Virginia Clauses Relating to Capital Calls are provisions included in legal contracts, specifically in agreements related to limited partnerships and limited liability companies formed in the state of Virginia. These clauses outline the conditions and procedures related to capital calls, which refer to when investors or members of an entity are required to contribute additional capital to the partnership or company. There are different types of Virginia Clauses Relating to Capital Calls, namely: 1. Mandatory Capital Call Clause: This type of clause outlines the circumstances under which the general partner or managing members can invoke a capital call on the limited partners or members. It specifies the conditions triggering the call, such as the need for additional funds for the entity's operations, investments, or meeting financial obligations. 2. Proportional Contribution Clause: This clause discusses the allocation of capital calls among limited partners or members. It determines the proportional share of the additional capital each investor or member must contribute based on their respective ownership or partnership percentage. 3. Timeframe for Capital Calls: This type of clause sets out the timeline within which capital calls can be made. It may specify whether the general partner or managing members have the authority to make calls at any time or if there are specific periods or intervals for making such requests. 4. Capital Call Procedure: This clause outlines the detailed procedures for initiating and fulfilling capital calls. It typically covers the notice requirements by the general partner to the limited partners or members, including the method, time frame, and format of communication. 5. Remedies for Non-Compliance: This clause addresses the consequences of failure or refusal by limited partners or members to fulfill their capital call obligations. It may describe the potential remedies available to the general partner or managing members, such as penalties, default provisions, rights to sell the non-compliant investor's interest, or dilution of ownership percentage. These Virginia Clauses Relating to Capital Calls are crucial in governing and regulating the financial aspects of limited partnerships and limited liability companies. They ensure that the entity can secure necessary funds when needed, maintain a fair distribution of financial responsibilities among investors or members, and provide a clear framework for resolving capital call disputes.
Virginia Clauses Relating to Capital Calls
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The unit owners' association shall have the power, to the extent the condominium instruments or the condominium's rules and regulations expressly provide, to (i) suspend a unit owner's right to use facilities or services, including utility services, provided directly through the unit owners' association for nonpayment ...
§ 55.1-1817. The board of directors shall establish a reasonable, effective, and free method, appropriate to the size and nature of the association, for lot owners to communicate among themselves and with the board of directors regarding any matter concerning the association. 2001, c. 715, § 55-510.2; 2019, c.
Lien for assessments. A. The unit owners' association shall have a lien on each condominium unit for unpaid assessments levied against that condominium unit in ance with the provisions of this chapter and all lawful provisions of the condominium instruments.
The board of directors may file or defend legal action in general district or circuit court that seeks relief, including injunctive relief arising from any violation of the declaration or duly adopted rules and regulations.
To perfect its assessments lien, the COA must record the lien in the clerk's office of the circuit court in the county or city in which the condo is located within 90 days from the time the first assessment became due and payable. (Va. Code Ann. § 55.1-1966).
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The VA Condominium Act sets forth the requirements for creating a condominium, including the minimum number of units, the percentage of units that must be owner-occupied, and the minimum amount of common area. The Act also sets forth the rights and responsibilities of condominium associations and unit owners.
The Code of 1819 was the first codification in Virginia that organized the statutory law by subject matter. On March 12, 1819, the Virginia General Assembly passed "An Act Providing for the re-publication of the Laws of this Commonwealth," and the resulting Code of 1819 entered into force on January 1, 1820.
How does a creditor go about getting a judgment lien in Virginia? To attach the lien, the creditor records the judgment on the county recorder's lien docket in any Virginia county where the debtor owns property now or may own property in the future.
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