10-10-2016 Council Packet - Laserfiche WebLink

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only the Owner or other Person designated pursuant to the provisions of the Bylaws may cast such vote. The voting rights of Owners are more fully described in the Bylaws. SECTION 5 ADMINISTRATION The administration and operation of the Association and the Property, including but not limited to the acts required of the Association, shall be governed by the following provisions: 5.1 General. The operation and administration of the Association and the Property shall be governed by the Governing Documents and the Rules and Regulations. The Association shall, subject to the rights of the Owners set forth in the Governing Documents, be responsible for the maintenance, repair, and replacement of the Roadway and all other improvements located in, on, or under the Common Area. The Association shall have all powers described in the Governing Documents, and the statute under which it is incorporated. All power and authority of the Association shall be vested in the Board, unless action or approval by the individual Owners is specifically required by the Governing Documents. All references to the Association means the Association acting through the Board unless specifically stated to the contrary. 5.2 Binding Effect of Actions. All agreements and determinations made by the Association in accordance with the powers and voting rights established by the Governing Documents shall be binding upon all Owners and Occupants, and their lessees, guests, heirs, personal representatives, successors and assigns, and all secured parties. 5.3 Bylaws. The Association shall have Bylaws. The Bylaws and any amendments thereto shall govern the operation and administration of the Association, and shall be binding on all Owners and Occupants. 5.4 Rules and Regulations. The Owners shall have exclusive authority, upon the affirmative vote of at least 75% of the Owners of all Lots, to approve and implement such reasonable Rules and Regulations as they deem necessary from time to time for the purpose of operating and administering the affairs of the Association and regulating the use of the Common Area and the Property; provided that the Rules and Regulations shall not be inconsistent with the Governing Documents. The inclusion in other parts of the Governing Documents of authority to approve Rules and Regulations shall be deemed to be in furtherance, and not in limitation, of the authority granted by this Section. 5.5 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 Governing Documents. Surplus 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. SECTION 6 198927,i