                                 CODE OF VIRGINIA

CONVERSION OF CONVERTIBLE LANDS (§ 55.1-1924)

A. The declarant may convert all or any portion of any convertible land into one
or more units or limited common elements subject to any restrictions and
limitations that the condominium instruments may specify. Any such conversion
shall be deemed to have occurred at the time of the recordation of appropriate
instruments pursuant to subsection B of this section and subsection C of &#xA7;
55.1-1920.

B. Simultaneously with the recording of plats and plans pursuant to subsection C
of &#xA7; 55.1-1920, the declarant shall prepare, execute, and record an
amendment to the declaration describing the conversion. Such amendment shall
assign an identifying number to each unit formed out of a convertible land and
shall reallocate undivided interests in the common elements in accordance with
subsection B of &#xA7; 55.1-1918. Such amendment shall describe or delineate any
limited common elements formed out of the convertible land, showing or
designating the unit to which each is assigned.

C. All convertible lands shall be deemed a part of the common elements except
for such portions of such convertible lands as are converted in accordance with
the provisions of this section. Until the expiration of the period during which
conversion may occur or until actual conversion, whichever occurs first, the
declarant alone shall be liable for real estate taxes assessed against the
convertible land and any improvements on such convertible land and all other
expenses in connection with that real estate, and no other unit owner and no
other portion of the condominium shall be subject to a claim for payment of
those taxes or expenses, and, unless the declaration provides otherwise, any
income or proceeds from the convertible land and any improvements on such
convertible land shall inure to the declarant. No such conversion shall occur
after 10 years from the recordation of the declaration, or such shorter period
of time as the declaration may specify.

HISTORY: 1974, c. 416, § 55-79.61; 1975, c. 415; 1986, c. 324; 1991, c. 497;
1993, c. 45; 2012, c. 520; 2019, c. 712.