                                 CODE OF VIRGINIA

TIME-SHARE INSTRUMENT FOR PROJECT (§ 55.1-2214)

In addition to the requirements of § 55.1-2208, the time-share instrument for a
time-share use program shall prescribe and outline reasonable arrangements for
the management and operation of the time-share use program and for the
maintenance, repair, and furnishing of time-share use units it comprises. Such
arrangements shall include provisions for the following:

1. Standards and procedures for upkeep, repair, and interior furnishing of
time-share use units, for the replacements of such furnishings, and for
providing maid, cleaning, linen, and similar services to the units during use
and occupancy periods;

2. Adoption of standards and rules of conduct governing the use, enjoyment, and
occupancy of time-share use units by owners;

3. Payment by the developer of the costs and expenses of operating the
time-share use program and owning and maintaining the time-share use units it
comprises;

4. Selection of a managing agent to act for and on behalf of the developer
should the developer elect not to undertake the duties, responsibilities, and
obligations of the management of the time-share use program;

5. Procedures for establishing the rights of time-share use owners to occupancy,
use, and enjoyment of time-share use units by prearrangement or under a
first-reserved, first-served priority system;

6. Procedures for imposing and collecting regular or special assessments,
maintenance fees, or use fees from time-share use owners as necessary to defray
all time-share expenses and in providing materials and services to the units, as
required of the developer in this chapter;

7. Comprehensive general liability insurance for death, bodily injury, and
property damage arising out of, or in connection with, the occupancy, use, and
enjoyment of time-share use units by time-share use owners, their guests, and
other users. The costs associated with securing and maintaining such insurance
shall be a time-share expense. Nothing in this subdivision shall be construed to
obligate the developer to secure insurance on the conduct of the time-share use
owners, their guests, and other users or the personal effects or property of
such owners, guests, and users;

8. Methods for providing compensating or alternate use periods or monetary
compensation to a time-share use owner if a time-share use unit cannot be made
available for the period to which the owner is entitled by schedule or by a
confirmed reservation; and

9. Procedures for imposing a monetary penalty or suspension of a time-share use
owner&#8217;s rights and privileges in the time-share use program or project or
termination of the time-share use itself for failure of the time-share use owner
to (i) comply with the provisions of the time-share use instrument; (ii) comply
with the rules and regulations established by the developer with respect to the
occupancy, use, and enjoyment of the time-share use units; or (iii) pay the
charges imposed by the developer against the time-share use owner for providing
the materials and services as required of the developer in this chapter. Except
in matters where the time-share use owner has failed to pay the charge imposed
by the developer for a period of less than 60 days after it has become due and
payable, the owner shall be given notice and the opportunity to be heard.

HISTORY: 1981, c. 462, § 55-371; 1985, c. 517; 1994, c. 580; 1998, c. 460;
2019, c. 712.