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<br />5.5 Management. The Board may delegate to a manager or managing agent 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 /> <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 /> <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 /> <br />SECTION 6 <br />ASSESSMENTS FOR COMMON EXPENSES <br /> <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 /> <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 /> <br /> <br /> <br /> <br /> <br />_____ <br />11 <br />022818 <br /> <br />