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•iti~UAtTtl $6tiEMENT ICH~TTEL wORt6A6E1 ~SO3 PaM~O FORY q ~
~ JN11'ORN COMM[RCIAL COQ< lINO. O1~ CORP.1 .
;
~~pl~Pnf ~
(CNATI~L MQR7~~1CE) ~~~20 . ~
~ht8 ~~PelliPtt~~ made che dsy of JUly LQ 74
uadet che lavs of the scace of F10Y'1d8
~e~ee1t Gulfstream Broadcasting Co. , Inc. , 8 F10Y'ide herein called che Debcoc
~ Corporation
whose busiaess address is (iE ao~e. Mdce "nope")
5199 N. E. 12th Avenue, Ft. Lauderdale, Florida
~nd whose residence address is same ~
~,d Global Development , Inc. hetein called the Secured Patty
Mhos~ aadr~ss is West Beau St. , Washington, Pennsylvania 15301
~itites~eth: ~
To seeute che paymenc of aa iadebcedaess io the aawuat of = 4~~ ~~~0. ~0 with iatcres~, payable~~(q~~~
Iri acco~rdance with the prc~visions of a promissory
note of even date, a tru~ copy of wh~ch is
attached hereto and marked Exhibit "A".
C~-
R6Cf1Y~D IN Pl1YMENi ~ TlI~S
DI~ ON QASS IH'AKGtBCE PER9011AL PROPfRiY~
PURSUANi TO 71-1 i4. ACTS ~ 19Ii.
Nfx.E~ ?t1l1~ i:
~ CIERK CIRCUIT ODJRT. S(. lilClE 00., FtA.
aa~a~a,aa~~yaaQaeaa~aaaeraa~Qee~ee and also to secucc any other iodebcedness ot liability of t6e Dcbtot
co che Secured Pany direct oc indirect, absolute or coatingenc, due ot to bernme due, aotc esistiaa or heresfcet arisiaa,
indu3in¢ al umce advances ot loans ~chicA may be made at che option of t6e Secu~ed Paay, (al! hereiaafter called the
~"obligauoos ) Debtor hereby aranes and coa~eys co che Secured Party a secuciey inceresc ia, aad mortgaaes co the Secured
Pacc , •
~a) the proQerty described in che sc6edule 6erein (6ereiaaEter called che collateral). ~v6ic6 collateral the Debtor
represeats will be used ptimarily
~ fot personal~ family ot houseMld pucposes ~ in farming opetatioas ~ in business or othe~ use ~
(b) all propercy, goods aad chatcels of che same classes as tMse scheduled, acquired by the Debtor subsequent co ehe ;
ezecucioa of c6is agreaaen~ aad prior to its te~mioation '
(c) all ~roceeds :Se~eof, if any. - `
(d) all incteases, substitutions. replacements. additions and accessions thereto.
;
DEBTI7R WA~t]4,AN1~ COVENANTS AND AGREFS AS ~LLO~VS:
To pay and pedocm all of the obliaations secuced by this aareement accotdiaa to cheir terms.
i To deEeod c6e title to the collaceral against all persons aod saainst all clsims and demands, ~atsoever. whic6 F
~ rnllaceral, e:cepc for the security interesc aranted 6ereby, is lawfully owned by the Dcbcot aad is aow free aod deac of
! any aad all lims, secutity iatereses~ claims. charges, tacumbnnces. t+ues aad assessments ezcept as mar be sec forth
in t6e schedule.
On demand of ~he secuced parcy co do c6e folto.viog: fumis6 fucc6er assutance of tide. ezecute any writtea agceement or
do anp other acts necessary to efEeccnate t6e pu[poses and ptovisions of chis aareement, ezecuce any insciument or state-
ment zequired by law+ or ochecwise io ordec to pe~fect. continue or tecminate t6e security intecest of the Secured Putq in t6e
collacenl and pay ali coscs of filina ia connecnoa there~rith.
To cetain possession of the collatecal ducina t6e ezistence of this gareemeat and noc to sell, uchanae. assign, loaa.
deliver. lease, mongaae oc ot6erwise dispose of same wit6ou[ the written consent of t6e Secuced Pirt'.
'Io Iceep the collacenl at che locacion specified ia che schcduie aad oa co remo~e same (e:cepe in t6e usual course oE
busioess for temponry peciods) without tfie pnor wciccen rnnsent of che Secuced Party.
To Iceep the collatecal free and clear cf ail lieos, charaes. encumbrances, n:es and •ssessmeots.
Topa y, when due, all cazes, assessments and liceose Eees celatioa to che collacenl.
To Iceep tde coliacecal, ac Debcot's ovrn cost ::nd ezpease,.iu sood tepair and cood'uion and availsble for inspectioa by
che Secuced Pa~ty at sll reasonable times.
I'o keep the collateral fuliy iasured aas:.:at loss by fiie~ thefc and ot6er casualties~ Debtor shall Ei~e immediace
writcen ootice to the Secured Pany and co insurors of loss oc damage to the collatetal and s6all peomptly file peoofs of loss
wich insurocs. ~
THE PARTIFS FURTHER AGREE
Waiver of or acquiescence in any default by che Debtor.ot failure of the Secured Party to iosist upon stria pecfocmance €
by the Debcot of any warrancies oc agrcemeacs ~n this security aaceemeot. s6all eot eooscitute a waivec of any subsequenc
or othec default or failure.
Notices co eichec party s6a11 be in writing and s6all be deli~eced personally oc by mail addtessed co d?e paetq at the
address hereia set forch or otherwise designated in wcitiog. •
;r The Unitoem Commercial Code s6a11 govem che ri6bts, duties and remedies oE c6e parcies and any pro~isioas ~ecein de-
U claced iovalid uader any la.r shall nos invalidate any ot'aer pro~ision or tbis aareemeot.
~ The foibwina s6a1{ coastitute a default by Debtot:
Failure to pay the principa 1 ar aoy ins;allment of ~riocipal ot of interesc on t6e indebtedoess or_any notes-whm due.
Failuce by Debcor to canply wic6 or pecform any provia~on of c6is aareemmc. False ot misleading representations or war-
D tancies made or aiven by Debcor ia connectioa ~vic6 chis aacesmeat. Snbjeccion oE tl~e collateral m le~y of ezec+~tion or
v
- ocher judicial process. Commencemmt of aay insolveacy ptoceedina by or agaiost t6e Debtor. 4~QqQ~]~t~• A~YX4f
rn ~ ~~(j~~~~~~~~~m~E]~dE~[dfjrXa~c of cheDebcor .~hic6 impecils the prospect of ful~ perfoimaace or satisEaction
of c6e Debtor's obliaations herein.
u Upon any default of t6e Debcor and at the opc~oa of the Secuced Puty, t6e obliaatioes secuced bq this aarcemeat s6a11
m X ~mmcdiacelq become due aod paqable io full wichoue oocice or demaod aad t6e Secured Pa~cr s6all 6a~e all c6r riahcs, rem-
edies aad privileaes wit6 cespect to repossession. retention ~nd sale of the collatetal and diaposicion of t6e pt+oceeds as
~n - ate accorded by t
he applicable setcions of the Uai Eo~m C
o mmercia l C
u de respecting "Default"
- Upon any deEsult and upon demaud~ Debtoc a6all a: semble t6e collacenl and malce it available to tl~e Secured Patt7 ac
U°~ - t6e place and at the time des~aaated in che demand.
o-
Upon any defaulc. che Secured Paccy's ressoeable atcomeys' fees and the lesal and ocher ezpenses Ior pursumg. ~
~ searcLin6 fnr. receiving, calcin~. keepiaa. swrio~. advrrtisina, aod sellina tl~e collacetal sh:ll be chataeable eo tLe Debtor.
'll~e Debtor shall temain liable Eor any deficiency cesulcina f~vm a sale of cbe collacenl aad shsll pay any suc~ de-
ficieucy foct6wit6 on demaod. - • `
lf c6e Debtor s6:11 defaulc in che perEormance of nn~ of the pco~isioas of c6is aaceemsac on c6e Debcor's parc w bepec- ~
focmed, Seeaced Psaq may perfoem same for c6e Debtor s acooanc aod any mooies ezpended io so doina shsU becbsr6eable
Y wit6 incerest co the Debtur and added to c6e indebtedoess ucured 6erebp.
~he Secured Parcy is hereby auc6orized co file s Financina Scaceotot. U R ~~n PA~
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