise of\ndevelopment rights;\n\n5. A statement of the maximum extent to which each cooperative interest’s\nallocated interests may be changed by the exercise of any development right\ndescribed in subdivision 4;\n\n6. A statement of the extent to which any buildings may be erected or other\nimprovements that may be made pursuant to any development right in any part of\nthe cooperative will be compatible with existing buildings and improvements in\nthe cooperative in terms of architectural style, quality of construction, and\nsize, or a statement that no assurances are made in those regards;\n\n7. General descriptions of all other improvements that may be made, and limited\ncommon elements that may be created within any part of the cooperative pursuant\nto any development right reserved by the declarant, or a statement that no\nassurances are made in that regard;\n\n8. A statement of any limitations as to the locations of any building or other\nimprovement that may be made within any part of the cooperative pursuant to any\ndevelopment right reserved by the declarant, or a statement that no assurances\nare made in that regard;\n\n9. A statement that any limited common elements created pursuant to any\ndevelopment right reserved by the declarant will be of the same general types\nand sizes as the limited common elements within other parts of the cooperative,\na statement of the types and sizes planned, or a statement that no assurances\nare made in that regard;\n\n10. A statement that the proportion of limited common elements to units created\npursuant to any development right reserved by the declarant will be\napproximately equal to the proportion existing within other parts of the\ncooperative, a statement of any other assurances in that regard, or a statement\nthat no assurances are made in that regard;\n\n11. A statement that all restrictions in the declaration affecting use and\noccupancy of units and alienation of cooperative interests will apply to any\nunits and cooperative interests created pursuant to any development right\nreserved by the declarant, a statement of any differentiations that may be made\nas to those units and cooperative interests, or a statement that no assurances\nare made in that regard;\n\n12. A specified or maximum amount, if any, of acquisition, development, or\nconstruction debt, inclusive of principal and any accrued interest, loan fees,\nand other similar charges, assumed or to be assumed by the association for each\nphase of the development and whether there will be a security interest\nencumbering the cooperative to secure repayment. If no such amount can be\nspecified, a statement that no amount may be assumed unless approved by persons\nentitled to cast at least 80 percent of the votes in the association, including\na simple majority of the votes allocated to cooperative interests not owned by a\ndeclarant, or any larger percentage the declaration specifies; and\n\n13. A statement of the extent to which any assurances made pursuant to this\nsection apply or do not apply in the event that any development right is not\nexercised by the declarant.\n\nHISTORY: 1982, c. 277, \u00a7 55-479; 2004, c. 242; 2019, c. 712.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}