HomeMy WebLinkAbout2137 - _ . . _ . - .
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4ha11 be ~ntitled_to collection of the entire unpaid~balanco of ~
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the obliqations secured hereby, includfnq any sume expended ta ~
maintain the mortgage at Citizens Federal in good.standing, snd ~ ~
may take all actions afforded under this Mortgaqe, as modili~d,
whether legal or equitable by virtue of such default. ~
3. The conditions of thia mortgaqe, as modified hereby,
are~auch that if Media shall well and truly pay unto Gulfstream
the indebtedness evidEnced by those certain.Promiaeory Notes
• of even date herewith, made hy Media and payable to Gulfstream
of which true and correct copies thereof are attached hereto as t
Exhibits "8" and "C" respectively, and which Notea have been qiven ~
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in substitution of that certain Proanisaory Note dated December 22, s
1978, in the original principal amount of $562,500.00 and in further
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consideration of final closinq of the said aqre~aent of the parties ~
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hereto for the sale and purchase of Radio Station WFTP=AM and
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related properties, and shall perform al~ other tenus and conditions
othexwise set forth in the aforesaic3 mortgage as-modified herein,
then this mortgage and the estate created ehall cease and be null
and void. ~
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4 4. Notwithstanding anythinq contained in the aforesaid
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' mortgage between the parties dated December 22;' 1978, to the contrary, ;
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~ Media shall maintain and update all equipment, fixtures, inventory,
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~ building and other assets which are mortgaged herein, in excellent
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~ condition and repair, subject only to reasonable wear and tear.
~ Such maintenance and updating of the aubject buildinq and surrounding {
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' grounds shall include, but not be limited to pavinq, painting, ' ;
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plumbing, air conditioning, wiring, security, carpeting and general i
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~ cleanlinesa. Gulfstream shall have the right to inspect all '
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~ security at any time during normal working hours. In the event ;
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~ Gulfstream determines that such-maintenance or repairs are not
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~ being undertaken by Media, Gulfetream shall notify Media in writing
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~ via certified mail, return receipt requested of the nepairs and ~
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maintenance it feels must be attended to and Media shall have ,
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