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A. 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:\n1. The name of the time-share project, which shall include or be followed by a qualifying adjective or term outlined in § 55.1-2205;\n2. The name of the locality and the state or situs in which the time-share project is situated;\n3. The legal description, street address, or other description sufficient to identify the time-share project;\n4. A legally sufficient description of the real estate constituting the time-share project;\n5. A statement of the form of time-share program, i.e., whether it is a time-share estate or time-share use;\n6. Identification of time periods by letter, name, number, or combination thereof;\n7. Identification of time-shares and, where applicable, the method by which additional time-shares may be created or withdrawn;\n8. The formula, fraction, or percentage of the common expenses and any voting rights assigned to each time-share;\n9.

licable, the method by which additional time-shares may be created or withdrawn;\n8. The formula, fraction, or percentage of the common expenses and any voting rights assigned to each time-share;\n9. Any restrictions on the use, occupancy, enjoyment, alteration, or alienation of time-shares;\n10. The ownership interest, if any, in personal property available to time-share owners;\n11. The program by which the managing entity, if any, will provide management of the project;\n12. 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;\n13. Any provision for amending the time-share instrument;\n14. 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;\n15. A statement of whether or not the developer reserves the right to add to or delete any incidental benefit; and\n16.

rom the disposition of such project shall be held or distributed among owners;\n15. A statement of whether or not the developer reserves the right to add to or delete any incidental benefit; and\n16. Such other matters as the developer deems appropriate.\nB. 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.\nC. If the developer explicitly reserves the right to develop additional time-shares, the time-share instrument shall also contain the following:\n1. A legally sufficient description of all land that may be added to the time-share project, which shall be referred to as 'additional land';\n2. 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;\n3. A statement of the time limit upon which the option to develop shall expire, together with a statement of the circumstances, if any, that

r a statement that no assurances are made in that regard;\n3. 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;\n4. 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; and\n5. 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.\n2023, cc. 52, 53.