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� •� �.: . � l ' vested in the Board, un]ess action or approval by tt�e individual Owners is specifically required � ' by the Gov�ming Documents or the Act. All references to the Association shall mean the Association cting througli the Board,unless specificatly stated to the contrary. 5.2 Operational Purposes. The Association shall operate and manage the Property for the purposes of(i) administering and enforcing the covenants, restrictions, easements, charges, and liens'se� forth in the Governing Documents and t�e Rules and Regulations, (ii) mainta;ning, repairing, ahd replacing those portions of the Pcoperty and ather property for w�ich it is responsible, and(iii) greservin� the value, and the axchitectural uniformity and character, of the Property_ � � 5.3 '' Bindin� Effect of Actions. All agreements and deterrninations made by the Association in accordance with the powers and voting rights established by the Goverr►ing Documents or the Act shall be binding upon all Owners and Occupants,and their lessees, guests, heirs, perso�al representatives, successars, and assigns, and all secured parties as defined in the Act. 5.4 Bylaws. The Association shall have Bylaws. The Bylaws shall govern the operation a�d administration of the Association, and shail be binding on all Owners and Occupants. 5.5 Mana�emeni. The Board may delegate to a manager or managing agent the managernenk duties imposed upon the Association's officers 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�nd by law. 5.6 I Rules and Regulations. 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 administering the affairs of the Association and regulating the use of the Propierty; provided, that the Rules and Re�ulations shall not be inconsistent with the Governing �}ocuments or the Act. The inclusion in other parts of the Governing Document� of authority to approve Rules and Regulations shall be deemed to be in fuRherance, and not in limitation,of the authority granted by this Sectian. New or amended Rules and Regulations shall be effective ionly after reasonable notice thereof has been given ta the Owners. 5.7 ' Association Assets; Surplus Funds. All funds and real or personal property acquired by the Association shatl he held and used for the benefit of the Owners for the purposes � stated in th� Goveming Documents. Surplus funds remaining after payment of or provision for Common xpenses and reserves shall be credited against future Assessments or added to' reserves, as determined by the Board. 5.8 i Resale Disclosure Certi�cates. Pursuant to Section S 15B.4-107 of the Act, in the event of a resate of a Unit by an Owner other 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 S15B.4-107(d) of the Act, the Association sha13, within ten days (o� within such other relevant timeframe set forth in the Act) after a request by an M PLS-Word 952 1.1 1 7 �' - - - - -- I