HomeMy WebLinkAbout0991 NOW, THSRSPORS, in consideration of the pxemiaes and
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other good and valuable coneideration, the receipt of which '
ia hereby acknowledged by each of the parties, it is agreed:
1. Said Promi~sory Note, and Mortgage, as amended by
the Nortgage Modification Agreement, as further modified by
this Agr~ement, may be assumed by Ingco by assignment from
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Media.
2. Said Promiasory Note is hereby modified.
2.1 To delete that full paragraph commencing with
the words "This Note shall not be assumable and to
retain the rate of interest at 8 1/48 per annum.
2.2 To permit Ingco to transfer by assignment the
obligation of the Promissory Note to a futur~ purchaser of
radio station WFTP who shall assume such obligatio~ in the
place and stead of Ingco subject to the written assent of
Assignees predicated solely on the demonstrated f inancial
ability of the proposed new assignee to satfsfy the
obligation according to its terms. The assignee shall not
have the right of prepayment.
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~ 3. Said Mortgag~ is hereby ~odified: ,
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F 3.1 To delete paragraph "5." in its entirety.
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~ 3.2 To de].ete paragraph "10" in its entiirety anc:
` aaa a new paragraph 10 to read:
~ "No default of the Promissory Note may occvr
~ unless there is a failure of payment of principal or
interest as provided therein irrespective of any further or
inconsi.stent languag~ :n the Mortgage. If any oth~r
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~ default, as provided for in this mortgage, shall occur and
~ s~ch shall not be cured within that reasonable ~ime after
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~ written notice of the defbult in which it is pos~aible in the
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circumgtances to ef.fect such cure, then this ~aortgage ahall
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~ be in default. I:~ the event of such default, without /f~
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