55-430 - Eminent domain. - Virginia Statutes

§ 55-430. Eminent domain.

A. If a unit is acquired by eminent domain, or if part of a unit is acquiredby eminent domain leaving the proprietary lessee with a remnant which may notpractically or lawfully be used for any purpose permitted by the declaration,the award for such unit must include compensation to the proprietary lesseefor the value of his cooperative interest. Upon acquisition, unless thedecree otherwise provides, that cooperative interest's allocated interestsare automatically reallocated to the remaining cooperative interests inproportion to the respective allocated interests of those cooperativeinterests before the taking, and the association shall promptly prepare,execute and record an amendment to the declaration reflecting thereallocations. Any remnant of a unit remaining after part of a unit is takenunder this subsection is thereafter a common element.

B. Except as provided in subsection A, if part of a unit is acquired byeminent domain, the award for such unit must compensate the proprietarylessee for the reduction in value of his cooperative interest. Unless thedecree provides otherwise, upon acquisition (i) that cooperative interest'sallocated interests are reduced in proportion to the reduction in the size ofthe unit, or on any other basis specified in the declaration; and (ii) theportion of the allocated interests divested from the cooperative interest ofwhich the partially acquired unit is a part is automatically reallocated tothat cooperative interest and the remaining units in proportion to therespective allocated interests of those cooperative interests before thetaking, with the cooperative interest of which the partially acquired unit isa part participating in the reallocation on the basis of its reducedallocated interests.

C. If part of the common elements is acquired by eminent domain, the portionof the award attributable to the common elements taken must be paid to theassociation. Unless the declaration provides otherwise, any portion of theaward attributable to the acquisition of a limited common element must beequally divided among the proprietary lessees of the units to which thatlimited common element was allocated at the time of acquisition.

D. The court decree shall be recorded in every city or county in which anyportion of the cooperative is located.

(1982, c. 277.)