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EXHIBIT 10(e)(2)
SECOND AMENDMENT TO PROMISSORY NOTE
THIS SECOND AMENDMENT is made as of the 8th day of December, 1998,
between SAGA COMMUNICATIONS, INC. (formerly known as Saga Acquisition Co.), a
Delaware corporation with its principal office at 00 Xxxxxxxxx Xxxxxx, Xxxxxx
Xxxxxx Xxxxx, Xxxxxxxx 00000 (the "Payee"), and Xxxxxx X. Xxxxxxxxx (the
"Payor").
W I T N E S S E T H T H A T:
WHEREAS, Payor has executed and delivered to Payee a certain Promissory
Note dated December 10, 1992, as amended December 6, 1995, in the principal
amount of Six Hundred Ninety Thousand Seven Hundred Dollars ($690,700) (the
"Note") which Note is hereby incorporated by reference herein and made a part
hereof; and
WHEREAS, the Payor and Payee desire to release the pledge of stock which
has secured the Note;
NOW, THEREFORE, for good and valuable consideration, the receipt of which
is hereby acknowledged, the parties hereto agree as follows:
1. The Note is hereby amended by deleting the fourth paragraph of the
Note (dealing with the pledge securing the indebtedness evidenced by the Note)
in its entirety.
2. Except as modified and amended hereby, the Note shall remain in full
force and effect and is hereby ratified and affirmed.
IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment
to be executed as of the day and year first above written.
SAGA COMMUNICATIONS, INC.
By
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Xxxxxx X. Xxxx, Vice President
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Xxxxxx X. Xxxxxxxxx
