A. The declarant shall complete all improvements depicted on any site plan or other graphic representation included in the public offering statement or in any promotional material distributed by or for the declarant unless that improvement is labeled "NEED NOT BE BUILT."
B. The declarant is subject to liability for the prompt repair and restoration, to a condition compatible with the remainder of the cooperative, of any portion of the cooperative affected by the exercise of rights reserved pursuant to or created by §§ 55.1-2120, 55.1-2121, 55.1-2122, 55.1-2123, 55.1-2125, and 55.1-2126.
1982, c. 277, § 55-494; 2019, c. 712.
Structure Code of Virginia
Title 55.1 - Property and Conveyances
Chapter 21 - Virginia Real Estate Cooperative Act
§ 55.1-2102. Variation by agreement
§ 55.1-2103. Property classification of cooperative interests; taxation
§ 55.1-2104. Applicability of local ordinances, regulations, and building codes; local authority
§ 55.1-2106. General principles of law applicable
§ 55.1-2107. Construction against implicit repeal
§ 55.1-2108. Uniformity of application and construction
§ 55.1-2109. Unconscionable agreement or term of contract
§ 55.1-2110. Obligation of good faith
§ 55.1-2111. Remedies to be liberally administered
§ 55.1-2112. Creation of cooperative ownership
§ 55.1-2114. Construction and validity of declaration and bylaws
§ 55.1-2115. Description of units
§ 55.1-2116. Contents of declaration
§ 55.1-2117. Leasehold cooperatives
§ 55.1-2118. Allocation of ownership interests, votes, and common expense liabilities
§ 55.1-2119. Limited common elements
§ 55.1-2120. Exercise of development rights
§ 55.1-2121. Alterations of units
§ 55.1-2122. Relocation of boundaries between adjoining units
§ 55.1-2123. Subdivision of units
§ 55.1-2124. Easement for encroachments
§ 55.1-2125. Use for sales purposes
§ 55.1-2127. Amendment of declaration
§ 55.1-2128. Termination of cooperative ownership
§ 55.1-2129. Rights of secured lenders
§ 55.1-2130. Master associations
§ 55.1-2131. Merger or consolidation of cooperatives
§ 55.1-2132. Organization of the association
§ 55.1-2133. Powers of the association
§ 55.1-2133.1. Installation of solar energy collection devices
§ 55.1-2134. Executive board members and officers
§ 55.1-2135. Transfer of special declarant rights
§ 55.1-2136. Termination of contracts and leases of declarant
§ 55.1-2138. Upkeep of cooperative
§ 55.1-2139. Common elements; notice of pesticide application
§ 55.1-2139.1. Electric vehicle charging stations permitted
§ 55.1-2143. Tort and contract liability
§ 55.1-2144. Conveyance or encumbrance of the cooperative
§ 55.1-2146. Assessments for common expenses
§ 55.1-2147. Annual budget; reserves for capital components
§ 55.1-2148. Remedies for nonpayment of assessments
§ 55.1-2149. Other liens affecting the cooperative
§ 55.1-2150. Limitation of assumption of debt and encumbrances
§ 55.1-2151. Association records
§ 55.1-2152. Association as trustee
§ 55.1-2153. Applicability; waiver
§ 55.1-2154. Liability for public offering statement; requirements
§ 55.1-2155. Public offering statement; general provisions
§ 55.1-2156. Public offering statement; cooperatives subject to development rights
§ 55.1-2157. Public offering statement; time-shares
§ 55.1-2158. Public offering statement; cooperatives containing conversion building
§ 55.1-2159. Public offering statement; cooperative securities
§ 55.1-2160. Purchaser's right to cancel
§ 55.1-2161. Resales of cooperative interests
§ 55.1-2162. Escrow of deposits
§ 55.1-2164. Conversion buildings
§ 55.1-2165. Express warranties of quality
§ 55.1-2166. Implied warranties of quality
§ 55.1-2167. Exclusion or modification of implied warranties of quality
§ 55.1-2168. Statute of limitations for warranties
§ 55.1-2169. Effect of violation on rights of action; attorney fees; arbitration of disputes
§ 55.1-2170. Labeling of promotional material
§ 55.1-2171. Declarant's obligation to complete and restore
§ 55.1-2172. Substantial completion of units
§ 55.1-2173. Common Interest Community Board
§ 55.1-2174. General powers and duties of the Common Interest Community Board
§ 55.1-2175. Registration required
§ 55.1-2176. Application for registration; approval of uncompleted unit
§ 55.1-2177. Receipt of application; order or registration
§ 55.1-2178. Cease and desist order
§ 55.1-2179. Revocation of registration
§ 55.1-2180. Investigative powers of the Common Interest Community Board
§ 55.1-2181. Annual report and amendments
§ 55.1-2182. Annual report by associations
§ 55.1-2183. Common Interest Community Board regulation of public offering statement