Condominium Declaration - Laserfiche WebLink

Home Browse Search

—.. r � ,�x �: . ' - � . ., ' ti ' vested in the Soard, unless action or approval by the individual Owners is specifically requi d - by the Goveming Documents or the Act. All references to the Association shall mean he Associatipn acting througl�i the Board,unless specificatly stated to the contrary. 5.� Operational Purposes_ The Association shall operate and manage the Property or the purpqses of{i) administering 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 responsil�le, and(iii) preservina the value, and the architectural uniformity and character, of he Property_ � 5_3 Bindin� Effect of Actions. All agreements and determinations made by e Associatipn in accordance with the powers and voting rights established by the Govern ng Documents or the Act shall be binding upon all Owners and Occupants, and their lessees, gue ts, heirs, pe�jsonal representatives, successors, and assigns, and all secured parties as defined in e Act. S.�t Bvlaws_ The Association shall have Bylaws. The Bylaws shall govern he operatiory and administration of the Association, and shail be binding on alt Owners nd Occupants. 5.5 Mana�emeni. The Board may delegate to a manager or managing agent he managernent duties imposed upon the Association's officers and directors by the Govern ng Documemts and the Act. However,such delegation shall not relieve�the officers and director of the ultimate responsibility for the performance of their duties as prescribed by the Govern ng Documer�ts and by law. 5.6 Rules and Re�ulations. The Board shall have exclusive authority to approve nd implement such reasonable Rules and Regulations as it deems necessary from time to time for the purp�se of operating and administering the affairs of the Association and reguiating the se of the PXoperty; provided, that the Rules and Regulations shall not be inconsistent with e Governir�g Documents or the Act. The inclusion in other par[s of the Governing Documen of authority� to approve Rules and Regulations shall be deemed to be in furtherance, and not in limitatiom,of the authority granted by this Section. New or amended Rules and Reg�lations s all be effective only after reasonable notice thereof has been given ta the Owners. 5,7 Association Assets; Sumlus Funds_ All funds and real vr personal prop rty acquired by the Assaciation shatl be held and used for the benefit of the Owners for the purpo es ' stated in the Govertiing Documents. Surplus funds remaining after payment of or provision for Common Expenses and reserves shatl be credited against futeare Assessments or added to reserves,as determined by the Board. � Sl8 Resale Disclosure Certi�cates. Pursuant to Section S 15B.4-107 of the Act, in e event of!a resale of a Unit by an Owner other than Declarant, that Owner shall furnish to, he purchaseur a resale disclosure certificate containing the information required by Section 515 .4- lQ7(b} o�f the Act. Pursuant to Section S15B.4-107(d) of the Act, the Association shall, wit in ten days (or within such other relevant timeframe set forth in the Act) after a request by an MPLS-�Vord95281.11 7