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� �a, �`= ' , ti ' vested in t e Soard, unless acrion or approval by the individual Owners is specifically requir d • by the Go�veming Documents or the Act. All references to the Association shal] mean t e Associatio�acting through the Board,unless specifically staied to the contrary. 5.2 Operational Purposes_ The Association shall operate and manage the Property f r the purpos�s of(i) administering and enforcing the covenants, restrictions, easements, charge , and liens t forth in the Governing Documents and t�e R�les and Regulations, (ii) maintainin , repair�ng,�and replacing those portions of the Prflperiy and ather property for w�ich if s responsibl�, and(iii) preservina the value, and the architectural uniformity and chazacter, of t e Property. 5.3 �indin� Effect of Actions. AlI agreements and determinations made by e Associatio in accordance with the powers and voting rights established by the Governi Document�or the Act shall be binding upon all Owners and Occupants, and their lessees, gues , heirs, pers�nal representatives, successors, and assigns, and all secured parties as defined in t e Act. 5.4 Bvlaws. The Association shall have Bylaws. The Bylaws shall govern t e operation nd administration of the Association, and shail be binding on all Owners a Occupants 5.5 Mana�ement. The Board may delegate to a manager or managing agent manageme t duties imposed upon the Association's offcers and directors by the Governin Document and the Act. 1-Iowever,such delegation shall not relieve the officers and directors f the ultima e responsibility for the performance of their duties as prescribed by the Governin Documen and by law. 5.6 Rules and Regulations. The Board shall have exclusive authority to approve an� implement such reasonable Rules and Regulations as it deems necessary from time to time f r the purpos of operating and administering the affairs oF the Association and.regulating the us of the Pro erty; provided, that the Rules and Regulations shall not be inconsistent with th Governing Documents or the Act. The inclusion in other parts of the Governing Documents f . authority t approve Rules and Regulations shall be deemed to be in furtherance, and not i limitation, f the authority granted by this Section. New or amended Rules and Regulations sha 1 he effectiv only after reasonable notice thereof has been given ta the Owners. 5.7 Association Assets; Surplus Funds_ A11 funds and real or personal propert acquired b the Association shall be held and used for the beneftt of the Owners for the purpose ' stated in t e Goveming Documents. Surplus funds rernaining after payment of or provision f Common xpenses and reserves shall be credited against future Assessments or added t reserves, a determine�by the$oard. 5.$ Resa(e Disclosure Certifcates. Pursuant to Section S 15B.4-]07 of the Act, in th event of a�resale of a Unit by an Owner other than Declarant, that Owner shall furnish to-th purchaser resale disclosure certificate containing the information required by Section S 15B.4 107(b} of�e Act. Pursuant to Section S I SB.4-107(d) of the Act, the Association shai3, withi ten days ( r within such other relevant timeframe set forth in the Act) after a request by M PLS-word 95�S 1 J 1 7