55-79.58:1 - Bond to insure completion of improvements - Virginia Statutes

§ 55-79.58:1. Bond to insure completion of improvements.

A. The declarant shall file with the Common Interest Community Board a bondentered into by the declarant in the sum of 100 percent of the estimated costof completion, to the extent of the declarant's obligation as stated in thedeclaration, of all improvements to the common elements of the condominiumlabeled in the plat or plats as "(NOT YET COMPLETED)" or "(NOT YETBEGUN)" located upon submitted land and which the declarant reasonablybelieves will not be substantially complete at the time of conveyance of thefirst condominium unit. Such bond shall be conditioned upon the faithfulperformance of the declarant's obligation to complete said improvements instrict conformity with the plans and specifications for the same as describedin the declaration.

B. The declarant shall file with the Common Interest Community Board a bondentered into by the declarant in the sum of 100 percent of the estimated costof completion of a unit in which a time-share interest is conveyed before theunit has been certified as substantially complete in accordance withsubsections A and B of § 55-79.58. The bond required by this subsection shallbe conditioned upon the faithful performance of the declarant's obligation tocomplete said improvements in strict conformity with the plans andspecifications for the same as described in the declaration.

C. All bonds required herein shall be executed by a surety company authorizedto transact business in the Commonwealth of Virginia or by such other suretyas is satisfactory to the Board.

D. The Board may promulgate reasonable regulations which govern the return ofbonds submitted in accordance with this section.

(1977, c. 428; 1988, c. 15; 1999, c. 560; 2008, cc. 851, 871.)