55-79.03 - Changes in amount of rent. - Virginia Statutes

§ 55-79.03. Changes in amount of rent.

The amount of a residential ground rent may be changed on demand of eitherthe obligor or obligee at the end of five years from the date of theagreement, and every five years thereafter, by giving notice in writing byregistered mail to the other party between the ninetieth and sixtieth dayprior to such fifth anniversary. Unless the parties agree otherwise, suchchange in ground rent shall not exceed the percentage change for thepreceding three years in the General Consumer Price Index for All Items aspublished by the United States Department of Labor, Bureau of LaborStatistics or such other instrument or agency of the United States or of thisCommonwealth as may be designated by the General Assembly. The first of suchyears shall constitute the base year.

(1975, c. 363.)