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11 <br />5.2. Operational Purposes. The Association shall operate and manage the Property for <br />the purposes of (i) administering and enforcing the covenants, restrictions, easements, charges <br />and liens set forth in the Governing Documents and the Rules and Regulations, (ii) maintaining, <br />repairing and replacing those portions of the Property for which it is responsible, and (iii) <br />preserving the value and architectural character of the Property. <br /> <br />5.3. Binding Effect of Actions. All agreements and determinations made by the <br />Association in accordance with the powers and voting rights established by the Governing <br />Documents or the Act shall be binding upon all Owners and Tenants, and their lessees, guests, <br />heirs, personal representatives, successors and assigns, and all secured parties as defined in the <br />Act. <br /> <br />5.4. Bylaws. The Association shall have Bylaws. The Bylaws shall govern the <br />operation and administration of the Association and shall be binding on all Owners and Tenants. <br />The Bylaws need not be recorded. <br /> <br />5.5. Management. The Board may delegate to a manager or managing agent the <br />management of any or all Units, including any management duties imposed upon the <br />Association’s officers and directors by the Governing Documents and the Act. However, such <br />delegation shall not relieve the officers and directors of the ultimate responsibility for the <br />performance of their duties as prescribed by the Governing Documents and by law. The <br />Declarant and/or an affiliate of the Declarant may be employed as the manager of the <br />Association and/or the Property pursuant to a separate, written agreement, subject to termination <br />as provided by the Act or the management agreement. <br /> <br />5.6. Rules and Regulations. The Property and the conduct of Persons thereon is <br />subject to regulation, as follows: <br /> <br />5.6.1. The Board has the exclusive authority to approve and implement such <br />reasonable Rules and Regulations as it deems necessary from time to time for the purpose <br />of operating and administering the affairs of the Association and regulating the use of the <br />Property; provided that the Rules and Regulations shall not be inconsistent with the <br />Governing Documents or the Act. The inclusion in other parts of the Governing <br />Documents of authority to approve Rules and Regulations shall be deemed to be in <br />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. <br /> <br />5.6.2. An Owner may establish reasonable rules relating to the internal use of <br />such Owner’s Unit and the conduct of Persons using or visiting the Unit; provided that <br />the rules shall be consistent with and subject to the Governing Documents, the Rules and <br />Regulations, this Declaration and applicable law. <br /> <br />5.7. Association Assets: Surplus Funds. All funds and real or personal property <br />acquired by 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 provision for <br />124