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� �s, �`= ' . ► . � vested in th' Board, unless action or approval by the individual Owners is specifically required � by the Gov�ming Documents or the Act. All references to the Association shall mean the Associarion�cting through the Board,unless specifically stated to the contrary. 5.2 Operational Purposes_ The Association shall operate and manage the Property for the purpose of(i) administering and enforcing the covenants, restricti�ns, easements, charges, and liens'se forth in the Goveming Documents and t�e Rules and Regulations, (ii) maintaining, repairing, a d replacing those portions of the Properiy and ather property for w�ich it is responsible, and(iii} preservina the value, and the architecturai uniformity and character, of the Property. 5.3 Bindin� Effect of Actions. Ail agreements and determinations made by the Association in accordance with the powers and voting rights established by the Governing Documents �r the Act shall be binding upon all Owners and Occupants,and their lessees, guests, heirs, persor�al representatives, successors, and assigns, and all secured parties as defined in the Act. 5.4 B�law_s_ The Association shall have Bylaws. The Bylaws shall govern the operation a d administration of the Association, and shail be binding on all Owners and Occupants. 5.5 I Mana�ement. The Board rnay delegate to a manager or managing agent the managemen� duties imposed upon the Association's offcers and directors by the Governing Documents �nd the Act. However,such delegation shali not relieve the officers and directors of the ultimate responsil�ility for the performance of their duties as prescribed by the Governing Documents�nd by law. 5.6 I Rules and Regulations. The Board shall have exclusive authority to approve and implement sh�ch reasonabie Rules and Regulations as it deems necessary from time to time for the purpose f operating and administering the affairs of the Association and regulating the use of the Prop rty; provided, that the Rules and Regulations shall not be inconsistent with the Governing ocuments or the Act. The inclusion in ather parts of the Governing Documenu of authority to approve Rules and Regulations shall be deemed to be in fuRherance, and no2 in li3nitation,o the authority granted by this Section. New or amended Rules and Regulations shall be effective nly 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 khe Association shall be held and used for the benefit of the Owners for the purposes ' stated in the�Goveming Documents. Surplus funds rernaining after payment of or provision for Common E penses and reserves shall be credited against futvre Assessments or added to reserves, as etermined by the Board. 5.8 Resale Disclosure Certi�cates. Pursuant to Section S 15B.4-107 of the Act, in the event of a r sale of a Unit by an Owner other than Declarant, that Owner shall furnish to�the purchaser a esale disclosure certificate containing the information required by Section S 15B.4- 107(b} of th Act. Pursuant to Section S15B.4-107(d) of the Act, the Association shall, within ten days (o within such other relevant timeframe set forth in the Act) after a request by an MPLS-word 9528 .I 1 7