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~tate~aent to 8eaured Party or any craditor of Secured Party, prior
to, coate~aporaaaously vith, or eubssqusnt to the execution o! thia
s~curity Aqraa~aent ~rsre, are and sha~ll be true, correct, complete,
~ valid and qenuins.
~c. Debtor at all t3mes shall maintain canplete an~ accurate
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booke and records cove~rinq the collateral.
L. Debtor ehall iimnediately no~i~y Secured Party ot any
event reeultinq in loas or depreciation in the loan value or market
value o! the collateral and the amount of auch loaa or depreciation.
M. Debtor Waivea de~?and, notice, protest and all dmaanda
or notices o! any action taken by Secured Party under thie aqre~aent
or in connec~ion With any collateral, except as may otherWise be ~
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required by thia Security Aqremaent.
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N. Debtor shall update in terms of maintenance, repafr
and replacanent, all collateral hereunder as may be required to keep
such collateral a part of a continually operatinq radio broac}cast
station liceneed by the Federal Communications Co~maisafon.
O. in the event Debtor transters any of the collateral
set forth herein without the consent of the Secured~Party or in the
event there ia a transter of the majority ownership in radio atation .
mean
; 1~FTP-AM (majority tranafer shall/the sa~e as may be determined by the
Federal CamnunicationB Coaamission rulinq at the time thereof), without
~F the satisfaction of the obliqation set forth herein, then at the option
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of the Secured Party and Without notice ta the Debtor or to any other
F party, all sume of money secured hereby shall immediately and con-
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~ currently and upon such trans~er or conveyance become due and payable
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; and in detault, ~vhether or not the same are otheraiae due and payable
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~ or in default by the specific terms hereof or under the terms of the
~ promisaory note evidencinq the obligation set torth herein; and the
~ Secured Party may take any and all remedies afforded to it under the ~
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~ terms of this Security Agreement to loreclose the security interest ~
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~ set out herein. " ~
; 5. Debtor will be in default hereunder on the occurance of any ~
one ot the following events or conditions (hereinafter called "events
of default") : -
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¢ ° R 31~. 2148 -4- ~ t
60'Jt! PrSc
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MCpONAI,p, K[NN[Y A 11USiAKIa
?IIO/iNWfM< A{WC/ATI011 I ATT011Nir{ AT LArI
WIT[ 200. C1712[lIf I[D[1U1L ~YILOINO. (f00 fOUTM ~[O[RAl MIONWAY. R011T rl[RCt, fIORID f~
TRL?MONt I~O~) 4~1•10~=