55-79.05 - Redemption rights. - Virginia Statutes

§ 55-79.05. Redemption rights.

The obligor shall have the right to redeem a residential ground rent at anytime after three years from the date of the ground rent agreement. Theredemption shall be effected for such amount as the obligor and the obligeemay have agreed upon; or, in the absence of such an agreement, shall bedetermined by capitalizing the ground rent in effect at the time ofredemption, using the average rate on long term business loans charged bycommercial banks in the southeast, as published by the Federal Reserve Board.Upon tender of such amount by the obligor, together with any lawfullycollectible arrearages of rent and interest thereon, the obligor may redeemthe land from, and shall be entitled to a release from all obligation to payground rent. Such release shall be in recordable form and the cost ofrecording the same, together with any other charges incidental to it, otherthan the state transfer tax, shall be paid by the obligor.

(1975, c. 363.)