CODE OF VIRGINIA

PUBLIC OFFERING STATEMENT; COOPERATIVES SUBJECT TO DEVELOPMENT RIGHTS (§
55-479)

If the declaration provides that a cooperative is subject to any development
rights, the public offering statement must disclose, in addition to the
information required by § 55-478:

   1.  The maximum number of units and the maximum number of units per acre that
   may be created;

   2.  A statement of how many or what percentage of the units which may be
   created will be restricted exclusively to residential use, or a statement that
   no representations are made regarding use restrictions;

   3.  If any of the units that may be built within real estate subject to
   development rights are not to be restricted exclusively to residential use, a
   statement, with respect to each portion of that real estate, of the maximum
   percentage of the real estate areas and the maximum percentage of the floor
   areas of all units that may be created therein, that are not restricted
   exclusively to residential use;

   4.  A brief narrative description of any development rights reserved by a
   declarant and of any conditions relating to or limitations upon the exercise
   of development rights;

   5.  A statement of the maximum extent to which each cooperative
   interest’s allocated interests may be changed by the exercise of any
   development right described in paragraph 4;

   6.  A statement of the extent to which any buildings or other improvements
   that may be erected pursuant to any development right in any part of the
   cooperative will be compatible with existing buildings and improvements in the
   cooperative in terms of architectural style, quality of construction and size,
   or a statement that no assurances are made in those regards;

   7.  General descriptions of all other improvements that may be made, and
   limited common elements that may be created within any part of the cooperative
   pursuant to any development right reserved by the declarant, or a statement
   that no assurances are made in that regard;

   8.  A statement of any limitations as to the locations of any building or
   other improvement that may be made within any part of the cooperative pursuant
   to any development right reserved by the declarant, or a statement that no
   assurances are made in that regard;

   9.  A statement that any limited common elements created pursuant to any
   development right reserved by the declarant will be of the same general types
   and sizes as the limited common elements within other parts of the
   cooperative, or a statement of the types and sizes planned, or a statement
   that no assurances are made in that regard;

   10.  A statement that the proportion of limited common elements to units
   created pursuant to any development right reserved by the declarant will be
   approximately equal to the proportion existing within other parts of the
   cooperative, or a statement of any other assurances in that regard, or a
   statement that no assurances are made in that regard;

   11.  A statement that all restrictions in the declaration affecting use and
   occupancy of units and alienation of cooperative interests will apply to any
   units and cooperative interests created pursuant to any development right
   reserved by the declarant, a statement of any differentiations that may be
   made as to those units and cooperative interests, or a statement that no
   assurances are made in that regard;

   12.  A specified or maximum amount, if any, of acquisition, development or
   construction debt, inclusive of principal and any accrued interest, loan fees
   and other similar charges, assumed or to be assumed by the association for
   each phase of the development and whether there will be a security interest
   encumbering the cooperative to secure repayment. If no such amount can be
   specified, a statement that no amount may be assumed unless approved by
   persons entitled to cast at least 80 percent of the votes in the association,
   including a simple majority of the votes allocated to cooperative interests
   not owned by a declarant, or any larger percentage the declaration specifies;
   and

   13.  A statement of the extent to which any assurances made pursuant to this
   section apply or do not apply in the event that any development right is not
   exercised by the declarant.

HISTORY: 1982, c. 277; 2004, c. 242.