A. The declarant may convert all or any portion of any convertible space into one
or more units or common elements, including limited common elements, subject to any
restrictions and limitations that the condominium instruments may specify. Any such conversion shall be deemed to have occurred at the time of the recordation
of appropriate instruments pursuant to subsection B and subsection E of § 55.1-1920.
B. Simultaneously with the recording of plats and plans pursuant to subsection E of § 55.1-1920, the declarant shall prepare, execute, and record an amendment to the declaration
describing the conversion. Such amendment shall assign an identifying number to each unit formed out of a convertible
space and shall allocate to each unit a portion of the undivided interest in the common
elements appertaining to that space. Such amendment shall describe or delineate any limited common elements formed out
of the convertible space, showing or designating the unit to which each is assigned.
C. If all or any portion of any convertible space is converted into one or more units
in accordance with this section, the declarant shall prepare and execute, and record
simultaneously with the amendment to the declaration, an amendment to the bylaws. The amendment to the bylaws shall reallocate votes in the unit owners' association,
rights to future common profits, and liabilities for future common expenses not specially
assessed, all as in the case of the subdivision of a unit in accordance with subsection D of § 55.1-1933.
D. Any convertible space not converted in accordance with the provisions of this section,
or any portion of such convertible space not so converted, shall be treated for all
purposes as a single unit until and unless it is so converted, and the provisions
of this chapter shall be deemed applicable to any such convertible space, or portion
of such convertible space, as though the same were a unit.
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