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515683
COLLATERAL ASSIGNMSNT
THIS ASSIGNMENT dated this~~day of January, 1981, by
RONALD B. CRIDER, a single adu~t, and ROBERT A. ROBERTS, a
single adult; hereinaf ter referred to as "Assignors" t~o SUN BANR
OF ST. LUCIE COUNTY, a Florida banking corporation, heceinafter
referred to as 'Assignee".
W I T N E S S E T 8:
WHEREAS, Assignors have this day guaranteed payment of an
indebtedness of GULFSTREAM BROADCASTING CU., INC., a Florida
corporation, hereinaf ter referred to as "GULFSTREAM"~ to Assig-
nee in the amount of Eight Hundred Thousand ($800,000.00)
Dollars, all as more particularly set forth in that certain
Guaranty of Assignors of even date herewith; and
WHEREAS, at the time GULFSTREAIr! incurred the aforementioned
indebtedness, Assignors were its sole stockholders; and
WHEREAS, Assignors have agreed to assign a certain Mortgage
and Security Agreement together with a certain Promissory Note
described therein to Assignee to induce it to make the afore-
mentioned loan to GULFSTREAM and as security for the obligations
of Assignors under the aforementioned Guaranty.
NOW, TflEREFORE, in consideration of the premises, which are
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represented to be true and correct, Assignors hereby grant, bar-
gain, sell, assign, transfer and set over unto Assignee that
certain Mortgage given by MEDIA INVESTORS, LTD. to GULFSTREAM,
dated December 22, 1978 and recorded in Official Record Book 311
at Page 2124 as modified by that certain Modification-Agreement
dated June 29, 1979 and recarded in Official Record Book 311 at
Page 2134, together ~ith the Promissory Note of said MEDIA
INVESTORS, LTD. in the amount of Three Hundred Ninety Thousand
One Hundred Twenty ($390,120.61) Dollars and 61/100, as more
particularly identified in the aforementioned Modiffcation
Agreement. Assignors hereby further grant, bargain, sell, assign,
8~fi]! 347 p~~25~'0
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P.O. 007t 1270~ ~ONT PICRCC~ ~1ON10A 33~54 - tElE-MON[ ()OS) 464-0200
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