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' ' f~:URITV AGA[iMLNf ICNATTEI. MORT6A6EI 8O3 RAMCO FORM ~t
~ UNI/ORM COM~tERC1Al COOi 11N~. OR CORP.1 .
. ~PClil'~~ ~~PriiEYIt
(CHA77~L MOR7~AGE) '
~hts ~lareeu~eztt, ~aa~ c~~ a~y or Ju ly i9 7 4
ur~der the IaMS of the scace of Florida
~e~tveel~ Gulfstream Broadcasting Co. , Inc. , a Florida hecdn called che Debmr
` _ Corporation
~V~IOSt bti51RCSS Sd4ItSS 1S ~l~ tlOpt~ ~rt~ic in~uc~~i
5199 N. E. 12th Avenue, Ft. Lauderdale, Florida -
and whose resideace address is S~e ,
~,d Glob~l Development, Inc. . hecein called ehe Secured Party '
ahosc address is West Beau St. , Washington, Pennsylvania 15301
~ait~~e~$~th: ~
To aecure cbe payment of an iadebtedness in the amount of = 4~~ ~+itb interest, payable~7~~](~(
In accordance with the provisions of a promissory ~
note of even date, a true copy of which is
attached hereto and marked Exhibit "A".
C~
Rft;E1VED IN PJOlMetR ~ TIII~S
ouE otr Cuss ~c n+-a~ecrseE rEaso~ul ~oPEetY. ;
PURSIMPli TO CttA:''" 72-13+{. ACTS ~ 19%l.
- NG:E~ ?0l1~:1S
CLERK CIttCUIT Clh1RT, LiICtE 00., FUl
g~g~$8~q,~eag~p,~lepa8g,8~Q~iiitg and also co secure any ochet indebtedaess or liability of the Debtot
co che Secured Party ditecc or iadirect. absolute or contingenc. due or co become due, aow e:istina or heteafter arisiog.
includin~ all future advaaces or loans whic6 may be made at ~he opuon of the Secured Paay, (all hereiaaftet called the ~
"obligauoas ) Debtor heceby graats and coaveys to the Secured Pa~ty a secucity ioteresc ia, and moagages to the Secured
p~ . - arhich collateral t~e Ueboor ~
~a) tbe pmperty described in the scbedule hereia (heceinafcer called che rnllatetal)~
represeots ~rill be used ptimarily
~ for personal. family or Musehold pucposes ~ ia facming operacions in busioess or othec use
(b) all propeay, aoods aad chattels of che same classes as those scheduled. acquired by the Debcor subsequent co the
ezecutioo of this agteement and prior to its tetmination
(c) all Qtuceeds cbereof, if any, ~
(d) aU increases, subsutucioas. replacemmts. addicions and accessions therao.
` ~I DEBTC~R WA~t~eAN7~ COVENANIS AND AGREFS AS F~OLLOWS: ~
~ ! To pap aad perform all of the obligacions secuced by t6is aaceemeot accotdina to their tertas. ,
! To defead che citle to che collacenl aaains~ all persons aad agaiost all .claims aad demands, ~atsoever, wluc6
~ collateral. e:cepc Eor c6e security in~erest granced 6erebp, is lawfully o~sned by the Debtot and is oo~r fcee and clear of
` any sad all liens, security iocetescs. claims~ charges, mcumbrances. tues and assessments ezcept as may be set foah
~ in che sc6edule.
~ On demaod of che secured party to do c6e folbwing: fumish furthet assurance of ticle. ezecute any written agreemeat oc
3o any other acts necessary co effeccuate e6e purposes and provisions of this agreemene, e:ecute any instcument or state-
meo~ required by la~r oc oc6erwise ia ocder co pedect, continue or cermiasce che security interesc of the Secured Paay ia t6e
collaccral aad pay all coscs of Hling in conaecuon therewicb.
To retain possession of t6e collacecal duriag t6e eustence oE chis agreemmt and oot to sell. e:change. assigo. losn.
deliver. lesse. mortgage or otherwise dispose of same wicLout the rrritten cv~srnt oE the Secured Pa~tY.
To keep t6e collatetal at the locacion specified io the sc6edule aad noc co temove same (e:cepc tn t6e usual coucse of
business for tempotary peciods) w~chout the pnor wricten consent of t6e Secured Party.
To keep che collacenl &ee aad clear of s(l lims, charges. eacumbtances, ca:es and assessments.
Topa y, ~hen due, all tazes, assessments aod licrose fees celatia to ~he collatetal. s
To Iceep ~6e coUaceral, at Debtor's own cosc aad ezpense, in soo~cepaic and coodition aod available for iospection by
the Secared Party at all reasonablt times.
To Iceep thc collateral fully iosured againsc loss by fite, chefc aad other casualties, Debtor shall give immediate
written notice to ~6e Secured Pany and co insumrs oE loss or damaae to the collateral aad shall promptly file proofs of loss
wit6 insurors.
T!-IE PART7F.S FURTHER AGREE
~'aiver of or acquiescence io any default by cbe Debror.oc failure oE t6e Secuced Pareq co insisc upon sttict performance
by che Debcor of any wananties or agreements in chis security aareemenc. shall not constitute a Wai~er of any subsequrnt }
or other default or failure. ;
Notices co either pacty shalt be in wriciog and s6a11 be deli~ered pecsonally or by mail addcessed to the paay at t6e
address hereia sec torch or ochenrise designaced in writias. '
~ --n Il~e Unifocm Commercial Code shall govem the ri6hts, ducies and remedies of che paaies and any provisions hetein dr i
w-, U clared invalid under any law shall aot invalidate aay othec pcorision or chis aaretmenc.
~ ? The folbwing shali consticuce a defaulc by Debtot:
~ Failure to pay c6e principa 1 or aay installmeot of ~riacipal ot of intecest on the iadebtedoess or any ooces ~rhen due.
T' Failure by Debtor co comply w*ic6 or perEorm aay p~o~?ston of t6is aareement. Falae or misleading represrncations ot war-
~ ~ ranties made or gi~en by Debtor in conneccion ~ruh this aaceement. Subjection of tbe collateral to levy of ezecutioa or
~ oc6er judicial process. Commencemmt of any insolveacy proceedina by or against the Debtor. ~~]~~X4Q9t• AoYX4E
~r; ~ ~~(j~(~(~E~f~Q~e1~7~1E~EdQlilElf~dfJ[afjrXaEt oE theDebtor ~rhich imperils t6e ptospect of ful perfoemaace or satisfaction
~ r; • of the Debwr's obligatioos i~erein.
~ Upon any defauit of che Debcor and at che opuon oE che Secuced Pactp, the obliaations secured by this agreement shall
r O iaunediatelq become due and payable in full witiwuc notice oc demand aad the Secuted Pacty shall have all t6e rights, rem-
edies aod privileaes ~vich cespect to cepossessioo~ reteacion and sale of the collate~al aad d~spositioa of the proceeds as
--z - are aecorded by che applicable seccions of the Uaiform Commeccial Code respeccina Default .
- Upoo any default aad upon demaad, Debtor s6all assemble che collateral aad maice it available co the Secured Patty at
che place and at the time destgnated in t6e demaad. '
lJpoa aay default. the Secured Paccq's ceasonable atcomeys' fees snd the legal sod ot6er ezpenses fot pursuiog,
_ ~ searc6iog for, ceceiving, cskin~,{ceeping~ swrie~. adcertising. aod sellina the collateral shall be c6atgeable to the Debtor.
The Debcor shall tmm?in liable for any deficiencq cesuicing Erom a sale of t6e collacer'l and shall p~y any sucb de-
` ; ficieacy fonhwic6 0o demaod. :
If cbe Debcoc s6aU defaulc io che perEoruaace of aay of che provisioos of e6is aareemeot oo c6e Debcor's part to bepec-
focmed, Secured Patty may perfocro same for the Debtor's aceount and any moaies e:pended in so doins a6a11 be chataeable ~
wic6 intecest to t6e Debtor and added to the indebtedoess secur~d 6eceby.
The Secured Parcy is herebq auc6acized to file a Fioancing &scemenc. p R ~={O PA~
EO~X
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