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principal balanca of approximately Ona Nundred Three Thousand
$ No/100 Dollars (~103,000.00)), and an assignment of the.
security agree~aent and financing statements perfecting same
with respect to the personal property being purchased in
connection therewith (which personal property. lien shall be
subject and inferior only to a lien in favor of Sun Bank of - ~
St. Lucie County, securing an obligation in the principal
amount of Seventy Two Thousand $ No/100 Dollars (s72,000.00),
which obligation_ is secured by a security interest in personal
property being transferred by Gulfstream to Media lnvestors,
Ltd., of a vaZue equal to approxima~`ely One Hundred NinF Thousand
Dollars (~109,000.00)).
6. By virtue of such assignment of the lien interests
of First National to Global, Global shall have a first lien on
all real property originally se~ forth in its aforesaid mortgage,
excepting that certain real property being transferred by Gulfstream
to Media lnvestors, Ltd., and shall further have a first lien ,/Q
on all personal property owned by Gulfstream, used and useful
eaooepting the auta~tiori sy
in connection with the operation of radio station WLQY-FM ~ and ~
all personal property used and useful in connection with radio
station WFTP-AM excepting that certain property pledged to Sun
Bank of St. Lucie County as previously set forth herein.
i ~
7. The parties hereby stipulate and agree that by
virtue of such assignment of the First Na~tional obligation to
~
~ Global and after calculation of the unpaid principal balance
i
~ -
4
t on the original obligation of Gulfstream to G al, including,~4
6 /'r~
~ unpaid interest, the total unpaid ~
ga~t'i n ow ng b~ fstream
` ~ 12:01 A.M. 1979
; to Global equals ~ 499,631.60 as •of~~ nd pty p~rincipal
f - ~V
` obligation shall forthwith bear interest at the rate f fifteen
~ (15~) percent per annum and it shall be paid to Globat in mo*~thty
E
` ins*nll~~er~ts of interest only commencing on the last day of
.t
: ~
` and ~ the l.ast ach mon~ t~ :
Ju1y ___j~~~ , 79 /in ou t of . 6,245.40 , and
~ i ~t~~ ~
the entira o i ation w~ y ~ul~streain to Global as herein
set forth, includin~ the ori~inal obligation owing by Gulfstr
k ~
~ to First National, is hereby extended with respect to its d -
when the entire ~paid principal d~ligati,on and all aocrued ' shall be due
~ date to December 15, 1980a/ contingent upon Gulfstream and the and payable
¢ in full
other parties hereto complying with all terms and conditions
~ , o~ this Agreement. e~3 l t Q Q '
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