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MINUTES OF MEETING OF
SHAREHOL~ERS AND DIRECTORS OF ;
B~ACH CLUB DEVELOPMENT CORP. ~
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A'oint meeting of the shareholders and directors of ~
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BEACH CLUB DEVELOPMENT CORP., a Florida corporation, ~
("Company") was held at the offices of Company on the 3rd ~
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day of November , 1975 pursuant to the mutual consent and ~
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waiver of notice at the foot of these minutes. ~
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Al1 of the shareholders and directors of Company were found ;
to be present.
The`meeting was called to order by the President. The ~
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President declared that the purpose of the meeting was to con- 5
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sider conveyance and transfer by Company of Company's property ~
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more particularly described in Exhibit A annexed hereto and made ~
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a part hereof and any and all other property of Company used or ~
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useful in connection therewith (the "Property") to HUTCHINSON ~
ISLAND CLUB, INC. in full satisfaction of the indebtedness (the ~
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"Indebtedness") of Company to the Trustees of Guardian Mortgage
Investors in the amount of $6,200,000.00 secured by a mortgage and
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i security agreement_from Company recorded in Official Records Book
E 226, Page 2942, of the public records of St. Lucie County, Florida.
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~ Upon motion duly made, seconded_and unanimously carried, it ~
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' was: '
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~ "RESOLVED, that Company transfer and canvey to ~
~ Hutchinson Island Club, Inc. ("HIC") all of the ;
a Property in satisfaction of the Indebtedness; a~d ~
~ "BE IT FURTHER RESOLVED, that the President or any ~
~ Vice President and the Secretary or any Assistant - ~
~ Secretary are hereby authorized, empowered and ?
~ directed to execute on behaif of Company and deliver ~
~ to HIC any-and all deeds, assignments, bills of `
~ sale and any oth~r documents and matters required by ?
- ~ounsel far the Trustees of Guardian Mortgage _
~ Investors or HIC and tne execution and delivery of ;
~ the aforesaid documents and matters by the officers ~
; of Company shall constitute conclusive evidence of ~
~ approval of the form, content and legal effect
thereof." - ~
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