                                 CODE OF VIRGINIA

AMENDMENT TO CONDOMINIUM INSTRUMENTS; CONSENT OF MORTGAGEE (§ 55.1-1941)

A. If any provision in the condominium instruments requires the written consent
of a mortgagee in order to amend the condominium instruments, the unit
owners&#8217; association shall be deemed to have received the written consent
of a mortgagee if the unit owners&#8217; association sends the text of the
proposed amendment by certified mail, return receipt requested, to the mortgagee
at the address supplied by such mortgagee in a written request to the unit
owners&#8217; association to receive notice of proposed amendments to the
condominium instruments and receives no written objection to the adoption of the
amendment from the mortgagee within 60 days of the date that the notice of
amendment is sent by the unit owners&#8217; association, unless the condominium
instruments expressly provide otherwise. If the mortgagee has not supplied an
address to the unit owners&#8217; association, the unit owners&#8217;
association shall be deemed to have received the written consent of a mortgagee
if the unit owners&#8217; association sends the text of the proposed amendment
by certified mail, return receipt requested, to the mortgagee at the address
filed in the land records or with the local tax assessor&#8217;s office and
receives no written objection to the adoption of the amendment from the
mortgagee within 60 days of the date that the notice of amendment is sent by the
unit owners&#8217; association, unless the condominium instruments expressly
provide otherwise.

B. Any amendment adopted without the required consent of a mortgagee shall be
voidable only by an institutional lender that was entitled to notice and an
opportunity to consent. An action to void an amendment shall be subject to the
one-year statute of limitations set forth in subsection C of &#xA7; 55.1-1934
beginning on the date of recordation of the amendment.

C. Subsection A shall not apply to amendments that alter the priority of the
lien of the mortgagee or that materially impair or affect the unit as collateral
or the right of the mortgagee to foreclose on a unit as collateral.

D. Where the condominium instruments are silent on the need for mortgagee
consent, no mortgagee consent shall be required if the amendment to the
condominium instruments does not specifically affect mortgagee rights.

HISTORY: 1993, c. 1, § 55-79.73:1; 1998, c. 32; 2007, c. 675; 2019, c. 712;
2020, c. 817.