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Purpose and Powers of the Association :

The Association will be essentially for the following purposes and will have the following powers:

(a) Administration and management of the entire Common Expenses and the expenses related to the operations and maintenance of the Common Facilities of all of the Member Syndicates in accordance with the registred servitudes imposed on all the co-owners of Cap Tremblant project, all for the purpose of signing contracts that are more advantageous to the Syndicates as a whole.

(b) In addition, to the extent that some of the Members may appoint the Association to act as an intermediary for negotiating contracts for maintenance expenses relating to their common areas and to their common areas for restricted use and payable by their operating funds or reserve funds, the Association will see to the preparation of contracts, the approval of such contracts by the Members concerned and the financial terms and conditions applicable to the payment of such expenses, which conditions have been the subject of a prior, specific agreement between the Members concerned, suppliers, Property Manager and Association, delimiting the responsibilities and obligations of each. The amounts relating to such expenses, however, will not be included in the Association’s operating budget, as they will not involve a financial transaction by the Association.

The Syndicates will have given their prior approval for such expenses and will have asked the Association to act as an intermediary, instructing the Association to see to preparing the contracts that bind the Syndicates concerned, the suppliers and the Property Manager, for the purpose of signing contracts that are more advantageous to all of the members.

(c) Administration and management of a Replacement Fund established to cover the costs relating to major repairs and the replacement of Common Facilities and their auxiliary installations as set out in the registered deeds of servitude;

(d) Ensure that the Syndicates and their co-owners respect the designation of the buildings and their architectural integrity, for the purpose of protecting the overall harmony of the Cap Tremblant project and any new construction in the Cap Tremblant Real Estate Project.

(e) Ensure that the legal obligations imposed by the Registered Servitudes are adhered to and, more specifically, as owner of Common Facilities, see to the maintenance, the repair and, where necessary, the replacement of the Aquatic Facilities and tennis court. The Association will see to negotiating and signing any contract for the maintenance, repair and replacement of the aforesaid facilities.