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� - �a, •: , ._ ti vested in the oard, unless action or approval by the individual Owners is specifically required by the Gove ing Documents or the Act. All references to the Association shall mean the Association ac ing througti the Board,unless specifically stated to the contrary. � � 5.2 Operational Purposes_ The Association shall operate and manage the Property for the purposes f{i) administering and enforcing the covenants, restrictions, easements, charges, and liens�set f rth in the Goveming Documents and the Rules an� Regulations, (ii) maintaining repairing, an replacing those portions of the Property and ather property for wk�ich it is responsible, a d(iii) preserving the value, and the architectural uniformity and character, of the Property. � 5.3 �Bindin� Effect of Actions. All agreements and determinations made by the Association i accordance with the powecs and voting rights established by the Governing Documents o the Act shall be binding upon all Owners and Occupants,and their lessees, guests, heirs, persona� representatives, successors, and assigns, and all secured parties as defined in the Act. 5.4 �Bvlaws_ The Association shall have Bylaws. T'he Bytaws shall govern the operation an administration of the Association, and shail be binding on all Owners and Occupants. 5.5 Mana�ement. The Board rnay delegate to a manager or managing agent the managerneni duties irr�posed upon the Association's officers and directors by the Governing Documents a d the Act. However,such delegation shall not relieve�the officers and directors of ' the ultimate esponsibility for the performance of their duties as prescribed by the Governing Documents�d by law. 5.6 Rules and Reg�ulations. The Board shall have exclusive authority to approve and implement s ch reasonable 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 y; provided, that the Rules and Regulations shall not be inconsistent with the Governing ocuments or the Act. The inclusion in other parts �f the Governing Documents of authority to pprove Rules and Regti�ations shal] be deemed to be in furtherance, and not in limitation,o the authority granted by this Secti�n. 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�he Association shatl be 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. 5.$ ' Resale Disclosure Certi�icates. 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 certif cate containing the information required by Section S 15B.4- 107(b} of th' Act. Purs�ant 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-Word952�i.11 '] � I