HomeMy WebLinkAbout2099 . -
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herein, and also requiring Crider to restrict his dealings in
that certain coAUaon stock owned by him in Candleabra, Inc., a
Florida Corporation, and the assets of such corporation, but
otherwise agreeing to the modification of its obligation and
security as proposed by Gulfstream; and
WHEREAS, Gulfstream has agreed to the modification
~ and extension upon those terms and conditions, contingent upon
all money that is due and owing to First National being paid to
it as a condition of its assignment and further upon the condition
that Global, as assignee of such obligations and security, shall ~
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agree to extend and modify such obligation and security, ori~nally `
held by~First Nat~ional, pursuant to the same terms and conditions -
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of this Extension and Modification Agreement; and '
WHEREAS, Guarantors and Crider would individually
benefit by Global extending and modifying the obligations of
Gulfstream, and as a result thereof, have agreed to execute this
Agreement in accordance with ~he terms and conditions set forth
herein.
NOW, THEREFORE, in consideration of the foregoing,
Ten Dollars (s10.00) and other good and valuable considerations,
' receipt of which are hereby acknowledged the undersigned agree .
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~ as follows:
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~ 1. Global hereby consents to the transfer of radio ;
~ station WFTP-AM by Gulfstream to Media lnvestors, Ltd., including ~
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~ the license and all personal and real property pertaining to and
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~ used and useful in the operation of said station, and shall execute
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~ all necessary documents effectuating the release of any security
or lien it-has or may acquire by virtue of the assignment of the ~ s
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§ aforesaid obligation from First National, with respect to the.~
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~ said assets of said station. i°
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~ 2. During the term that the obligation owing by Gulfstream
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~ to Global remains outstanding, Gulfstream shall not sell or transfer
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~ or attempt to sell or transfer the remaining radio station license
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~ owned by it, to wit, WLQY-FM, without prior written consent of
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~ Global, or alternatively, without satisfying the obligation to
~ Global in full. ~
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