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� �a, �t: • � � I � , • . ' vested in the Soard, unless action or approval by the individual Owners is specifically re uired - by th� Goveming Documents or the Act. All references to the Association shall me n the Assoc�iation acting through 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, easennents, ch rges, and liens'set forth in t�e Goveming Documents and the Rules and Regulations, (ii)maint 'ning, repairing, and replacing those portions of the Praperty and ather property for w�ic it is respor�sible, and(iii) preservina the value, and the architectural uniformity and character, f the Property_ 5.3 Bindin� Effect of Actions. All agreements and determinations made y the Association in accordance with the powers and voting rights established by the Gov rning Documents or the Act shall be binding upon all Owners and Occupants, and their lessees, ests, heirs, personal representatives, successors, and assigns, and all secured parties as defined n the Act. I , ; ' S.4 Bvlaws_ The Association shall haae Bylaws. The Bylaws shall gove the operation and administration of the Association, and shail be binding on all Owne and Occugants. 5.5 Mana�ement. The Board rnay delegate to a manager or managing age t the mana�ernent duties imposed upon the Association's offcers and directors by the Gov ing Documents and the Act. However,such delegation shall not relieve the officers and direct rs of the ultlimate responsibility for the performance of their duties as prescribed by the Gov ing Docurr�ents and by law. � 5.6 Rules and Regulations. The Board shall have exclusive authority to approv and imple ent such reasonable Rules and Regulations as it deems necessary from trme to ti e for the pu�pose of operating and administering the affairs of the Association and reguiating th use of the'Property; provided, that the Rules and Re�ulations shall not be inconsistent wi the Governing Documents or the Act. The inclusion in ather paRs of the Governing Docume ts of authority to approve Rules and Regulations shall be deemed to be in furtherance, and ot in limitation,of the authority granted by this Section. New or amended Rules and Regulations shall be eff�ctive only after reasonable notice thereof has been given to the Owners. I�5.7 Association Assets; Surqlus Funds. All funds and real or personal pro erty acquir�d by the Association shatl be held and used for the bene�t of the Owners for the pu oses ' 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 add d to reserves, as determined by the$oard. i 5.8 Resale Disclosure Certificates. Pursuant to Section S 15B.4-107 of the Act, i the event pf a resale of a Unit by an Owner other than Declarant, that Owner shall furnish t the purchaser a resale disclosure certificate containing the information required by Section 51 B.4- 107(b} of the Act. Purs�ant to Section S15B.4-107(d) of the Act, the Association shail, ithin ten days (or within such other relevant timeframe set forth in the Act) after a request b an MPLS-Wc�rd 95281 J 1 7 I