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� �� . . . . � ti • " � vested i the Board, unless action or approval by the individual Owners is specifically requ red � by the oveming Documents or the Act. All references to the Association sha(] mean the Associa ion acting through the Board,unless specificatly stated to the contrary. .2 Oqerational Purposes_ The Association shall operate and manage the Prope for the pu ses of(i) administering and enforcing the covenants, restrictions, easements, char es, and lien 'set forth in the Governing Documents and the Rules and Regulations, (ii)maintain ng, repairin , and replacing those portions of the Property and other property for w�ich ' is responsi le, and(iii) preserving the value, and ihe architecturaI uniformity and character, o the � Propert _ �.3 Bindin� Effect of Actions. All agreements and determinations made by the Associa ion in accordance with the powers and voting rights established by the Gove ing Docurn nts or the Act shall be binding upon all Owners and Occupants,and their lessees, gu su, heirs, p rsonal representatives, successors, and assigns, and all secured parties as defined i the � Act. .4 Bvlaws_ The Association sha11 have Bylaws. The Bylaws shall govern the operatian and administration of the Association, and shail be binding on all Owners and Occupa ts. .5 Mana�emeni. The Board tnay delegate to a manager or managing agent the manage ent duties imposed upon the Association's offcers and directors by the Gove ing Docum nts and the�4ct. I-Iowever,such delegation shall not relieve the officers and directo s of the ulti ate responsibility for the performance of their duties as prescribed by the Gove ing Docum¢nts and by law. .6 Rules and Regulations. The Board shall have exclusive authority to approve and implem nt such reasonable Rules and Regulations as it deems necessary from time to tim for the pu ose of operating and administering the affairs of the Association and regulating th use of the roperty; provided, that the Rules and Regulations shall not be inconsistent wi the Govern ng Documents or the Act_ The inclusion in other paRs of the Governing Documen of authori y to approve Rules and Regulations shall be deemed to be in furtherance, and n t in ]imitati n,of the authority granted by this Section. New or amended Rules and Regulations hall be effe tive only after reasonable notice thereof has been given to the Owners. .7 Association Assets: Surplus Funds_ All funds and real or personal pro I erty acquire by the Association shatl be held and used for the benefit of the Owners for the pu ses � stated i the Goveming Documents. Surplus funds remaining after paymeni of or provisio for Comm n Expenses and reserves shall be credited against future Assessments or adde to reserve , as determined by the Board. I 5.8 Resale Disclosure Certificates. Pursuant to Section S 15B.4-107 of the Act,i the event f a resale of a Unit by an Owner other than Declarant, that Owner shall furnish t the purch er a resale disclosure certif cate containing the information required by Section 51 B.4- 107(b}jof the Act. Pursuant to Section S 15B.4-107(d) of the Act, the Association st�all, w thin ten da s (or within such other relevant timeframe set forth in the Act) after a request b an MPLS-w d 95281 J 1 7 - - --- -- - — - •- I