Agenda - Council - 06/11/1985 - Special

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! I I I I I I I I I I I I RIGHTS AND OBLIGATIONS OF THE ASSOCIATION Section 5.1 General. The Association shall be responsible for the management and control of the Cordon Property and all Improvements thereon (Including Furnishings and equipment related hereto) and shall keep the same in good, clean, att'ractive and sanitary condition, order and repair. The Association may at all times maintain an office on the Property for m~nQgement purposes. Section 5.2 Services. The Association may contract and pay For the services of any person or entity to manage its affairs, or any part thereof, to the extent it deems advisable, as well as such other personnel as the Association shall determine to be necessary or desirable for the proper operation of the Association, whether such personnel are furnished with whom or which it contracts. However, any such contract for professional management shall provide for termination by either party, with cause upon thirty (30) days prior written notice, and without cause and without payment of a termination fee or penalty upon ninety (90) days or less prior written notice. In addition, when professional management of the Property has been required by any First Mortgagee and in fact utilized by the Association, any decision to discontinue professional m~nagement and establish self-management by the Association shall require the prior consent of (i) Owners of Houses to which at least sixty-seven percent (G?%) of the votes in the Association are allocated and (ii) the approval of First Hortgagee's holding mortgages on Houses to which are allocated at least fifty-one percent (51%) o¢ the votes in the Association. Section 5.3 Rules and Requlations. The Association may make such reasonable Rules and Regulations governing the conduct of any persons using the Property, and governing the general use, maintenance and enjoyment of the Property, as it deems reasonably necessary, which Rules and Regulations shall not be inconsistent with the rights and duties established by the Governing Documents. Section 5.4 Board of Directors. The'ipower and authority of the Association in the Governing Documents and Rules and Regulations shall be vested in a Board of Directors elected by the Owners in accordance with the Bylaws of the Association. The Association shall act through the Board of Directors, unless specifically provided otherwise in the Governing Documents. Accordingly, all references to the Association shall mean the Association acting through the Board of Directors. I ARTICLE Vl COVENANTS FOR ASSESSMENTS I I Northfork page 9 of 25