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to the rights of the Owners set forth in the Governing Documents and the Act, be responsible for the operation, management and control of the Property. The Association shall have all powers described in the Governing Documents, the Act and the statute under which the Association is incorporated. All power and authority exercisable by the Association shall be vested in the Board, unless action or approval by the individual Owners is specifically required by the Governing Documents or the Act. All references to the Association shall mean the Association acting through the Board, unless specifically stated to the contrary. 5.2. Operational Purposes. The Association shall operate and manage the Property for the purposes of (a) administering and enforcing the covenants, restrictions, easements, charges and liens set forth in the Governing Documents and the Rules and Regulations, (ii) maintaining, repairing and replacing those portions of the Property for which it is responsible, and (iii) preserving the value and architectural character of the Property. 5.3. Binding Effect of Actions. All agreements and determinations made by the Association in accordance with the powers and voting rights established by the Governing Documents or the Act shall be 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. Mana eg ment. 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. 10