Condominium, declaration - Laserfiche WebLink

Home Browse Search

'! � ' ; '�, ,: � , � w ' vested in the Board, un3ess action or approval by the individual Owners is specifically require by the Goveming Documents or the Act. All references to the Association shall mean th Associatior�acting throug�i the Board,unless specifically stated to the contrary. 5.2 O�erational Purposes_ The Association shall aperate and manage the Property fo the purpos�s of(i) administering and enforcing the covenants, restrictions, easements, charges and liens�set forth in the Governing Dc�cuments and t�e Rt�les and ltegulations, (ii) maintaining repairing, �nd replacing those portions of the Praperty and other property for w�ich it i responsi�le, and (iii} preserving the value, and the axchitectura3 uniformity and character, of th Property_ � S_3 Bindin� Effect of Actions. All agreements and determinations made by th Association in accordance with the powers and voting rights established by the Goverrtin Docurnents or the Act shall be binding upon all Owners and Occupants, and their Iessees, gues , heirs, personal representatives, successors, and assigns, and al] secured parties as defined in th Act. 5.4 Bvlaws_ The Association shall have Bylaws. The Bylaws shall govern th operation and administration of the Association, and shall be binding on all Owners an Occupants.; 5.5', Manar?ement. The Board may delegate to a manager or managing agent th manageme�nt duties imposed upon the Association's offcers and directors by the Governin Document and the Aet. However,such delegation shall not relieve�the officers and directors f the ultima e responsibility for the performance of their duties as prescribed by the Governin Documen and by law. 5.6 Rules and Re�ulations. The Board shall have exclusive authority to approve an irnplement'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 Re�ulations shall not be inconsistent with Goveming D�curnents or the Act. The inclusion in other parts of the Governing Documents f authority to approve Rules and Regulations shal] be deemed to be in furEherance, 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 the Owners. 5.7 Association Assets; Surplus Funds_ All funds and real or personal prope acquired by the Association shall be held and used for the benefit of the Owners for the purpos s ' stated in ti�e 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,ajs determined by the Board. 5. Resale Disclosure Certifcates. Pursuantto Section SISB.4-107 ofthe 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 certificate containing the information required by Section S 15B. - 107(b} of the Act. Pursuant to Section S15B.4-107(d) of the Act, the Association shall, with n ten days or within such other relevant timeframe set forth in the Act) after a request by MPLS-Word 95281.11 7