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transfer and set over unto Assignee that certai~ Security Agree-
ment dated December 22, 1978 and recorded in Official Record
Book 311 at Page 2145,as modified by that certain Modification
Agreement dated Jun 29, 1979 and recorded in Official Record
Book 311 at Page 2160. All of the~aforementioned recording
references `are to the Public Records of St. Lucie County,
Florida.
The aforementioned Mortgage and Security Agreement as modi-
fied have been assigned to Assignors by GULFSTREAM as collateral
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for payment of a certain Promissory Note of 99 BROADCASTING 0~., ~
INC., a Florida corporation, dated January ~ 7, 1981 in the ^~ ~
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original principal amount of s37~,~y38 payabl-e to Assignors.
Until such time as there is a default by GULFSTREAM under the
obligations for which the aforementioned Guaranty of Assignors
was given, Assignors shall have the right to collect, at the
time o€, but not prior to, the date provided for payments undex
the aforementione Promissory Note and Mortgage and Security
Agreement as modified. Upon payment in full of the obligation
for which the aforementioned Guaranty of Assignors was given,
the above described Promissory Note and Mortgage and Security
Agreement as modified, shall be reassigned to Assignors by
Assignee.
Upon the default by GULt~STREAM under the obligations for
which the aforementioned Guaranty of Assignors was given, Assig-
nors hereby authorize and empower Assignee, without notice to ,
. j
Assignors, eithex in the name of Assignors or Assignee's own
name and right to ask, demand, collect, receive, receipt for and
prosecute any claim or effect any settlement for the moneys due
and becoming due under the aforementioned Promissory Note, Mort-
gage and Security Agreement as modified and Assignors agree that
receipt of Assignee for any such sums shall be binding upon
Assignors.
IN WITNESS WHEREOF the Assignors have hereunto set their
hands and seal on the day and yeax first above~wxitten.
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'~~ 347 P~~E 2521
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