§ 10.1-1239. Nature of rights; subordination of interests.
A. Any person, including a person that owns an interest in the real property,the agency, or a municipality or other unit of local government, may be aholder. An environmental covenant may identify more than one holder. Theinterest of a holder is an interest in real property.
B. A right of an agency under this chapter or under an environmentalcovenant, other than a right as a holder, is not an interest in real property.
C. An agency is bound by any obligation it assumes in an environmentalcovenant, but an agency does not assume obligations merely by signing anenvironmental covenant. Any other person that signs an environmental covenantis bound by the obligations the person assumes in the covenant, but signingthe covenant does not change obligations, rights, or protections granted orimposed under law other than this chapter except as provided in the covenant.
D. The following rules apply to interests in real property in existence atthe time an environmental covenant is created or amended:
1. An interest that has priority under other law is not affected by anenvironmental covenant unless the person that owns the interest subordinatesthat interest to the covenant.
2. This chapter does not require a person that owns a prior interest tosubordinate that interest to an environmental covenant or to agree to bebound by the covenant.
3. A subordination agreement may be contained in an environmental covenantcovering real property or in a separate record. If the environmental covenantcovers commonly owned property in a common interest community, the record maybe signed by any person authorized by the governing board of the owners'association.
4. An agreement by a person to subordinate a prior interest to anenvironmental covenant affects the priority of that person's interest butdoes not by itself impose any affirmative obligation on the person withrespect to the environmental covenant or affect that person's existingliability.
§ 10.1-1239. Nature of rights; subordination of interests.
A. Any person, including a person that owns an interest in the real property,the agency, or a municipality or other unit of local government, may be aholder. An environmental covenant may identify more than one holder. Theinterest of a holder is an interest in real property.
B. A right of an agency under this chapter or under an environmentalcovenant, other than a right as a holder, is not an interest in real property.
C. An agency is bound by any obligation it assumes in an environmentalcovenant, but an agency does not assume obligations merely by signing anenvironmental covenant. Any other person that signs an environmental covenantis bound by the obligations the person assumes in the covenant, but signingthe covenant does not change obligations, rights, or protections granted orimposed under law other than this chapter except as provided in the covenant.
D. The following rules apply to interests in real property in existence atthe time an environmental covenant is created or amended:
1. An interest that has priority under other law is not affected by anenvironmental covenant unless the person that owns the interest subordinatesthat interest to the covenant.
2. This chapter does not require a person that owns a prior interest tosubordinate that interest to an environmental covenant or to agree to bebound by the covenant.
3. A subordination agreement may be contained in an environmental covenantcovering real property or in a separate record. If the environmental covenantcovers commonly owned property in a common interest community, the record maybe signed by any person authorized by the governing board of the owners'association.
4. An agreement by a person to subordinate a prior interest to anenvironmental covenant affects the priority of that person's interest butdoes not by itself impose any affirmative obligation on the person withrespect to the environmental covenant or affect that person's existingliability.
§ 10.1-1239. Nature of rights; subordination of interests.
A. Any person, including a person that owns an interest in the real property,the agency, or a municipality or other unit of local government, may be aholder. An environmental covenant may identify more than one holder. Theinterest of a holder is an interest in real property.
B. A right of an agency under this chapter or under an environmentalcovenant, other than a right as a holder, is not an interest in real property.
C. An agency is bound by any obligation it assumes in an environmentalcovenant, but an agency does not assume obligations merely by signing anenvironmental covenant. Any other person that signs an environmental covenantis bound by the obligations the person assumes in the covenant, but signingthe covenant does not change obligations, rights, or protections granted orimposed under law other than this chapter except as provided in the covenant.
D. The following rules apply to interests in real property in existence atthe time an environmental covenant is created or amended:
1. An interest that has priority under other law is not affected by anenvironmental covenant unless the person that owns the interest subordinatesthat interest to the covenant.
2. This chapter does not require a person that owns a prior interest tosubordinate that interest to an environmental covenant or to agree to bebound by the covenant.
3. A subordination agreement may be contained in an environmental covenantcovering real property or in a separate record. If the environmental covenantcovers commonly owned property in a common interest community, the record maybe signed by any person authorized by the governing board of the owners'association.
4. An agreement by a person to subordinate a prior interest to anenvironmental covenant affects the priority of that person's interest butdoes not by itself impose any affirmative obligation on the person withrespect to the environmental covenant or affect that person's existingliability.
