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3. From the proceeds of th~a closing of radio station
WFTP-AM, Gulfstream shall pay to Global for the payment and
delivery to First National,.the total unpaid princ3pal balance
of the obligation owin~ to First National by Gulfstream, which
totals approximately Seventy Two Thousand Eight Hundred Ninety ~
Nine and 82/100 Dollars (Z72;899.82) as of June 20, 1979, plus
a per diem interest rate of s29.72. From such payment, Global
shall purchase the aforesaid obligatior? owing by Gulfstream
to First National. ~
4. Global shall receive by virtue of such payment;
an assignment of the aforesaid promissory note held by First
National, and a duly authorized assignment of the real estate
mortgage and security agreement held by First National to secure
said obligation, and additionally shall receive an executed UCC-3
Form evidencing such assignment of the personal property as security
interest of First National. Upon receipt and acceptance of such
assignments, Global shall cause such obligation to become bound
. under the terms and effect of this Extension and Modification
Agreement, by virtue af the fact that such obligations shall
merge into one total obligation due and owing to Global by Gulfstream,~
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~ as otherwise conditioned herein.
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! S. Upon the execution and delivery of the purchase
' money promissory note to be given by Media lnvestors, Ltd., to
Gulfstream in connection with the purchase of radio station WFTP-AM,
~ which note shall be in the principal balance of Three~Hundred~
~
~ Ninety Thousand One Hundred Twenty ~ 61/100 Dollars (~390,120.61)
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~ and the security instruments being executed to secure said obligation
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j given in connection therewith, namely a purchase money mortgage
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~ on the real estate being purchased in connection therewith and a
~ security interest, evidenced by a security agreement and financing
~ statement with ~respect to the personal property transferred in
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' connection therewith, Gulfstream shall execute and deliver to
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' Global an assignment of said purchase money note, an assignment
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~ .of the said purchase money mortgage (which shall be a purchase
~ money second mortgage, subject and inferior only to a first
~ mortgage lien of Citizens Federal Savings f, Loan Association
r of St. Lucie County, which first mortgage lien shall have a
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