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G'BNSRAL DSVSLOPI~NT CORPORATION
C$ R T I F I C A T E
T8S IINDERSIGNED, as Secretary of General Development Corpora-
tion, a Delaware corpo=ation, does hereby certify that the followinq
resolution was adopted at the Annual Meeting of the Board of Direc-
tors of General Development Corporation held May 13, 1970: -
RSSOLVED, that General Development Corporation
~(the "Company") is hereby authorized to enter into
construction loans and~first mortgage loans in ~
connection with the construction of houses by the
Company ~rith any national or state bank or federal _
savings and loan association authorized to conduct
buainess in-the State of F~orida, such loans to be -
aecured by a loan on the individual lots on which
auch houses are constructed, such loans to bear
interest at rates not in excess of one percentage
point above the prime rate from time to time pre-
vailinq, and that the President, any Vice Presi-
. dent, the Secretary and the Treasurer of the Com-
pany and William C. Bevan, Jr., M~ortgage Officer, -
are hereby authorized to execute notes, mortgaqes '
and any other doc~.unents and instruments and to do
auch other acts and things as may be necessary or _
~ - convenient to effect the purposes of this resolu- ~ ~
~ tion. :
~ I~FURT~R CERTIFY that the foregoing resolution has not been -
amended and is still in full force and effect as of the date of
this Certificate. -
IN WITNESS W~REOF, I have hereunto set my hand as Secretary ~
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of Geneial Development Corporation, and have affixed the corporate
seal of this corporation, this ~ day of ..,s: , 19T0.
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h'~j; David A. Doheny
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