Section 55.1-2208 - InstrumentsA. In order to create a time-share program for a time-share estate project, the developer shall execute a time-share instrument prepared and executed in accordance with this chapter and record it in the clerk's office where such time-share project is located. The time-share instrument shall contain the following:1. The name of the time-share project, which shall include or be followed by a qualifying adjective or term outlined in § 55.1-2205;2. The name of the locality and the state or situs in which the time-share project is situated;3. The legal description, street address, or other description sufficient to identify the time-share project;4. A legally sufficient description of the real estate constituting the time-share project;5. A statement of the form of time-share program, i.e., whether it is a time-share estate or time-share use;6. Identification of time periods by letter, name, number, or combination thereof;7. Identification of time-shares and, where applicable, the method by which additional time-shares may be created or withdrawn;8. The formula, fraction, or percentage of the common expenses and any voting rights assigned to each time-share;9. Any restrictions on the use, occupancy, enjoyment, alteration, or alienation of time-shares;10. The ownership interest, if any, in personal property available to time-share owners;11. The program by which the managing entity, if any, will provide management of the project;12. The period for which units are designated and committed to the time-share program and the property classification of the units at the expiration of such period;13. Any provision for amending the time-share instrument;14. A description of the events, including condemnation and damage or destruction, upon which the time-share program may or shall be terminated before the expiration of its full term and the consequences of such termination, including the manner in which the time-share project or the proceeds from the disposition of such project shall be held or distributed among owners;15. A statement of whether or not the developer reserves the right to add to or delete any incidental benefit; and16. Such other matters as the developer deems appropriate.B. In order to create a time-share program for a time-share use project, the developer shall (i) execute and record a time-share instrument as required by subsection A or (ii) execute a time-share instrument that takes the form of and is a part of the contract that contains the information required by subsection A.C. If the developer explicitly reserves the right to develop additional time-shares, the time-share instrument shall also contain the following:1. A legally sufficient description of all land that may be added to the time-share project, which shall be referred to as "additional land";2. A statement outlining the order in which portions of the additional land may be subjected to the exercise of each development right or a statement that no assurances are made in that regard;3. A statement of the time limit upon which the option to develop shall expire, together with a statement of the circumstances, if any, that will terminate that option prior to the expiration of the specified time limit;4. A statement of the maximum number of units that may be added to the time-share project, if known, or, if the maximum number of units that may be added to the time-share project is not known, a statement to that effect; and5. A statement of the property classification of the additional land if the developer fails to exercise the development rights as reserved in the time-share instrument.Amended by Acts 2023 c. 53,§ 1, eff. 7/1/2023.Amended by Acts 2023 c. 52,§ 1, eff. 7/1/2023.Added by Acts 2019 c. 712, § 1, eff. 10/1/2019.