A. Whenever a reasonable price cannot be agreed upon or whenever the owner is legally incapacitated, absent, unable to convey valid title, or unknown, the Board may acquire by condemnation any project contemplated by § 33.2-1703 or interest therein and any lands, rights, easements, franchises, and other property deemed necessary or convenient for the improvement or the efficient operation of any project acquired or constructed under this chapter, or for the purpose of constructing any project or portion thereof pursuant to this chapter, or for securing a right-of-way leading to any such project or its approaches, in the manner provided in this chapter. Such condemnation proceedings shall be conducted and the compensation to be paid shall be ascertained and paid in the manner provided by law with reference to the condemnation of property by the Board for state highway purposes.
B. Title to any property condemned by the Board shall be taken in the name of the Commonwealth. The Commonwealth shall be under no obligation to accept and pay for any property condemned or any cost incidental to any condemnation proceedings and shall not pay for the same except from the funds provided by this chapter; and in any condemnation proceedings, the court having jurisdiction of the suit, action, or proceeding may make such orders as may be just to the Commonwealth and to the owners of the property to be condemned and may require an undertaking or other security to secure such owners against any loss or damage to be sustained by reason of the failure of the Commonwealth to accept and pay for the property, but such undertaking or security shall impose no liability upon the Commonwealth, except such as may be paid from the funds provided under the authority of this chapter, provided that condemnation shall not lie in any case when the Commonwealth, in granting a franchise to any project named in this chapter, has stipulated the terms upon which it may acquire such project.