Exhibit 10(gg)
RENEWAL AND EXTENSION AGREEMENT
This Renewal and Extension Agreement ("Agreement") is dated effective
as of January 2, 1998, by and between RadioSunGroup of Texas, Inc. ("Borrower")
and Xxxxxxx X. Xxxxxxxx, ("Lender").
W I T NE S S E T H
WHEREAS, the Borrower executed and delivered that certain Promissory
Note dated October 31, 1985 (the "Note") in the original principal amount of
$212,577.00 bearing interest at the rate stated therein: and
WHEREAS, the Note is secured by various real and personal property; and
WHEREAS, the Borrower and Lender have agreed to extend the final
maturity of the Note to March 31, 1998;
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are acknowledged, the Borrower and Lender hereby agree as
follows:
1. The Note, including all principal then unpaid shall be due and
payable on June 30, 1998.
2. The interest rate charged on the Note is hereby changed to equal the
fixed rate of interest of ten percent (10%) per annum. Accrued interest shall be
due and payable on January 31, 1998 and on the final day of each successive
calendar month thereafter. Provided, however, on June 30, 1998, all principal
and interest then unpaid shall be finally due and payable.
3. Privilege is reserved to prepay this Note at any time. Provided,
however, if this Note is prepaid, regardless of the date of prepayment, such
prepayment shall be accompanied by such additional sums as may be required to
ensure that Holder receives a full six months interest on this Note. For
example, if this Note is prepaid on February 1, 1998 (and assuming the regular
interest payment was made as scheduled on January 31, 1998), the prepayment
shall be accompanied by an additional five months of interest as if the Note
were paid in full on its maturity date of June 30, 1998.
4. All liens presently securing the Note are hereby ratified and
confirmed as continuing to secure the payment of the Note. Nothing herein shall
in any manner diminish, impair or extinguish the Note of the lien securing the
Note.
5. Borrower and Lender hereby agree that the present unpaid balance
under the Note is $32,800.00 as of the date of this Agreement.
6. The Lender represents and warrants to Borrower that he is the lawful
owner and holder of the Note and that Lender has full power and authority to
enter into this Agreement.
EXECUTED, the date written above.
RadioSunGroup of Texas, Inc.
By: /s/ Xxxx X. Xxxxxxxxx
President
and
By: /s/ Xxxxxxx X. Xxxxxxxx
