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� :,4 �� � ti ' ' vested in the Board, unfess action or approval by the individual Owners is specifically required • by the Gove �ng Documents or the Act. All references to the Association shall mean the Association a�Cting through the Board,unless specificatly stated to the contrary. 5.2 Operational Pumoses. The Association shall operate and manage the Property for the purposes of•(i) administering and enforcing the covenants, restrictions, easements, charges, and liens'set arth in the Governing Documents and the Rules and Regulations, {ii)maintaining, repairing, an replacing those portions of the Property and ather property for w�ich it is responsible, �nd (iii) preserving the value, and the architectural uniformity and character, of ti�e Property_ 5.3 Bindin� Effect of Actions. All agreements and determinations made by the Association n accordance with the powers and voting rights established by the Governing Documents r the Act shall be binding upon al] Owners and Occupants, and their lessees, guests, heirs, person 1 representatives, successors, and assigns, and al] secured parties as defined in the Act. 5.4 Bvlaws. The Association shall have Bylaws. The Bylaws shall govern the operation a ' administration of the Association, and shall be binding on all Owners and Occupants. 5.5 Mana�ement. The Board may delegate to a manager or managing agent the managernent duties imposed upon the Association's offcers and directors by the Governing Documents nd the Act. However,such delegation shal! not relieve the officers and directors of the ultimate Iresponsibility for the performance of their duties as prescribed by the Governing � Docurnents$nd by law. 5.6 Rules and Regulations. The Board shall have exclusive authority to approve and implement s ch reasonable Rules and Regulations as it deems necessary from time ta time for the purpose f operating and administering the affairs of the Association and reguiating the use of the Prop rty; provided, that the Rules and Re�u}ations shall not be inconsistent with the Governing ocuments or the Act. The inclusion in ather parts of the Governing Documents of authority to approve Rules and Regulations shall be deemed to be in furtherance, and not in ]irnitation,o the authority granted by this Section. New ar amended Rules and Regu]ations shal! be effective�inly after reasonable notice thereof has been given to the Owners. 5.7 Association Assets; Surplus Funds_ All funds and real or personal property acquired by�he Association shall he held and used for the benefit of the Owners for the purposes ' stated in the+Goveming Documents. Surplus funds remaining after payment of or provision for Common E penses and reserves shall be credited against future Assessments or added to reserves,as etermined by the Board. S.S Resale Disclosure Certi#icates. Pursuant to Section S 15B.4-107 of the Act,in the event of a sale of a Unit by an Owner other than Declarant, that Owner shall furnish to_the purchaser a resale disclosure certificate containing the information required by Section S 15B.4- 107(b} of t e Act. Pursuant to Section S15B.4-107(d) of the Act, the Association sha13, within ten days (o within such other relevant timeframe set forth in the Act) after a request by an MPLS-Word952$1.11 '� �