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, :,� �: , t ' . ' vested in the Soard, unfess action or approval by the individual Owners is specifically required • by the Goveming Documents or the Act. All references to the Association shap mean the Association acting through the Board,unless specifically stated to the contrary. 5.2 O�erational Purposes. The Association shall operate and manage the Property f�r the purposes of(i) administering and enforcing the covenants, restrictions, easements, charges, and liens set forth in�the Governing Documents and t�e Rules and Regulations, (ii) maintaining, repairing, and replacing those portions of the Property and ather property for w�ich it is responsible, and(iii) preservin� the value, and ihe architectural aniformity and character, of the Property. 5.3 Binding Effect of Actions. All agreements and determinations made by the Association in accordance with the powers and voting righis estabiished by the Governing Docurnents or the Act shall be binding upon all Owners and Dccupants,and their lessees,guests, heirs, personal representatives, successors, and assigns, and all secured parties as defined in the Act. 5.4 Bvlaws_ The Association shall have Bylaws. The Bylaws shall govern the operation and administration of the Association, and shail be binding on all Owners and Occupants. 5.5 Manaraement. The Board may delegate to a manager or managing agent the management duties iirtposed upon the Association's offcers and directors by t}�e Governing Documents and the Act. However,such delegation shal! 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 Re�ulations. The 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 admi�istering 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 parts of the Governing Documents of authority to approve Rules and Regulations shal] be deemed to be in furtherance, and noi 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. A]1 funds and real or personal propeity 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. 5.8 Resale Disclosure Certi�cates. Pursuant to Section S 15B.4-107 of the Act,in the event of a resale of a Unit by an Owner other than Declarant, that Owner shall furnish to-the purchaser a resale disclosure certifcate containing the information required by Section S15B.4- 107(b} of the Act. Pursuant to Section S15B.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