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, , '�� ; . . ► ' ' vested in the Soard, unless action ar approval by the individual Owners is specifically requi ed - by the Goveming Documents or the Act. All references to the Association shall mean he Associatvon acting through the Board,unless specifically stated to the contrary. 5.2 Oaerational Purposes_ The Association shall aperate and manage the Property or the purposes of{i) administering and enforcing the covenants, restrictions, easements, char s, and liens'set forth in the Governing Documents and the Rules and Regulations, (ii)maintaini g, repairing� and replacing those portions of the Property and ather property for w�ich it is responsih}le, and {iii) preservin� the value, and the architectural uniformity and character, of he Property_' 5.3 Bindin� Effect of Actions. All agreements and determinations made by e Association in accordance with the powers and voting rights established by the Governi g Documents or the Act shall be binding upon all Owners and Occupants,and their lessees, gue ts, heirs, personal representatives, successors, and assigns, and all secured parties as defined in e Act. �I 5.4 Bvlaws. The Association sha11 have Bylaws. The Bylaws shall govern Ihe operation and administration of the Association, and shail be binding on all Owners d Occupants. 5.5 Mana�?ement. The Board may delegate to a manager or managing agent e managerr�ent duties imposed upon the Association's offcers and directors by the Governi�g Documents and the Act. Hawever,such delegaEion shall not relieve the officers and directors of the ultimate responsibility for the performance of their duties as pcescribed by the Governi g Documents and by law. � S.b Rules and Regulations. The Board shall have exclusive authority to approve a d implemer�t such reasonable Rules and Regulations as it deems necessary from time to time or the purpdse of operating and administering the affairs of the Association and.regulating the �se of the Property; provided, that the Rules and Regulations shall not be inconsistent with e Governing Documents or the Act. The inclusion in other parts of the Governing Documents of authority to approve Rules and Regulations shall be deemed to be in furtherance, and not in li;nitation,of the authority granted by this Secti�n. New or amended Rules and Regulations sh 11 be effectiye only after reasonable notice thereof has been given ta the Owners. 5.'7 Association Assets; Surqlus Funds. All funds and real or personal prope I y acquired by the Association shall be held and used for the benefit of the Owners for the purpo s � stated in the Goveming Documents. Surplus funds rernaining aFter payment of or provision r Common Expenses and reserves shall be credited against future Assessments or added to reserves,as determined by the Board. 5. Resale Disclosure Certifcates. 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 purchased,a resale disclosure certif cate containing the information required by Section S 15B. - 107(b) of lhe Act. Pursuant to Section S 15B.4-107(d) of the Act, the Association shail, within ten days (or within such other relevant timeframe set forth in the Act) after a request by n � , MPLS-Word 5281.11 7 �