HomeMy WebLinkAbout2133 . . . . . . w w'li t . . . . .
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y ~ - P~~SSOR~ NnTE
$562,500.00' ~ Fort Pierce, Florida December 22, 1978 =
FOR V11LUE RECEIVED the undersigned promisss to pay to the order o~
GULFSTRFA~ri BROADCAS~rNG CO., INC., a Florida corporation, the principal
sum of Five Hundred Sixty-Two Thousand F'ive Hundred Dollars ($562,500.00)
toqether with interest thereon from dat~, at the rate of 8 1/4 percent
per annum until maturity, being payabie in Zawful money of the United
~t$teslo~iihs equfvalent, at Suite 200, Citizens Federal Bld . 1600 S.
~,e~. g y• said o gation
to e paya e on t e ates an
in
thee~
n s spec ecl below, to-wit: ~ ~
Connnencing on the later o! thirty (30) days after approval by the
Federal Crnmnunications Commission of the transfer of radio broadcast
stati-on WFTP-AM or finai closinq between Maker and Payee pertaining to
such transfer, the sum of $3,867.19, representing interest only on the
unpaid principal Dalance, and a like sum on the same day of each of the
next five (5) suceeding ~aonths; thereafter on the same day of each
succeedinq month for a period o! one hundred and seventynine (179) months
principal and interest payments in the amount of $5,45'7.15; thereafter
one last payment due on the same day og the next succeedfng month
the balance due on principal aad interest in the amount of $5,457.15.
in the event a monthijr installment is not paid in full when due
and remains unpaid for a period of fffteen (la) days thereafter, the
maker, at the option of the payee, shall pay a"late charge" not
~ exceedinq two (2~ per centum of any said aggreqate monthly install=
ments, provided that in no event shall said late charge result in the .
payment of interest~in excess of the maximum interest by law.
Maker shall furnish to payee and/or any ~reditor of payee which
payee may direc~, quarterly financial statements and an annual certi-
fied audit of the operatton of radio station WFTP-AM, or its successor.
of the maker in total and shall also provide unaudited annual balance
sheets of each General Partner of the Maker. Such items required here-
under shall be in a form acceptable to the payee and any creditor of
payee as named above. Said quarterly statement shall first be pro-
vided ninety ~90) days after approval ofthat certain license transfer
of radto station WFTP-AM Detween payee and maker by the Federal Conununi-
cations Commission. In the event any required items hereunder are not
furn~shed on any occasion when~due w~thin thirty (30) days after due
date, or if any infor.nation contained therein cause any creditor of
payee to either not accept this note as collateral from payee or reduce
the value placed on said note as collateral, then such statements shall
; be deemed defective, and if such defects are not cured to the satis- _
; faction of such creditor and~payee within sixty (50) days after notice
f of such defect, Maker shall be in default hereunder, and the entire
unpaid balance hereunder, including but not limited to, principal,
interest and costs of collection.
Privilege_is given to prepay this obligation in whole or in
part without penalty.
~ This note.is secured by a purchase money first mortgage of even
~ date herewith on real property situated in St. Lucie County, Florida,
~ and is to be construed and enforced according to the laws of the State
~ of Florida; and pursuant to which assumption of this note will not be
~ perm~tted. Upon the transfer of the real property standing as security
~ for this.obligatton or upon the transfer of majority ownership of
radio station WPTP-AM Ca majority ownership transfer as set forth herein
` shall be the same as may be determined by a Federal Communications
a Commission ruling at the time of such sale and/or transfer), this note
~ -and interest accrued td date shall be due and payable in full.
~ ~ _ This note is further secured by security interests in all tangible
~ and intangible personal property being acquired by Maker from Payee,
all additional thereto, replacements thereof and accounts receivable.
Each maker and endorser severally waives demand, protest and
~ notice of maturity, non-payment or_ protest and all requirements necessary
~ to ho~d each of them liable as ma':ers and endorsers.
~ Each maker and endorser further agrees, jointly and severally, to
~ pay all costs of collection, including a reasonable attorney•s fee at
the trial and appellate court levels in case the princinal_of this note
r~r . MCDONALO. KENNEV Q RUSSAKIS `
; - _.ITIALS OF MAKE~.
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