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5.5 Management. The Board may delegate to a manager or managing agent the <br /> management duties imposed upon the Association's officers and directors by the <br /> Governing Documents; provided, however, that such delegation shall not relieve <br /> the officers and directors of the ultimate responsibility for the performance of <br /> their duties as described by the Governing Documents and by law. <br /> 5.6 Rules and Regulations. The Board shall have exclusive authority to approve and <br /> implement such reasonable Rules and Regulations as it deems necessary from <br /> time to time for the purpose of operating and administering the affairs of the <br /> Association and regulating the use of the Property; provided that the Rules and <br /> Regulations shall not be inconsistent with the other Governing Documents. The <br /> inclusion in other parts of the Governing Documents of authority to approve <br /> Rules and Regulations shall be deemed to be in furtherance, and not in limitation, <br /> of the authority granted by this Section. New or amended Rules and Regulations <br /> shall be effective only after reasonable notice thereof has been given to the <br /> Owners. <br /> 5.7 Association Assets; Surplus Funds. All funds and real or personal property <br /> acquired by the Association shall be held and used for the benefit of the Owners <br /> for the purposes stated in the Governing Documents. Surplus funds remaining <br /> after payment of or provision for Common Expenses and reserves shall be <br /> credited against future assessments, added to reserves, or retained in a working <br /> capital fund, as determined by the Board. <br /> SECTION 6 <br /> ASSESSMENTS FOR COMMON EXPENSES <br /> 6.1 General. Assessments for Common Expenses shall be determined and assessed <br /> against the Units by the Board, in its discretion; subject to the limitations set forth <br /> in Sections 6.2 and 6.3, and the requirements of the By-Laws. Assessments for <br /> Common Expenses shall include annual assessments and may include special <br /> assessments. Assessments shall be allocated among the Units according to the <br /> Common Expense allocations set forth in Section 4.2, subject to the following <br /> qualifications: <br /> a. Any Common Expense associated with the maintenance, repair, or <br /> replacement of a Limited Common Element undertaken by the <br /> Association may be assessed exclusively against the Unit or Units to <br /> which that Limited Common Element is assigned, on the basis of (i) <br /> equality, or (ii)the actual cost incurred with respect to each Unit. <br /> 11 <br /> 022818 <br />