02-18-2025 Planning Commission Packet

Home Browse Search

10 binding upon all Owners and Tenants, and their lessees, guests, heirs, personal representatives, successors and assigns, and all secured parties as defined in the Act. 5.4. Bylaws. The Association shall have Bylaws. The Bylaws shall govern the operation and administration of the Association and shall be binding on all Owners and Tenants. The Bylaws need not be recorded. 5.5. Management. The Board may delegate to a manager or managing agent the management of any or all Units, including any management duties imposed upon the Association’s officers and directors by the Governing Documents and the Act. However, such delegation shall not relieve the officers and directors of the ultimate responsibility for the performance of their duties as prescribed by the Governing Documents and by law. The Declarant and/or an affiliate of the Declarant may be employed as the manager of the Association and/or the Property pursuant to a separate, written agreement, subject to termination as provided by the Act or the management agreement. 5.6. Rules and Regulations. The Property and the conduct of Persons thereon is subject to regulation, as follows: 5.6.1. The Board has the exclusive authority to approve and implement such reasonable Rules and Regulations as it deems necessary from time to time for the purpose of operating and administering the affairs of the Association and regulating the use of the Property; provided that the Rules and Regulations shall not be inconsistent with the Governing Documents or the Act. The inclusion in other parts of the Governing Documents of authority to approve Rules and Regulations shall be deemed to be in furtherance, and not in limitation, of the authority granted by this Section. New or amended Rules and Regulations shall be effective only after reasonable notice thereof has been given to the Owners. 5.6.2. An Owner may establish reasonable rules relating to the internal use of such Owner’s Unit and the conduct of Persons using or visiting the Unit; provided that the rules shall be consistent with and subject to the Governing Documents, the Rules and Regulations, this Declaration and applicable law. 5.7. Association Assets: Surplus Funds. All funds and real or personal property acquired by the Association shall be held and used for the benefit of the Owners for the purposes stated in the Governing Documents. Surplus funds remaining after payment of or provision for Common Expenses and reserves shall be credited against future Assessments or added to reserves, as determined by the Board. SECTION 6 ASSESSMENTS 6.1. General. Assessments shall be determined and assessed against the Units by the Board, in its discretion, subject to the requirements and procedures set forth in this Section 6 and the Bylaws. Assessments shall include annual Assessments under Section 6.2 and may include special Assessments under Section 6.3 and limited Assessments under Section 6.4. Annual and special Assessments shall be allocated among the Units in accordance with the allocation formula set forth in Section 4.2. Limited Assessments under Section 6.4 shall be allocated to Units as set forth in that Section. 6.2. Annual Assessments. Annual Assessments shall be established and levied by the Board. Each annual Assessment shall cover all of the anticipated Common Expenses of the Association for that year which are to be shared by all Units in accordance with the allocation formula described in Section 4.2. Annual Assessments shall be payable annually, or in equal monthly or quarterly installments, as established by the Board. Annual Assessments may provide, among other things, for an adequate reserve fund for the replacement of the Common Elements and those parts of the Units for which the Association is responsible and which are 58