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:, ,�: . � I . � _ ' vested n the Board, unfess action or approval by the individual Owners is specifically req ired - by the Goveming Documents or the Act. All references to the Association shall mea the Associ tion acting through the Board,unless specificatly stated to the contrary. , � .2 Operational Purposes_ The Association shall operate and manage the Propert�for the pu oses�of{i) administerin� and enforcing the covenants, restrictions, easements, cha�ges, . and lie s�set forth in the Governing Documents and the Rules and Regulations, (iij maintai ing, repairi g, and replacing those portions of the Property and ather property fbr w�ich it is respons�ble, and (iii} preservin� the value, and the aschitectural uniformity and character, o the . Propert . 3 Bindin� Effect af Actions. All agreements and determinations made b the Associ tion in accordance with the powers and voting rights established by the Gove ing Docum�nTs or the Act shall be binding upon al] Owners and Occupants,and their lessees, g sts, heirs, p�rsonal representatives, successors, and assigns, and all secured parties as defined i the Act. � .4 Bvlaws_ The Association shall have Bylaws. The Bylaws shall gove the operati n and administration of the Association, and shail be binding on all Owners and Occup ts. .5 Mana�ement. The Board may delegate to a manager or managing agen the manag ment duties imposed upon the Association's offcers and directors by the Gove ing Docum nts and the Act. However,such delegation shal! not re4ieve the officers and directo s of the ulti ate responsibility for the performance of their duties as prescribed by the Goverj�ing Docum nts and by law. � .6 Rnles and Regulations. The Board shall have exclusive authority to approve and imple 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 reguiating th use of the roperty; provided, that the Rules and Re�ulations shall not be inconsistent wi the Govern ng Documents or the Act. The inclusion in other paRs of the Governing Documen of authoridy to approve Rules and Regulations shal] be deemed to be in fuRherance, and n t in limitatipn,of the authority granted by this Section. New or amended Rules and Regulations hall be effe tive only after reasonable natice thereof has been given ta the Owners. .7 Associa.tion Assets; Surplus Funds_ All funds and real or personal pro erty acquire by the Assaciation shall be held and used for the bene�t of the Owners for the purp ses � stated i the Goveming Documents. Surplus funds remaining after payment of or provisio for Comm n Expenses and reserves shall be credited against future Assessments or adde to reserve , as determined by the Board. .8 Resale Disclosure Certi#icates. Pursuant to Section S 15B.4-107 of the Act, i the event o a resale of a Unit by an Owner other than Declarant, that Owner shall furnish t -the purcha er a resale disclosure certificate containing the information required by Section 515 .4- 107(b) f the Act. Pursuant to Section S15B.4-107(d) of the Act, the Association shall, w thin ten da (or within such other relevant timeframe set forth in the Act) after a request b an MPLS-wo d 95281.11 7