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, ,�' Lt. _ .. . - . . . . . � I ' vested in the Board, unless 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 Association acting throug}i the Board,unless specificatly stated to the contrary. 5.2 Operational Purposes. The Association shall operate and manage the Property fo the purposes of(i) adcninistering and enforcing the covenants, restrictions, easements, charges, and liens'set forth in the Governing Dvcuments and t�e Rules and Regulations, (ii) maintainin , repairing, and replacing those portions of the Property and a#her property for w�ich it i responsi�le, and(iii) preserving the value, and the aschitecturaI uniformity and chazacter, of th Property_ 5.3 Bindin� Effect of Actions. AiI agreements and determinations made by th Association in accordance with the powers and voting rights established by the Governin Documents or the Act shall be binding upon all Owrters and Occupants,and their lessees, gues , heirs, personal representatives, successors, and assigns, and all secured parties as defined in th Act. 5.4 Bvlaws_ The Association shall have Bylaws. T'he Bylaws shall govern th operation and administration of the Association, and shall be binding on all Owners an Occupants. 5.5 Mana�ement. The Board may delegate to a manager or managing agent th management duties irr�posed upon the Association's officers and directors by the Governin Documents and the Act. However,such delegation shal! not relieve�the officers and directors o the ultimate responsibility for the performance of their duties as prescribed by the Governin Documents and by law. 5.6 Rules and Re�ulations. The Board shall have exclusive authority to approve an implement such reasonable Rules and Reg�lations as it deems necessary from time to time f r the purpose of operating and administering the affairs of the Association and regulating the us of the Property; provided, that the Rules and Regulations shall not be inconsistent with th Governing Documents or the Act. The inclusion in other parts of the Governing Documents f authority to approve Rules and Regulations shall be deemed to be in furEherance, ar�d 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 propert acquired by the Association shall be held and used for the benefit of the Owners for the purpose ' stated in the Goveming Documents. Surplus funds remaining after payment of or provision f r Common Expenses and reserves sha(1 be credited against future Assessments or added t reserves,as determined by the Board. 5.8 Resale Disclosure Certi�cates. Pursuant to Section S 15B.4-107 of the Act, in th event of a resale of a Unit by an Owner other than Declarant, that Owner shall furnish to-th purchaser a resale disclosure certif cate containing the information required by Section S 15B. - 107(b} of lhe Act. Pursuant to Section 5]SB.4-107(d) of the Act, the Association shall, withi ten days (or within such other relevant timeframe set forth in the Act) after a request by a MPLS-Word 95281.11 '�