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, � , .: � , ti ' vested in the Board, unless action or approval by the individual Owners is specifically require ' by the CToweming Documents or the Act. All references to the Association shall mean th Associatior}acting througli the Board,unless specifically stated to the contrary. 5.2 I�, Operational Purposes_ The Association shall aperate and manage the Property foj- the purpos�s af{i) administerin; and enforcing the covenants, restrictions, easements, charges and liens�s�t forth in the Governing Documents and t�e Ru;es and Regulations, (ii) maintaining repairing, and replacing those ponions of the Property and ather property for which it i responsible, and (iii} preserving the value, and the architectural uniformity and character, of th Property. � 5.3 Bindin� Effect of Actions. All agreements ar�d determinations made by th Association in accordance with the powers and voting rights established by the Governin Documents or the Act shal]be binding upon all Owners and Occupants,and their Iessees, gues , heirs, personal representatives, successors, and assigns, and all secured parties as defined in th Act. 5.4 Bvlaws_ The Association sha11 have Bylaws. The Bylaws shall govern th operation and administration of the Association, and shall be binding on all Owners an Occupants. S.5'', Managemeni. The Board may delegate to a manager or managing agent th managemejnt duties imposed upon the Association's o�cers and directors by the Governin Dacument� and the Act. Nowever, such delegation shal! not relieve�the officers and directors f the ultimaae responsibility for the performance of their duties as prescribed by the Governin Document$and by law. 5.6 Rules and Regulations. The Board shall have exclusive authority to approve an impiement such reasonable Rules and Regulations as it deems necessary from time to time f r the purpose of operating and administering the affairs of the Association and regulating the u of the Property; provided, that the Rules and Regulations shatl not be inconsistent with th Governing Documents or the Act_ The inclusion in other parts of the Governing Documents f authority to approve Rules and Regulations shall be deemed to be in fuRherance, and not i limitation,of the authority granted by this Section. New or amended Rules and Regulations sha 1 be effective only after reasonable notice thereof has been given to ttte Owners. 5.7 Association Assets; Surqlus Funds. All funds and real or personal propeit acquired by the Association shall be held and used for the benefit of the Owners for the purpos s ' stated in the Governing Documents. Surplus funds rexnaining after payment of or provision f r Common Expenses and reserves shall be credited against futnre Assessments or added reserves, as determined�y the$oard. S. Resale Disclosure Certificates. Pursuant to Section S 15B.4-107 of the Act, in e event of resale of a Unit by an Owner other than Declarant, that Owner shall furnish to-t e purchaser a resale disclosure certif cate containing the information required by Section S 15B. - 107(b} of the Act. Pursuant to Section 515B.4-107(d) of the Act, the Association shaii, with n ten days or within such other relevant timeframe set forth in the Act) after a request by MPLS-Word 95281.1 l ']