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period Media has not complied with the terms set forth herein,
~ then Gulfstream shall have the right to undertake such maintenence '
-and repairs for the actual and realistic cost of san?e and colYect
the cost from Media. Failure of Media to immediately pay such cost
of sepairs shall entitle Gulfstream to file an action at law or ir?
equity against Media for the collection of same.
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The said security agreement is hereby modified to be the
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~ agreement between the parties and conditions of the security agreement
' with respect to Media's duty of mainte~ance and regairs.
5. Notwithstanding anything contained in paragraph 4.0.
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of the aforesa~d security agreement dated December 22. 1978, to j
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the contrary, the obligation set forth in Exhibit "C" attached ~
hereto and secured hereby shall not be assumable during the first
five ;5) years from the date hereof, and thereatter said obligation €
will be assumable, without release of Media from obligation ~
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thereunder, by a buyer approved by Gulfstream, which approval shall `
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not be unreasonably withheld and shall be.~based upon acceptable credit ;
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and broadcasting experience, conditioned upon the obligation being
moclified to bear interest from the date of such assumption at a rate
equal to one (1) percent above the prime rate as determined by the
~ Chemical Bank of New York or its successor, and being modified further
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~ to call for monthly installment payments of principal and interest ~
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~ calculated to fully amortize the loan as of the date ot maturity. ~
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~ If majority ownership of the radio station WFTP-AM or the collateral ~
~ hereunder is sold or transferred (as the•same may be determined by
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~ a Commission ruling at the time of the sale and/or transfer) it
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6 shall be deemed to be a transaction effectuating terms contained •
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~ herein.relating to assumption of said Note. Any interest rate herein :
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~ based on a"prime rate~w shall be a"floating prime'~ to be adjusted
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~ every ninety (90i days. ~
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; The said Security Agreement is hereby modified to be the '
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; agreement between the parties and conditions of the security agreement ;
~ with respect to the abi.lity of the said obligation secured thereby
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~ to be assumed. _
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