<PAGE>

                     AMENDMENT TO AGREEMENT OF SALE (O&O)
                     ------------------------------


          This Amendment (this "Amendment"), to that certain Agreement of Sale,
by and between the parties hereto, dated as of December __, 2000 (the
"Agreement"), is made as of this ___ day of December 2000, by and between
Beasley Broadcasting of Augusta, Inc., a Delaware corporation (the "Seller"),
and Beasley Family Towers, Inc., a Delaware corporation (the "Buyer").

                                  WITNESSETH:

          WHEREAS, Seller and Buyer entered into the Agreement whereby Buyer
purchased from Seller one (1) communications tower facility used in the
operation of radio broadcast station WAJY-FM (the "Tower") and certain personal
property belonging to Seller and associated with the Tower;

          WHEREAS, Seller and Buyer desire to amend the Agreement in certain
respects to clarify the nature of the assets sold pursuant to the Agreement;

          NOW, THEREFORE, in consideration of the mutual premises contained
herein, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Buyer and Seller, intending to be
legally bound hereby, agree as follows:

          1.   The text of Exhibit A is hereby amended and restated as
follows:

          That certain three hundred (300) foot radio broadcast tower situated
on that tract of land more particularly described as follows:

          ALL that certain piece, parcel or tract of land, containing nine (9)
acres, more or less, situate, lying and being east of the city of Aiken, in the
Community of Montmorenci, Aiken County, South Carolina, shown and designated as
Tract 1 and Tract 2 upon plat of said property prepared by Tripp Land Surveying,
Inc., under date of February 9, 1995, and recorded February 13, 1995, in Plat
Book 33, page 108-2, records of the RMC for Aiken County, South Carolina.
Reference is hereby made to said plat for a more complete and accurate
description as to metes, bounds and location of said property; said plat is made
a part and parcel hereof by this express reference.

          TOGETHER with an easement for ingress and egress fifty (50') feet in
width running from S.C. Highway S-2-113 along lands now or formerly of Walker
Realty to the subject property. Said easement being more fully shown upon plat
above referenced. Derivation: Deed Book 1106, at page 120. Tax Parcel No.: 00-
204-01-057.

          Such real property shall include the transmitter building located
thereon.

          2.   Except as expressly provided herein, the Agreement shall continue
to be, and shall remain, in full force and effect. Except as expressly provided
herein, this Amendment shall not be deemed to be a waiver of, or consent to, or
a modification or amendment of, any other term or condition of the Agreement.
<PAGE>

          3.   For the convenience of the parties, this Amendment may be
executed in one or more counterparts, each of which shall be deemed an original
for all purposes.

          4.   THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED TO CONFLICTS OF LAW PROVISIONS) OF
THE STATE OF SOUTH CAROLINA.


                           [Signature page follows]

                                       2
<PAGE>

          IN WITNESS WHEREOF, the Parties hereto, intending to be legally bound,
have caused this Amendment to be duly executed on the day and year first written
above.

                              SELLER:

                              BEASLEY BROADCASTING OF AUGUSTA, INC.

                              By: ______________________________________
                                  Name:  George G. Beasley
                                  Title:  President


                              BUYER:


                              BEASLEY FAMILY TOWERS, INC.


                              By: ______________________________________
                                  Name:  B. Caroline Beasley
                                  Title:  Secretary

                                       3
<PAGE>

                         AMENDMENT TO LEASE AGREEMENT
                         -----------------------------

          This Amendment (this "Amendment"), to that certain Lease Agreement, by
and among the parties hereto, dated as of December __, 2000 (the "Lease"), is
made as of this ___ day of December 2000, by and between Beasley Family Towers,
Inc., a Delaware corporation (the "Lessor"), and Beasley Broadcasting of
Augusta, Inc., a Delaware corporation (the "Lessee").

                                  WITNESSETH:

          WHEREAS, Lessor and Lessee entered into the Lease whereby Lessee
leased from Lessor antenna space on a three hundred (300) foot communications
tower facility (the "Tower"), and space in a transmitter building, each used in
the operation of radio broadcast station WAJY-FM, such Tower and transmitter
building space used for the purpose of Lessee's radio broadcast transmission
activities;

          WHEREAS, Lessor and Lessee desire to amend the Lease in certain
respects to clarify the nature of the leasehold interest in the Tower and the
transmitter building space obtained by Lessee pursuant to the Lease;

          NOW, THEREFORE, in consideration of the mutual premises contained
herein, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Lessor and Lessee, intending to be
legally bound hereby, agree as follows:

          5.   The second sentence of Section 13.01 of the Lease is hereby
deleted.

          6.   The last sentence of Section 14.01 of the Lease is hereby
deleted.

          7.   The penultimate sentence of Section 14.03 of the Lease is hereby
deleted.

          8.   The text of Exhibit A is amended and restated as follows:

          That certain three hundred (300) foot communications tower situated on
that certain tract of land described on Exhibit B herein.

          9.   The text of Exhibit B is amended and restated as follows:

          That certain tract of land more particularly described as follows:

          ALL that certain piece, parcel or tract of land, containing nine (9)
acres, more or less, situate, lying and being east of the city of Aiken, in the
Community of Montmorenci, Aiken County, South Carolina, shown and designated as
Tract 1 and Tract 2 upon plat of said property prepared by Tripp Land Surveying,
Inc., under date of February 9, 1995, and recorded February 13, 1995, in Plat
Book 33, page 108-2, records of the RMC for Aiken County, South Carolina.
Reference is hereby made to said plat for a more complete and accurate
description as to metes, bounds and location of said property; said plat is made
a part and parcel hereof by this express reference.

                                       4
<PAGE>

          TOGETHER with an easement for ingress and egress fifty (50') feet in
width running from S.C. Highway S-2-113 along lands now or formerly of Walker
Realty to the subject property. Said easement being more fully shown upon plat
above referenced. Derivation: Deed Book 1106, at page 120. Tax Parcel No.: 00-
204-01-057.

          10.  The text of Exhibit C of the Lease is amended and restated as
follows:

               (1)  One (1) Stl antenna located two hundred fifty (250) feet
                    from ground level on the Tower.

               (2)  One (1) side-mounted FM antenna located two hundred ninety
                    (290) feet from ground level on the Tower.

          11.  The text of Exhibit D of the Lease is amended and restated as
follows:

          One (1) shingle roof transmitter building with approximately two
hundred sixty-four (264) square feet of interior space. Lessee maintains a
transmitter inside the transmitter building approximately ten (10) feet north of
the double doors of the transmitter building and the tenant under the Tower
Lease maintains a transmitter inside the transmitter building approximately six
(6) feet north of such double doors.

          12.  Except as expressly provided herein, the Lease shall continue to
be, and shall remain, in full force and effect. Except as expressly provided
herein, this Amendment shall not be deemed to be a waiver of, or consent to, or
a modification or amendment of, any other term or condition of the Lease.

          13.  For the convenience of the parties, this Amendment may be
executed in one or more counterparts, each of which shall be deemed an original
for all purposes.

          14.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED TO CONFLICTS OF LAW PROVISIONS) OF
THE STATE OF SOUTH CAROLINA.

                           [Signature page follows]

                                       5
<PAGE>

          IN WITNESS WHEREOF, the parties hereto, intending to be legally bound,
have caused this Amendment to be duly executed on the day and year first written
above.

                              LESSOR:

                              BEASLEY FAMILY TOWERS, INC.

                              BY: __________________________________________
                                  Name:  B. Caroline Beasley
                                  Title:  Secretary

                              LESSEE:

                              BEASLEY BROADCASTING OF AUGUSTA, INC.

                              BY: __________________________________________
                                  Name:  George G. Beasley
                                  Title:  President

                                       6