Condominium Declaration - Laserfiche WebLink

Home Browse Search

� �i, �': • , ti � vested in the Soard, unless action or approval by the individual Owners is specifically requ red - by the �oveming Documents or the Act. All references to the Association shall mean the AssociaCion acting throug}i the Board,unless specificatly stated to the contrary. 5.2 Oaerational Purposes. The Association shall aperate and manage the Prope for the purposes of{i) administering and enforcing the covenants, restrictions, easements, char es, and liens�set forth in the Governing Documents and the Rules an� Regulations, (ii) maintain ng, repairing, and replacing those portions of the Property and ather property for w�ich i is responsi�ble, and(iii) preserving ihe value, and the architectural uniformity and character, o the Property�_ � 5.3 Bindin� �ffect of Actions. All agreements and deterrninations made by tile Association in accordance wi[h the powers and voting rights established by the Gove ing Docurnenis or the Act shall be binding upon all Owners and Occupants, and their lessees, gu sts, heirs, personal representatives, successors, and assigns, and all secured parties as defined in the Act. 3.4 B_,_ylaws. The Association shall have Bylaws. The Bylaws shall govern the operation and administration of the Association, and shail be binding on all Owners and Occupants. 5.5 Mana�emeni. The Board rnay delegate to a manager or managing agent the management duties imposed upon the Association's officers and directors by the Gove ing Documents and the Act. However,such delegation shall not relieve the officers and directo�js of the ultirr�ate responsibility for the performance of their duties as prescribed by the Gove ing Documents and by law. 5.6 Rules and Re�ulations. 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 purpose of operating and administering the affairs of the Association and.regulating the use of the �roperty; provided, that the Rules and Re�ulations shall not be inconsistent with the Governing Documents or the Act. T'he inclusion in other paRs of the Governing Documen of authority to approve Rules and Regulations shal] be deemed to be in fuRherance, and n t in limitation,of the authority granted by this Section. New or amended Rules and Regulations hall be effective only after reasonable notice thereof has been given to the Owners. �.7 Association Assets; Surplus Funds. All funds and real or personal pro rty acqUired by the Association shall be held and used for the benefit of the Owners for the pu � ses ' stated in the Goveming Documents. Surplus funds remaining after payment of or provisio for Common Expenses and reserves shall be credited against future Assessments or adde to reserves, as determined�y the Board. .� 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 purchas r a resale disclosure certificate containing the information required by Section 515 .4- 107(b} f the Act. Pursvant to Section S I SB.4-107(d) of the Act, the Association shall, w'thin ten days (or within such ather relevant timeframe set forth in the Act) after a request b an MPLS-Wo�'�d 95281.11 7