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CERTIFICATION
I, John J. Guilfoyle, Jr., do hereby certify that the following
resolution was duly adopted by the Board of Directors of Gulf Oil Real
Estate Development Company at its regular meeting on May 8, 1974, and that
subject resolution remains in full force and effect.
RESOLVED, that the President be, and is hereby authorized
to borrow and to comnit the Company to repay, up to One
- Million Dollars (~1,000,000) on a continuing basis, without
further specific authorization of this Board of Directors,
which may from time to time be required for working capital,
land acquisition, land development, and construction and
, pernianent mortgage financing purposes. Such authority
shall extend to activities in which the Company ~s engaged
as General or Managing Partner of any joint venture or
partnership. ~
, AND FURTHER RESOLVED, that the-President, Executive Yice
President, any Vice President, the Treasurer, and any '
Assistant Treasurer be, and are hereby authorized and
directed to execute and deliver to any lender of such funds
~ such documents, certificates and agreements, including but
limited to notes, mortgages, construction loan agreements ~
; and other loan agreements, on behalf of the Company, or any
• joint ventures or partnership of which it is General or ~
4 Managing Partner, which shall be required by such lender ~
~ to secure payment made by it.
~ I further certify that the construction loan commitment set
~ forth in the letter dated May 19, 1976, from First Federal Savings and
~ Loan Association of Fort Pierce, Florida, to Hutchinson Island Limited
~ Partnership has been approved by W. H. Magness, President of Gulf Oil Real
Estate Development Company.
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; IN WITNESS WHEREOF, I have set forth my signature and seal af
~ the Corporation as set forth below:
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~ Dated this day of ~k~ - , 1976. ~
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