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� „ . .,� `. � l ' • I vested in the Soard, unless action or approval by the individual Owners is specifically requi d - by the G veming Documents or the Act. All references to the Association shall mean t e Associati n acting througli the Board,unless specificatly stated to the contrary. 5. Operational Purposes_ The Association shall operate and manage the Property or the purp ses of{i) adtninisterin� and enforcing the covenants, restrictions, easements, charg s, and liens'set forth in the Governing Documents and the Rules and Regulations, (ii) maintaini g, repairing and replacing those portions of the Property and ather property for w�ich it is responsi ]e, antl (iii) preservina the value, and the architectural uniformity and character, of he Property.; � 5�3 Bindin� Effect of Actions. Ail agreements and determinations made by he Associat on in accordance with the powers and voting rights established by the Govern ng Docume ts or the Act shall be binding upon all Owners and Occupants, and theis lessees, gue ts, heirs, pe onal representatives, successars, and assigns, and all secured parties as defined in e Act. 5 4 Bvlaws. The Association shall have Bylaws. The Bylaws shall govern he operatio and administration of the Association, and shall be binding on all Owners nd Occupa s. 5.5 Mana�ement. The Board may delegate to a manager or managing agent the manage ent duties irr�posed upon the Association's offcers and directors by the Gove 'ng Docume ts and the Act. However,such delegation shal! not relieve�the officers and director of the ulti ate responsibility for the performance of their duties as prescribed by the Gove ing Docume ts and by law. .6 Rules and Regulations. The Board shall have exclusive authority to approve nd implem�nt such reasonable Rules and Regulations as it deems necessary from time to time for the purplose of operating and administering the affairs of the Association and regulating the use of the Aroperty; provided, that the Rules and Regulations shall not be inconsistent with the Governi g Documents or the Act. The inclusion in other paRs of the Governing Documen of authorit to approve Rules and Regulations shall be deemed to be in fuRherance, and no in ]imitati n,of the authority granted by this Section. New or amended Rules and Regulations s all he effec ive only after reasonable notice thereof has been given ta the Owners. .7 Association Assets; Surplus Funds. All funds and real or personal prop rty acquire by the Association shall be held and used for the benefit of the Owners for the purp ses ' stated i the Governing Documents. Surplus funds remaining after payment of or provisio for Comm Expenses and reserves shall be credited against future Assessments or adde to reserve ,as determined Cy the Board. i � .8 Resale Disclosure Certi#icates. Pursuant to Section S 15B.4-107 of the Act, i the event o a resale of a Unit by an Owner other than Declarant, that Owner shall furnish t the purcha r a resale disclosure certificate containing the information required by Section 515 .4- 107(b) f the Act, Pursuant to Section S I SB.4-107(d) of the Act, the Association shall, w thin ten da (or within such other relevant timeframe set forth in the Act) after a request b an MPLS-�Vo d 95281.11 '] , � . .