                                 CODE OF VIRGINIA

BOND TO INSURE COMPLETION OF IMPROVEMENTS (§ 55.1-1921)

A. The declarant shall file with the Common Interest Community Board a bond
entered into by the declarant in the sum of 100 percent of the estimated cost of
completion, to the extent of the declarant&#8217;s obligation as stated in the
declaration, of all improvements to the common elements of the condominium
labeled in the plat or plats as &#8220;NOT YET COMPLETED&#8221; or &#8220;NOT
YET BEGUN&#8221; located upon submitted land and which the declarant reasonably
believes will not be substantially complete at the time of conveyance of the
first condominium unit. Such bond shall be conditioned upon the faithful
performance of the declarant&#8217;s obligation to complete such improvements in
strict conformity with the plans and specifications for the same as described in
the declaration.

B. The declarant shall file with the Common Interest Community Board a bond
entered into by the declarant in the sum of 100 percent of the estimated cost of
completion of a unit in which a time-share interest is conveyed before the unit
has been certified as substantially complete in accordance with subsections A
and B of &#xA7; 55.1-1920. The bond required by this subsection shall be
conditioned upon the faithful performance of the declarant&#8217;s obligation to
complete such improvements in strict conformity with the plans and
specifications for the same as described in the declaration.

C. All bonds required in this section shall be executed by a surety company
authorized to transact business in the Commonwealth or by such other surety as
is satisfactory to the Board.

D. The Board may promulgate reasonable regulations that govern the return of
bonds submitted in accordance with this section.

HISTORY: 1977, c. 428, § 55-79.58:1; 1988, c. 15; 1999, c. 560; 2008, cc. 851,
871; 2019, c. 712.