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09�2612t108 13:12 ,° • , . �. . (FAX)6516902Fs13 P.OD8l0�4 Attachment D the Act. The Association sY�all, subject to the rights of the Ovvners set forth in the Governing documents a�d the Act, be responsible for the operation, rna�ragenaent and control of the Property. The Association shall l�ave �11 pawers described in fhe Governing Documents, the Act and the stat�te under which the Association is incorporated. All power and authori.ty of �he Assoeiation shall be vested zn the Board, uziless action ar approva.l by th.e inclividual Owners is specifically required by tlie Governing documents or the Act. AIi refere�ces to the Association shall mean the Association acting Yhrough the Board, unles� specifically st�.ted to the contrary. 5.2 Operationa� Purposes. The Association shall operate and manage the Property for the purpnses of (i) ac��nistering and enforcing �'ie covenants; restrictions, easemenfis, cha.�-ges and liens set forth in t1�e Governing Documenis and the Rules a.tzd Regulations, (ii) nxai_ntaining, repairing and replacin� those portians of the Praperty and other property for which ii is responsib�e, and (iii) preserving tlle �alue, and the arcl�itectural chara.cter, of the Property. 5.3 Bindin�Effect of Act�ons. A31 agre�menYs and deternainations made by the Assaciation in accordance with the powers and voti�g rights established by the Governing Doc�nents or the Act sk�atl �e bir�dit�.g upon ail Owners and Occupants, and their lessees, guests, heirs, personal representatives; successors and assigns, and all secure� parties as defined in t�.e Act. 5.4 �3vlaws. The Association shall hat+e By�aws. T}�e Bylaws shall govern tl�e operation and admi.r�istration af the Assaciation; and shal� be binding an ail Owners and Occupan�. 5.5 Mana e�nt. The Board xnay delegate ta a manager or managing agent the management du�ies imposed upon the Association's officers and directors by �e Goverr�ing Documents aad the Act. However, such dele�ation shall not relieve the o#iicers and directoz-s o£ fhe ultimate responsibiiity for the pe�az-marice of their duties as prescribed by the Go�eming Dae�nenis and by law, 5.6 R�les and Re afians. The Board shail have exdusive authorify to agpro�e and iznplemen� such reasonable Rules and Regulations as it deems necessary frozn timc to time for the puzpose of operating a�d adtnuustering the aifairs of the Association and regi.ilating the use of the Property; provid.ed, that the 12txles and Regulatians sha11 not be inconsistent with the Governing Docuine�ts or the Act. �e inclusion in other parts of the Goveming Dflcuments o� authar�ty to approve Rules and Regulatians sha.11 be deemed to be in iurtheranee, and nat iz� limitation, af the authority grat�ted by this Sectzan. New or amended Rules and Regulations shall be effective only aft�r reasonable notice thereof Iias been given to the Qwners. 5.7 Assaciation Assets; Surplus Funds. Al� fi�r�ds and real or personal property acquired b�r the Associatzon shall be held and used for the benefit of tl�e Ovemers far the purposes stated in the Gove�-nin� documents. Surplus fiu�ds rernaining after 7