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<br />#10634702v3 <br /> <br />14 <br />charges and liens set forth in the Governing Documents and the Rules and Regulations <br />(ii) maintaining, repairing and replacing those portions of the Property for which it is <br />responsible and (iii) preserving the value and architectural uniformity and character of the <br />Property. <br /> <br />7.3 Binding Effect of Actions. All agreements and determinations made by the Association <br />in accordance with the powers and voting rights established by the Governing Documents <br />shall be binding upon all Owners and Occupants, and their lessees, guests, heirs, personal <br />representatives, successors and assigns, and all secured parties. <br /> <br />7.4 By-Laws. The Association shall have By-Laws. The By-Laws and any amendments <br />thereto shall govern the operation and administration of the Association. <br /> <br />7.5 Management. The Board may delegate to a manager or managing agent the <br />management duties imposed upon the Association’s officers and directors by the <br />Governing Documents; provided, however, that such delegation shall not relieve the <br />officers and directors of the ultimate responsibility for the performance of their duties as <br />described by the Governing Documents and by law. <br /> <br />7.6 Rules and Regulations. The Board shall have exclusive authority to approve and <br />implement such reasonable Rules and Regulations as it deems necessary from time to <br />time for the purpose of operating and administering the affairs of the Association and <br />regulating the use of the Property; provided that the Rules and Regulations shall not be <br />inconsistent with the Governing Documents. The inclusion in other parts of the <br />Governing Documents of authority to approve Rules and Regulations shall be deemed to <br />be in furtherance, and not in limitation, of the authority granted by this Section. New or <br />amended Rules and Regulations shall be effective only after reasonable notice thereof has <br />been given to the Owners and, following expiration of the Declarant Control Period, the <br />affirmative approval of not less than 67% of voting members. <br /> <br />7.7 Association Assets; Surplus Funds. All funds and real or personal property acquired by <br />the Association shall be held and used for the benefit of the Owners for the purposes <br />stated in the Governing Documents. Surplus funds remaining after payment of or <br />provision for Common Expenses and reserves shall be credited against future <br />assessments or added to reserves, as determined by the Board. <br /> <br /> <br />SECTION 8 <br />RESERVED <br /> <br />SECTION 9 <br />MAINTENANCE <br /> <br />9.1 Maintenance by Association. The Association shall provide for all maintenance, repair <br />and replacement (collectively referred to as “Maintenance”) of the Common Areas. This <br />includes, without limitation, maintenance of the entrance monument, landscaping, <br />lighting, and irrigation system located within the easement that lies adjacent to the project <br />entry. If the Association fails to maintain the Shared Roadway, then the City of Orono <br />shall have the right to do so and assess the costs thereof against the Homesites. <br />352