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� _ �,, •: � � : � . ' vested in the Soar , unless action or approval by the individual Owners is specifically required - by the Goveming Documents or the Act. All references to the Association shal] mean the Association acting hrougli the Board,unless specificatly stated to the contrary. 5.2 O e tional Pur oses_ The Association shall operate and manage the Property for the purposes af{i} a8rninistering and enforcing the covenants, restrictions, easements, charges, � and liens'set forth n the Goveming Documents and the Rules and Regulations, (ii)maintaining, repairing, and rep acing those ponions of the Property and ather property for wk�ich it is responsible, and(i i) preservin� the value, and the architectural uniformity and character, of the Property. ; � 5.3 Bin in Effect of Actions. All agreements and determinations made by the Association in ac ordance with the powers and voting rights established by the Governing Documents or the ct shall be binding upon all Owners and Occupants,and their lessees, guests, heirs, personal re esentatives, suceessors, and assigns, and all secured parties as defined in the Act. 5.4 B 1 ws_ The Association shall have Bylaws. The Bylaws shall govern the operation and ad inistration of the Association, and sha91 be binding on all Owners and Occupants. 5.5 Ma a ement. The Board may delegate to a manager or managing agent the managemeni duti s imposed upon the Association's officers and directors by the Governing Documents and Act. However,such delegation shall not reiieve-the officers and directors of the ultimate resp nsibility for the performance of their duties as prescribed by the Governing Documents and b law. 5.6 Ru es and Re ulations. The Board shall have exclusive authority to approve and implement such r asonable Rules and Regulations as it deems necessary from time to time for the purpose of op rating and administering the affairs of the Association and regulating the use of the Property; rovided, that the Rules and Re�ulations shall not be inconsistent with the Governing Docu ents or the Act. The inclusion in other parts of the Governing L)ocumenu of authority to appr ve Rules and Regulations shal] be deemed to be in furtherance, and not in li;nitation,of the uthority granted by this Section. New or amended Rules and Regulations shall be effective anly fter reasonable notice thereof has been given to the Owners. 5.7 A �sociation Assets• Sumlus Funds_ All funds and real or personal property acquired by the ssaciation shall be held and used for the benefit of the Owners for the purposes ' stated in the Gov ming Documents. Surplus funds remaining after payment of or provision for Common Expen es and reserves shall be credited against future Assessments or added to reserves, as dete ined by the Board. 5.8 R sale Disclosure Certifcates. Pursuant to Section S 15B.4-107 of the Act, in the event of a resale of a Unit by an Owner other than Declarant, that Owner shall furnish to�the purchaser a resa] disclosure certificate containing the information required by Section S15B.4- 107(b) of the A . Pursuant to Section S15B.4-l07(d) of the Act, the Association shall, within ten days (or wit in such other relevant timeframe set forth in the Act) after a request by an M PLS-Wocd 95281.11 7