HomeMy WebLinkAbout2098 .
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of the Commonwealth of Pennsylvania; and
1~[HEREAS, the security interest owned by Global, as
evidenced by the afore-r~ferenced mortgage and Security Agreement
for the obligation owing to it by Gulfstream, -is second and inferior
to those certain security interests owned and held by First
National Bank and Trust Company,_Washington, Pennsylvania (hereinafter
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called First National) which security interests of First National f
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secure an obligation owing by Gulfstream pursuant to the terms
and provisions of a certain Promissory Note dated July 22, 1974,
in the principal amount of ~15U,OQ0.00, and which security interest :
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consists of a first lien on personal property of Gulfstream, as r
set forth in that certain Security Agreement dated July 22, 1974, ~
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recorded at O.R. Book 230, Page 372, of the Public Records of St.
Lucie County, Florida, and that certain mortgage encumbering the
real property described therein dated July 22, 1974, r~corded ~
July 25, 1974, at O.R. Book 230, Page 346,.of the Publi ord
Secu~'ity Agreemen r~ ~
of St. Lucie County, Florida, and. which/ was r- corded
at O.R. Book 231, Page 7.53, of the Public Records of St. Lucie
County, Florida, and which obligation owing to First National is
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also due and payable on July 15, 1979; and
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~ WHEREAS, Gulfstream has requested that Global extend
' the due date ori its obligation with Gulfstream to December 15,
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~ 1980, upon the consideration that Gulfstream satisfy in full the~
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~ obligation owing to First National and upon the further considera-
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~ tion that Global consent to the transfer of radio station WFTP-AM,
' release all assets from the terms and effect of its security
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~ interest in the assets used and useful in the operation of said
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~ radio station and accept as additional collateral purchase money ~
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- obligations and security interests being received by Gulfstream
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~ from the purchaser of said radio station, to wit, Media lnvestors,
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~ Ltd., a Missouri Limited Partnership; and
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~ WHEREAS, Global is agreeable to extending the obligation .
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~ of Gulfstream to December 15, 1980, conditioned upon receiving ~ '
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~ the assignment of the obligation and security interest held by
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First National, rather than having Gulfstream satisfy same, by , -
~ additionally requiring the personal guarantees of the Guarantors
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