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� �+� �`� ' . � ti ' vested in the Board, unless action or approval by the individual Owners is specifically required • by the Goveming Documents or the Act. All references to the Association shall mean the Association acting through the Board,unless specifically stated to the contrary. 5.2 Oaerational Purqoses. The Association shall aperate and manage the Property for the purposes of{i) administering and enforcing the covenants, restrictions, easements, charges, and liens�set forth in�the Governing Documenis and t�e Rules an� Regulations, (ii)maintaining, repairing, and replacing those portions of the Property and other property for w�ich it is responsible, and(iii) preservin� the value, and the architectural uniformity and character, of the Property. 5_3 Bindin� Effect of Actions. All agreements and determinations made by the Association in accordance with the powers and voting rights established by the Governing Docurnents or the Act shall be binding upon all Owners and Occupants,and their lessees, guests, heirs, personal representatives, successors, and assigns, and all secured parties as defined in the Act. 5.4 Bylaws_ The Association shall have Bylaws. The Bytaws shall govern the operation and administration of the Association, and shall be binding on all Owners and Occupants. 5.5 Mana�ement. The Board may delegate to a manager or managing agent the management duties imposed upon the Association's offcers and directors by the Governing Documents and the Act. However,such delegation shall not relieve the officers and directors of the ultimate responsibility for the performance of their duties as prescribed by the Governing Documents and by law. 5.6 Rules and Regulations. T'he Board shall have exclusive authority to approve and implement such reasonable Rules and Regulations as it deems necessary from time to time for the purpose of operating and administering the affairs of the Association and.regulating the use of the Property; provided, that the Rules and Regulations shall not be inconsistent with the Governing Documents or the Act_ The inclusion in other paRs of the Governing Documents of authority to approve Rules and Regulations shal] be deemed to be in furtherance, and not in limitation,of the authority granted by this Section. New or amended Rules and Regulations shall be effective only after reasonable notice thereof has been given to the Owners. 5.7 Association Assets; Surplus Funds. All funds and real or personal property acquired by the Association shall be held and used for the benefit of the Owners for the purposes � stated in the Goveming Documents. Surplus funds remaining after payment of or provision for Common Expenses and reserves shall be credited against future Assessments or added to reserves,as determined by the Board. S.$ Resale Disclosure Certi�cates. Pursuant to Section 515B.4-107 of the Act, in the event of a resale of a Unit by an Owner oiher than Declarant, that Owner shall furnish to the purchaser a resale disclosure certificate containing the information required by Section S 15B.4- 107(b) of the Act. Pursuant to Section 5]SB.4-107(d) of the Act, the Association shall, within ten days (or within such other relevant timeframe set forth in the Act) after a request by an MPLS-Word 95281.11 7