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EXHIBIT 10.79
Amendment No. 1, dated October 15, 1996, to the Contingent Sale and
Assignment of Options dated as of April 8, 1996, between Commodore Media of
Kentucky and Xxxxxxx Broadcasting Company.
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AMENDMENT NO. 1 TO
CONTINGENT SALE AND ASSIGNMENT OF OPTIONS
This AMENDMENT NO. 1 dated October 15, 1996 to the CONTINGENT
SALE AND ASSIGNMENT OF OPTIONS, dated as of April 8, 1996 (the
"Contingent Sale Agreement"), is by and between XXXXXXX X. XXXXX
("Xxxxx") and COMMODORE MEDIA OF KENTUCKY, INC. ("Commodore").
WHEREAS, Commodore and Xxxxx desire to amend the Contingent Sale
Agreement as provided herein.
NOW, THEREFORE, in consideration of the above premises and the
agreements and covenants set forth below, the parties, intending to be legally
bound, agree as follows:
Section 1. WHRD Option. The first sentence of Section 5 of the
Contingent Sale Agreement is amended to add at the end thereof the following:
"; provided, however, if a closing occurs for the sale of WFXN and not
WHRD, Xxxxx agrees that both the WFXN Option and the WHRD Option shall
nevertheless be assigned to Commodore and all of Xxxxx'x rights to such
options shall be assigned to Commodore pursuant to the terms hereof,
provided that Commodore delivers to Xxxxx the full consideration of
$2,958,00.00 in accordance with Section 3 of the Contingent Sale
Agreement at the closing on the sale of WFXN to Commodore."
Section 2. Defined Terms. Any capitalized term not otherwise defined
herein shall have the meaning ascribed to it in the Contingent Sale Agreement.
Section 3. Effect. Except as specifically modified by this Amendment
No. 1, all other terms and conditions of the Contingent Sale Agreement shall
remain in full force and effect.
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Section 4. Counterparts. This Amendment No. 1 may be signed
in any number of counterparts with the same effect as if the
signature on each such counterpart were upon the same instrument.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the
day and year first above written.
/s/ Xxxxxxx X. Xxxxx
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Xxxxxxx X. Xxxxx
COMMODORE MEDIA OF KENTUCKY, INC.
By: /s/ Xxxxx X. Xxxxxxxx
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Xxxxx X. Xxxxxxxx
President
This Amendment No. 1 is hereby
acknowledged and agreed to by:
XXXXXXX BROADCASTING COMPANY
By: /s/ W. Xxx Xxxxxxx
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W. Xxx Xxxxxxx
President
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