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Directors and Officers, has entered into an agreement with RECAP
MANAGEI~NT CORPORATION, a Florida aorporation. Each apartment owner, #
his heirs, successors and assigns, shall be bound by said Management
Agreement to the same extent and effect as if they had executed said
Management Agreement for the purposes therein expressed. It is
specifically recognized that some or all of the persons comprising
the original Board of Directors and Officers of the Association are
---nwne~s-oP-some_ar_all of_the stock_of the said _Management Company,
atid that such circumstance shal], not be construed or considered as a
breach of their duties and obligations to the Association, nor as
grounds for the invalidation of the Mariagement Agreement in whole
or in part.
The foregoing were adopted as the By-Iawa oP COIANNADES
CONDOMINIUMS ASSOCIATION N0. 4, INC. a corporation not for profit 4
under the lawa oP the State oP Florida, at t2~e Pirst meeting of the
Board oP Dir.ectors on the day of , 1971.
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U1W OFFICES f)F GOLUSTEIN. FRANKLIN, CHONIN Q SCHqANK, P.A.. 2020 NORTHEAiT f03AO6TREET. NORTM MIAMI BEAGM. P:.oR~;,.q 33',~:.