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Directors and Officers, ha~ entered into an a~reemen~ with RECAP ~
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rt~NAGf:ifii.N'P ~ORPORATION, ~ Florida corporation. Fach apartment oVmer,
his heirs, successors and assi~ns, shall be bound by said Management
~ Agreement to the same extent and effect as if they had executed said
Management Agreement for thc purposes therein expressed. It is
specifically reco~nlzed that some or all of the persons comprising
the orig3nal Board of Directors and Officers of the Association are
owners of some or all of the stoc~c of the said Nianagement Company,
and that such circumstance shall not be construed or considered as a
t~reach of their duties and obligations to the Assoeiation, nor as
grounds for the invalidation of the Management A~reement in whole
or in part.
The fore~oing were adopted as the By-Laws of COIANNADES
CONDOMINiUt~fS ASSOCIATION ~IO. 3, INC. a corporation not for prof it
under the la~*s of the State of Florida, at the first meeting of the
Board of Directors on the day of , 1971.
~ ecre ary_
APPR0ITED :
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