Document:

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                                                                   EXHIBIT 10.20

                             AGREEMENT OF SALE (O&O)

       This Agreement of Sale (the "Agreement") is made this ___ day of
February, 2000, between Beasley FM Acquisition Corp., a Delaware corporation
(the "Seller") and Beasley Family Towers, Inc., a Delaware corporation (the
"Buyer") (together, the "Parties").

                                   WITNESSETH:

       WHEREAS, Seller owns certain real and personal property comprising
multiple parcels of real property and three (3) communications tower facilities
(the "Towers") located in Grantsboro, North Carolina and Fayetteville, North
Carolina used in the operation of radio broadcast stations WMGV-FM, WUKS-FM and
WAZZ-AM (collectively, the "Tower Sites" and each, a "Tower Site");

       WHEREAS, Seller desires to sell and Buyer desires to purchase the Towers
and certain real and personal property belonging to Seller and associated with
the Tower Sites;

       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, the Parties, intending to be legally bound hereby,
agree as follows:

       1.     Agreement To Sell And Purchase.

       Seller agrees to sell, transfer, assign, convey and deliver to Buyer and
Buyer agrees to purchase and accept from Seller, the following assets upon the
terms and conditions contained herein (collectively, the "Assets"):

              (a)    Those certain tracts of land, and easements or
appurtenances incident to such tracts of land, that are associated with the
Tower Sites (collectively, such land, easements and appurtenances, the "Land"),
and the Towers, each such Tower and its corresponding parcel of Land more
particularly described in Exhibit A attached hereto; and

              (b)    The leases for use of space on certain of the Towers
located at the Tower Sites as more particularly discussed in Section 5(d) of
this Agreement.

       2.     Assumption of Liabilities.

              (a)    Upon the terms and subject to the conditions contained
herein, Buyer shall assume and become responsible for any and all liabilities
and obligations arising out of, or relating to events occurring after 12:01 am
Eastern Standard Time on the Closing Date (the "Adjustment Time") under the
Tower Leases (as defined in Section 5(d) hereof), and with respect to the
ownership of the Land and Towers, and the operation of the business relating to
the Assets (collectively, the "Assumed Liabilities").

              (b)    Subject to the provisions of Section 13 hereof, it is
understood and agreed that all liabilities to third parties relating to the
Assets that arise out of any act, event, or transaction of Seller or the
ownership of the Assets or the operation of the business relating to the

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Assets prior to the Closing Date (the "Retained Liabilities") shall remain the
responsibility of Seller. Buyer shall not be required to defend any suit or
claim arising out of any Retained Liabilities, and Seller shall and hereby
agrees to satisfy in due course all such Retained Liabilities, and subject to
Section 13 hereof Seller shall protect and forever hold Buyer harmless from all
claims with respect to such Retained Liabilities. It is understood and agreed
that all liabilities relating to the Assets that arise out of any act, event, or
transaction of Buyer following the Closing Date (the "Assumed Liabilities")
shall be the responsibility of Buyer. Seller shall not be required to defend any
suit or claim arising out of any Assumed Liabilities, and Buyer shall and hereby
agrees to satisfy in due course all such Assumed Liabilities, and subject to
Section 13 hereof Buyer shall protect and forever hold Seller harmless from all
claims with respect to such Assumed Liabilities.

       3.     Purchase Price.

              (a)    The purchase price for the Assets shall be the amount of
One Million One Hundred Thirty Five Thousand Two Hundred Eight Dollars
($1,135,208.00) (the "Purchase Price"). The Purchase Price shall be adjusted at
the Closing by the amount of any prorations derived by operation of Section 6
hereof, and for any other normal income and expense items related to the
operation of the Tower Sites as of 12:01 am on the day on which the Closing
occurs. The Purchase Price shall be allocated among the Assets in accordance
with Section 3(b).

              (b)    Buyer and Seller agree to allocate the aggregate of the
Purchase Price, the Assumed Liabilities and other relevant items among the
Assets in accordance with section 1060 of the Internal Revenue Code of 1986, as
amended (the "Code"). Buyer and Seller will each report the federal, state, and
local and other tax consequences of the purchase and sale contemplated hereby
(including the filing of IRS Form 8594) in a manner consistent with such
allocation.

       4.     Delivery of Purchase Price.

              (a)    The Purchase Price shall be payable at Closing (as defined
in Section 8 below) in the manner set forth in Section 4(b).

              (b)    As payment of the Purchase Price, Buyer shall deliver to
Seller at Closing an unsecured promissory note of Buyer in the aggregate
principal amount of One Million One Hundred Thirty Five Thousand Two Hundred
Eight Dollars ($1,135,208.00), substantially in the form of Exhibit B (the
"Purchase Note").

       5.     Transfer of Towers; Title Insurance.

              (a)    Transfer of title to each parcel of Land shall be by deed
from the Seller to the Buyer (each, a "Deed"), which Deeds shall be in the form
of Exhibit C attached hereto and incorporated herein. Transfer of ownership of
the Towers and assumption of the Assumed Liabilities pursuant to Section 2
hereof shall be pursuant to the Assignment, Bill of

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Sale and Assumption Agreement from the Seller to Buyer in the form of Exhibit D
attached hereto and incorporated herein (the "Assignment, Bill of Sale and
Assumption Agreement").

              (b)    The Assets shall be transferred to Buyer free and clear of
all liens, encumbrances other than Permitted Encumbrances, if any; otherwise the
title to the Land shall be good and marketable or such as will be insured by a
reputable title insurance company at regular rates. "Permitted Encumbrances"
shall mean: (i) encumbrances for taxes, assessments, or governmental charges or
levies which are not yet due and payable, or that, subject to adequate security
for payment, are being contested; (ii) existing building restrictions,
ordinances, easements of roads, privileges, or rights of public service
companies or other rights of way, other restrictions or conditions of record, if
any or other encumbrances disclosed in this Agreement (including the Exhibits
attached hereto); (iii) easements, rights of way or other encumbrances that do
not have a material adverse effect on the Assets or the operation of the
business relating to the Assets as currently operated; (iv) encumbrances imposed
by law, such as materialmen's, mechanic's, carrier's, workmen's, or repairmen's
liens or other similar encumbrances attaching in the ordinary course of business
or securing obligations that are not overdue; (v) encumbrances securing
indebtedness, which will be removed prior to or at the Closing; and (vi)
encumbrances pursuant to contracts and leases to be assumed by Buyer pursuant to
Section 2.

              (c)    As soon as practicable following the Closing, or at such
other time as the parties agree, Seller, at its expense, shall obtain and
deliver to Buyer a commitment for title insurance (the "Title Commitment")
issued by a nationally recognized title company in the ALTA Owner's Form Policy
of Title Insurance (each a "Title Policy" and collectively, "Title Policies")
covering each tract of Land, setting forth the current status of title thereto,
showing all recorded liens, claims, encumbrances, easements, rights-of-way,
encroachments, reservations, restrictions and any other matters of public record
affecting title to the Land pursuant to which such title company agrees to issue
to Buyer the Title Policies. The cost of the Title Policies shall be borne by
the BUYER. Seller shall execute such customary documents as the title company
reasonably requests, including, but not limited to, an affidavit of debts and
liens and customary closing statements.

              (d)    Buyer and Seller acknowledge that certain of the Towers are
occupied, or will be occupied, by various tenants pursuant to tower leases
between third party lessees and the Seller, for space on certain of the Towers,
such tower leases all made effective prior to the effective date of this
Agreement (the "Tower Leases"). Buyer acknowledges receipt of copies of the
Tower Leases from Seller. At Closing, Seller will assign all of its right,
title, and interest in the Tower Leases to Buyer, and Buyer shall assume the
obligations under such Tower Leases, in the Assignment, Bill of Sale and
Assumption Agreement. In the event that the Buyer receives after Closing any
lease payment from tenants pursuant to Tower Leases for rent that accrued prior
to Closing, Buyer shall remit such lease payment promptly to Seller. Conversely,
in the event Seller receives after Closing any lease payments from tenants
pursuant to the Tower Leases for rent that accrued after Closing, Seller shall
remit such lease payments promptly to Buyer.

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       6.     Apportionment of Real Estate Taxes, Rent, Utilities.

              (a)    Current real estate taxes, rent, utilities and all other
normal income and expense items related to the Assets shall be apportioned
between the parties to reflect the principle that all expenses and income
arising from the operation of the Assets up through the Adjustment Time shall be
for the account of Seller, and all expenses and income arising from the
operation of the business relating to the Assets acquired by Buyer after the
Adjustment Time shall be for the account of Buyer.

              (b)    As soon as practicable following the Closing Date, or at
such other time as the parties agree, Buyer shall deliver to Seller a
certificate from Buyer which sets forth as of the Adjustment Time, all
adjustments to be made as provided in Section 6(a) above (the "Buyer's
Certificate"). Buyer shall provide Seller or its representatives access to
copies of such portions of books and records Seller may reasonably request
solely for the purposes of verifying such adjustments. The Buyer's Certificate
shall be final and conclusive unless objected to by Seller in writing within
ninety (90) days after delivery. Buyer and Seller shall attempt jointly to reach
agreement as to the amount of the adjustments to be made hereunder within thirty
(30) days after receipt of such written objection, which agreement, if achieved,
shall be binding upon all parties to this Agreement and not subject to dispute
or review.

              (c)    In the event of a disagreement between Buyer and Seller
with respect to the accounting to be made hereunder, the parties agree that a
public accounting firm chosen jointly by Buyer and Seller shall be the final
arbiter of such disagreement.

              (d)    Any amounts due for the adjustments provided for herein
shall be paid within thirty (30) business days after final determination.

       7.     Expenses.

              (a)    Seller shall pay the costs of preparation of the Deeds,
acknowledgement of the Deeds, Federal, state and local revenue stamps, and real
estate transfer taxes.

              (b)    All other costs and expenses incurred by the Parties in
this transaction, including, but not limited to attorneys' fees, shall be paid
by the party incurring them.

       8.     Closing; Closing Conditions.

              (a)    Closing of the transactions contemplated by this Agreement
(the "Closing") shall occur at a place and time mutually agreeable to Seller and
Buyer (the "Closing Date"). Seller and Buyer shall both make a good faith effort
to close under this Agreement promptly.

              (b)    Seller's obligation to close hereunder shall be conditioned
upon (i) all representations and warranties of Buyer being then true and
complete in all material respects as if made on and as of the Closing Date,
except to the extent that any such representation or

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warranty is made as of a specified date, in which case such representation or
warranty shall have been true and correct as of such date, (ii) all consents of
third parties required for Buyer to consummate the transactions contemplated
under this Agreement shall have been obtained, (iii) no order, decree or
judgment of any court, agency or other governmental authority shall have been
issued based on or arising out of the conduct, action, inaction, qualifications
or status of Buyer or any of its affiliates, which would render it unlawful as
of the Closing Date to effect the transactions contemplated by this Agreement in
accordance with its terms, (iv) the delivery by Buyer of the Purchase Price in
the manner set forth in Section 4(b), and (v) the delivery by Buyer of Buyer's
Closing Documents (as defined in Section 9 hereof) on or before the Closing
Date.

              (c)    Buyer's obligation to close hereunder shall be conditioned
upon (i) all representations and warranties of Seller being then true and
complete in all material respects as if made on and as of the Closing Date,
except to the extent that any such representation or warranty is made as of a
specific date, in which case such representation or warranty shall have been
true and correct as of such date, (ii) all consents of third parties required
for Seller to consummate the transactions contemplated under this Agreement
shall have been obtained, (iii) no order, decree or judgment of any court,
agency or other governmental authority shall have been issued based on or
arising out of the conduct, action, inaction, qualifications or status of Seller
or any of its affiliates, which would render it unlawful as of the Closing Date
to effect that transactions contemplated by this Agreement in accordance with
its terms, and (iv) the delivery by Seller of Seller's Closing Documents as set
forth in Section 9 hereof.

       9.     Closing Deliveries.

              (a)    At Closing, Seller shall execute and/or deliver to Buyer
the following (collectively "Seller's Closing Documents"):

                     (i)    The Deeds;

                     (ii)   The Assignment, Bill of Sale and Assumption
                            Agreement;

                     (iii)  A certificate from an officer of Seller reasonably
                            acceptable to Buyer confirming the accuracy of the
                            representations and warranties in Section 10 as of
                            the Closing Date;

                     (iv)   Authorizing resolutions or minutes from Seller
                            approving this Agreement and the transactions
                            contemplated herein;

                     (v)    A FIRPTA affidavit to the effect that Seller is not
                            a "foreign person" (as defined in Section 1445(f)(3)
                            of the Code and the regulations issued thereunder);
                            and

                     (vi)   Three (3) lease agreements, each lease agreement by
                            and between Buyer, as lessor, and Seller, as lessee,
                            and each lease agreement substantially in the form
                            of Exhibit E (the "Lease Agreements").

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              (b)    At Closing, Buyer shall execute and/or deliver to Seller
the following (collectively "Buyer's Closing Documents"):

                     (i)    Authorizing resolutions from Buyer approving this
                            Agreement and the transactions contemplated herein;
                            and

                     (ii)   A certificate from an officer of Buyer reasonably
                            acceptable to Seller confirming the accuracy of the
                            representations and warranties in Section 11 as of
                            the Closing Date;

                     (iii)  The Purchase Note executed by a duly authorized
                            officer of Buyer;

                     (iv)   Three (3) lease agreements, each lease agreement by
                            and between Buyer, as lessor, and Seller, as lessee,
                            and each lease agreement substantially in the form
                            of Exhibit E (the "Lease Agreements"); and

                     (v)    The Assignment, Bill of Sale and Assumption
                            Agreement.

              (c)    Seller's Closing Documents and Buyer's Closing Documents
shall be collectively called herein the "Closing Documents". Buyer and Seller
agree that such other documents as may be legally necessary or appropriate to
carry out the terms of this Agreement or as reasonably requested by the other
party shall be executed and delivered by the appropriate party at Closing.

       10.    Representations and Warranties of Seller.

       As a material inducement to Buyer to enter into this Agreement, Seller
represents and warrants to Buyer as follows:

              (a)    Seller has good and marketable title to the Towers and the
Land (or such condition of title as will be insured by any reputable title
insurance company at their regular rates), and the Assets are free and clear of
liens, encumbrances, restrictions and security interests other than Permitted
Encumbrances.

              (b)    Seller has full power and authority to execute and deliver
this Agreement and Seller's Closing Documents, and to perform its obligations
hereunder and thereunder.

              (c)    This Agreement and Seller's Closing Documents, when
executed and delivered, will constitute valid and binding agreements of Seller,
enforceable against Seller in accordance with their terms.

              (d)    The sale of the Assets shall not materially conflict with,
or result in, a breach of the terms of any agreements or instruments to which
the Seller is a party or which

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would result in the creation or imposition of any lien, charge or encumbrance
on, or give to others any interest in or right to, any of the Assets.

              (e)    Seller has paid or will pay, at or prior to Closing, all
outstanding obligations for utilities and taxes through the Closing Date except
for such items as are covered by the proration of items of income and expense as
set forth in Section 6 hereof.

              (f)    No third-party authorization or approval of, or filing
with, any person, entity, or authority will be required in connection with the
execution and delivery of this Agreement or the transactions contemplated by
this Agreement.

              (g)    Assuming all consents and approvals required for Seller to
consummate the transactions contemplated under this Agreement shall have been
obtained, neither the execution, delivery, and performance of, nor Seller's
compliance with, the terms and provisions of this Agreement will conflict with,
or result in, a breach of any of the terms, conditions, or provisions of the
Articles of Incorporation or Bylaws of Seller, or any judgment, order,
injunction, decree, regulation, or ruling of any court or any other governmental
authority to which Seller is subject or any material agreement or contract to
which Seller is a party or to which it is subject, or constitute a material
default thereunder.

              (h)    Seller is not a foreign person within the meaning of
Section 1445(f)(3) of the Internal Revenue Code of 1986, as amended, and the
regulations issued thereunder.

       11.    Representations and Warranties of Buyer.

       As a material inducement to Seller to enter into this Agreement, Buyer
represents and warrants to Seller as follows:

              (a)    Buyer has full power and authority to execute and deliver
this Agreement and Buyer's Closing Documents, and to perform its respective
obligations hereunder and thereunder.

              (b)    This Agreement and Buyer's Closing Documents, when executed
and delivered, will constitute valid and binding agreements of Buyer enforceable
against Buyer, in accordance with their terms.

              (c)    Assuming all consents and approvals required for Buyer to
consummate the transactions contemplated under this Agreement shall have been
obtained, neither the execution, delivery, and performance of, nor Buyer's
compliance with, the terms and provisions of this Agreement will conflict with
or result in a breach of any of the terms, conditions, or provisions of the
Articles of Incorporation or Bylaws of Buyer or any judgment, order, injunction,
decree, regulation, or ruling of any court or any other governmental authority
to which Buyer is subject or any material agreement or contract to which Buyer
is a party or to which it is subject, or constitute a material default
thereunder.

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       12.    Representations and Warranties Survive Closing.

       All of the provisions of this Agreement and of the Closing Documents and
all of the representations, warranties, considerations, and agreements contained
herein and in the Closing Documents shall survive Closing and continue in full
force and effect for a period of twelve (12) months from the Closing Date;
provided that if a claim for indemnification is made by either party under
Section 13 hereof within such twelve (12) month period, the provisions of
Section 13 shall survive until the resolution of such claim. No claim may be
brought under this Agreement unless written notice describing in reasonable
detail the nature of the claim is given on or prior to the last day of the
twelve (12) month period following the Closing Date.

       13.    Indemnification.

              (a)    For a period of one (1) year from the date of this
Agreement, Seller shall indemnify, defend, and hold Buyer, its affiliates,
partners, employees, officers, directors, agents, and representatives harmless
from and against any and all reasonable losses, costs, expenses, liabilities,
penalties, claims, and other damages including, but not limited to, reasonable
attorney's fees and other costs and expenses, including reasonable costs of
investigation, reasonably incurred and resulting from:

                     (i)    any breach of Seller's representations or
                            warranties, or the breach of any other provision
                            contained in this Agreement;

                     (ii)   nonfulfillment by Seller of any of its covenants or
                            agreements contained herein or in any Seller's
                            Closing Document;

                     (iii)  the Retained Liabilities;

                     (iv)   any and all losses, liabilities or damages resulting
                            from Sellers' operations or ownership of any Tower
                            Site prior to the Closing Date, including any and
                            all liabilities arising under the Assets which
                            relate to events occurring prior to the Closing
                            Date.

              (b)    For a period of one (1) year from the date of this
Agreement, Buyer shall indemnify, defend and hold Seller, its affiliates,
employees, officers, directors, agents and representatives harmless from and
against any and all losses, costs, expenses, liabilities, penalties, claims, and
other damages, including but not limited to, reasonable attorney's fees and
other costs and expenses, including reasonable costs of investigations,
reasonably incurred and resulting from:

                     (i)    any breach of Buyer's representations or warranties,
                            or the breach of any other provision contained in
                            this Agreement;

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                     (ii)   nonfulfillment by Buyer of any of its covenants or
                            agreements contained herein or in any Buyer's
                            Closing Document;

                     (iii)  the Assumed Liabilities;

                     (iv)   any and all losses, liabilities or damages resulting
                            from Buyer's operations or ownership of any Tower
                            Site subsequent to the Closing Date, including any
                            and all liabilities arising under the Assets which
                            related to events occurring subsequent to the
                            Closing Date.

              (c)    In the event either Buyer or Seller (the "Indemnified
Party") becomes aware of circumstances which would entitle such party to
indemnification by the other party hereunder (the "Indemnifying Party"), the
Indemnified Party shall give the Indemnifying Party prompt written notice, with
reasonable detail, of such claim. Upon receipt of such notice by the Indemnified
Party to the Indemnifying Party, the Indemnifying Party shall have the option of
defending against such pending litigation through engagement of legal counsel of
its choice, provided, however, that the Indemnifying Party's choice of legal
counsel must be acceptable to the Indemnified Party in its reasonable
discretion. In the event the Indemnifying Party elects to defend, the
Indemnifying Party shall keep the Indemnified Party fully informed on a timely
basis of the status of the pending litigation. In the event that the
Indemnifying Party elects to defend and is unsuccessful in such defense, it
shall promptly pay to the Indemnified Party any and all losses, costs, expenses,
liabilities, penalties, claims and other damages as described above, including
but not limited to, reasonable attorney's fees and other costs and expenses
associated with the pending litigation being so defended. In the event the
Indemnifying Party elects not to defend and the Indemnified Party defends, but
is unsuccessful, then the Indemnifying Party shall promptly pay to the
Indemnified Party any and all losses, costs, expenses, liabilities, penalties,
claims and other damages, as described above, including, but not limited to,
reasonable attorney's fees and other costs and expenses incurred, including
reasonable costs of investigation. In the event that Indemnifying Party elects
not to defend and the Indemnified Party defends successfully, then the
Indemnifying Party shall promptly pay to the Indemnified Party any and all costs
and expenses incurred, including, but not limited to, reasonable attorney's fees
and other costs and expenses incurred, including reasonable costs of
investigation. The Indemnifying Party shall reimburse the Indemnified Party upon
demand for any payment made by the Indemnified Party at any time after Closing,
based on the final judgement of any court of competent jurisdiction or pursuant
to a bona fide compromise or settlement of claims, demands or actions in respect
to any damages to which the foregoing indemnification relates.

              (d)    Limitations on Seller Indemnification. Notwithstanding
anything in this Agreement to the contrary, Seller's obligation to indemnify
Buyer shall be subject to all of the following limitations:

                     (i)    The amount of any losses, costs, expenses,
                            liabilities, penalties, claims, and other damages
                            ("Losses") incurred by Buyer shall be reduced by (A)
                            the amount Buyer recovers

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                            (after deducting all attorneys' fees, expenses, and
                            other out-of-pocket costs of recovery) from any
                            insurer or other party liable for such Losses, and
                            Buyer shall use commercially reasonable efforts to
                            effect any such recovery and (B) any tax benefit
                            realized by Buyer or its owners as a result of any
                            such Loss.

                     (ii)   Buyer shall be entitled to indemnification only for
                            Losses as to which Buyer has given Seller written
                            notice describing in reasonable detail the nature
                            and basis for such indemnification ("Notice of
                            Claim") on or prior to the first anniversary of the
                            Closing Date.

                     (iii)  Seller shall not be required to make any
                            indemnification under clause of Section 13(a) until
                            the aggregate amount of Losses resulting from or
                            arising out of the matters referred to in Section
                            13(a)(i) exceeds Ten Thousand Dollars ($10,000.00);
                            provided that if the aggregate amount of such Losses
                            exceeds such amount, Seller shall be required to
                            indemnify Buyer for all Losses indemnifiable under
                            Section 13(a)(i) without regard to such Ten Thousand
                            Dollar ($10,000.00) limitation.

                     (iv)   Any amounts owed to Buyer by Seller pursuant to this
                            Section 13 shall be limited to One Hundred
                            Twenty-Five Thousand Dollars ($125,000.00) and
                            Seller shall have no other liability or
                            responsibility for indemnification hereunder.

              (e)    Buyer's Exclusive Remedy. Subsequent to the Closing,
indemnification under this Section 13 shall be the exclusive remedy of Buyer
with respect to any legal, equitable or other claim for relief based upon this
Agreement or arising hereunder.

              (f)    Limitation on Buyer's Indemnification. Notwithstanding
anything in this Agreement to the contrary, Buyer's obligation to indemnify
Seller shall be subject to all of the following limitations:

                     (i)    The amount of any Losses incurred by Seller shall be
                            reduced by (A) the amount Seller recovers (after
                            deducting all attorneys' fees, expenses and other
                            out-of-pocket costs of recovery) from any insurer or
                            other party liable for such Losses, and Seller shall
                            use commercially reasonable efforts to effect any
                            such recovery and (B) any tax benefit realized by
                            Buyer or its owners as a result of any such Loss.

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                     (ii)   Seller shall be entitled to indemnification only for
                            Losses as to which Seller has given Buyer a Notice
                            of Claim on or prior to the first anniversary of the
                            Closing Date.

                     (iii)  Buyer shall not be required to make any
                            indemnification under clause (i) of Section 13(b)
                            until the aggregate amount of Losses resulting from
                            or arising out of the matters referred to in Section
                            13(b)(i) exceeds Ten Thousand Dollars ($10,000.00);
                            provided that if the aggregate amount of such Losses
                            exceeds such amount, Buyer shall be required to
                            indemnify Seller for all Losses indemnifiable under
                            Section 13(b)(i) without regard to such Ten Thousand
                            Dollar ($10,000.00) limitation.

                     (iv)   Any amounts owed to Seller by Buyer pursuant to this
                            Section 13 shall be limited to One Hundred
                            Twenty-Five Thousand Dollars ($125,000.00) and Buyer
                            shall have no other liability or responsibility for
                            Indemnification hereunder.

              (g)    Seller's Exclusive Remedy. Subsequent to the Closing,
indemnification under this Section 13 shall be the exclusive remedy of Seller
with respect to any legal, equitable or other claim for relief based upon this
Agreement or arising hereunder.

       14.    Termination; Liquidated Damages.

              (a)    Right of Termination. This Agreement may be terminated
prior to Closing:

                     (i)    By written notice from a party that is not then in
                            material breach of this Agreement if:

                            (A)    The other party has continued in material
                                   breach of this Agreement for twenty (20) days
                                   after written notice of such breach from the
                                   terminating party;

                            (B)    Closing does not occur by May 31, 2000 or
                                   such other date as is mutually agreed to by
                                   Buyer and Seller.

              (b)    Obligations Upon Termination.

                     (i)    Upon termination of this Agreement, each party shall
                            thereafter remain liable for breach of this
                            Agreement prior to such termination and remain
                            liable to pay and perform any obligation under
                            Section 13.

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                     (ii)   If Closing shall not have occurred, Seller's sole
                            remedy at law or in equity for any breach or default
                            by Buyer described in Section 14(a)(i)(A) shall be
                            the termination by Seller of this Agreement by
                            giving of written notice to Buyer pursuant to
                            Section 14(a)(i)(A).

              (c)    Termination Notice. Each notice given by a party pursuant
to Section 14(a) to terminate this Agreement shall specify the subsection of
Section 14(a) pursuant to which such notice is given. If at the time a party
gives a termination notice, such party is entitled to give such notice pursuant
to more than one subsection of Section 14(a), the subsection pursuant to which
such notice is given and termination is effected shall be deemed to be the
subsection specified in such notice provided that the party giving such notice
is at such time entitled to terminate this Agreement pursuant to the specified
subsection.

       15.    Default; Disputes.

       If Seller fails to perform under this Agreement, the Buyer may exercise
any right he has against the Seller, including bringing an action for specific
performance. The remedies provided by this Section are in addition to any right
or remedies provided elsewhere in this Agreement or at law or in equity. In the
event a dispute arises between the Parties over the interpretation of this
Agreement, or the performance, alleged non-performance or breach by either Party
hereunder, the Parties hereby agree to seek resolution of such dispute in good
faith through an alternative dispute resolution process mutually agreeable to
the Parties prior to the institution of any legal proceedings related thereto.

       16.    Liabilities.

       Buyer shall not, in connection with the purchase and sale of Assets
contemplating herein, assume any liabilities or obligations of the Seller except
as specifically set forth herein.

       17.    Third Party Brokerage.

       Seller and Buyer hereby represent and warrant to each other that neither
Seller or Buyer has dealt with any broker or finder in connection with the
transaction which is the subject of this Agreement. Each party hereby agrees to
indemnify, save harmless and defend the other from and against all claims,
losses, liabilities and expenses, including reasonable attorney's fees, arising
out of any claim made by any broker, finder or other intermediary who claims to
have dealt with such party in connection with the transaction which is the
subject of this Agreement. The provisions of the paragraph shall survive Closing
hereunder.

       18.    Entire Agreement.

       This Agreement (which includes the exhibits and schedules attached
hereto) constitutes the entire agreement between the Parties and there are no
other understandings, representations or warranties, oral or written, relating
to the subject matter hereof.

                                       12
<PAGE>   13

       19.    Amendment.

       This Agreement may not be changed, modified or amended, in whole or in
part, except in writing, signed by all parties.

       20.    Notice.

       Notices given pursuant to this Agreement shall be in writing and shall be
given by actual delivery or by mailing the same to the party entitled thereto at
the addresses set forth below or at any such other address as any Party may
designate in writing to any other Party pursuant to the provisions of this
Section. Notice given by mail shall be sent by United States mail, certified or
registered, return receipt requested or by nationally recognized courier
serviced providing receipt of delivery. Notices shall be deemed to be received
on the date of actual receipt, in the case of personal delivery, or on the date
of mailing, in the case of mailing. Notices shall be served or mailed to the
following addresses, subject to change as provided above:

       If to the Seller:    Beasley FM Acquisition Corp.
                            3033 Riviera Drive, Suite 200
                            Naples, FL  34103
                            Attn:  Mr. George G. Beasley
                            Chief Executive Officer
                            Phone: (941) 263-5000
                            Fax:   (941) 434-8950

       If to the Buyer:     Beasley Family Towers, Inc.
                            3033 Riviera Drive, Suite 200
                            Naples, FL  34103
                            Attn:  Ms. B. Caroline Beasley
                            Secretary
                            Phone: (941) 263-5000
                            Fax:   (941) 434-8950

       With a copy (which shall not constitute notice) to:

                            Joseph D. Sullivan, Esq.
                            Latham & Watkins
                            1001 Pennsylvania Avenue, N.W.
                            Washington, DC 20004-2505
                            Phone: (202) 637-2200
                            Fax:   (202) 637-2201

       21.    Construction.

       Whenever used in this Agreement the singular shall include the plural,
the plural the singular, and the use of any gender shall be applicable to all
genders.

                                       13
<PAGE>   14

       22.    Assignment and Recording.

       Seller hereby covenants not to assign or record this Agreement except
with the prior written consent of the Buyer. Buyer may assign this Agreement
freely to any affiliated entity, provided such assignment shall not relieve
Buyer of its obligations hereunder.

       23.    Binding Effect.

       This Agreement and all of its terms and conditions shall extend to and be
binding upon the Parties hereto and upon their respective heirs, executors,
administrators, successors and assigns.

       24.    Further Assurances.

       Seller and Buyer agree to execute and deliver any further documents or
assurances that in law or otherwise are necessary, desirable or proper to
consummate the transactions contemplated by this Agreement and to vest, perfect,
assign or confirm, of record or otherwise, in Buyer title to the Assets.

       25.    Governing Law.

       This Agreement is made and shall be governed by and construed in
accordance with the internal laws of the State of North Carolina.

       26.    Headings.

       The headings and captions in this Agreement are for convenience only and
are not part of this Agreement.

       27.    Interpretation.

       Neither this Agreement nor any provision contained herein shall be
interpreted for or against either party solely because that party or that
party's legal representative drafted the provision.

       28.    Counterparts.

       This Agreement may be executed in one or more counterparts, each of which
shall be deemed an original and all of which shall constitute the same
Agreement.

                                       14
<PAGE>   15

       29.    Severability.

       If any provision of this Agreement is found by a court of competent
jurisdiction to be invalid or unenforceable, then such provision shall be
severed from this Agreement and the remainder shall remain in full force and
effect.

       30.    Covenant of Seller.

       Seller shall make all commercially reasonable efforts to resolve any
title or restriction issues prior to the Closing, but will continue these
efforts subsequent to the Closing to the extent reasonably necessary.

                                       15
<PAGE>   16

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

                                     SELLER:

                                     BEASLEY FM ACQUISITION CORP.

                                     By:
                                          --------------------------------
                                          Name:  George G. Beasley
                                          Title: Chief Executive Officer

                                     BUYER:

                                     BEASLEY FAMILY TOWERS, INC.

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

                                       16
<PAGE>   17

                                INDEX OF EXHIBITS

              Exhibit A                  Description of Land and Towers

              Exhibit B                  Form of Purchase Note

              Exhibit C                  Form of Deeds

              Exhibit D                  Form of Assignment, Bill of Sale and
                                         Assumption Agreement

              Exhibit E                  Form of Lease Agreements

<PAGE>   18

                                    EXHIBIT A

                         DESCRIPTION OF LAND AND TOWERS

WMGV-FM

PARCEL 1:

That certain communications tower situated on that certain tract of land more
particularly described as follows:

BEGINNING at a point in the southern right of way line of NC Highway 55 which
point of beginning is located South 77 degrees 59' 05" West 259.23 feet and
North 88 degrees 03' 16" West 171.67 feet from NCGS Monument "Brown", said
beginning also being the northeastern corner of the property conveyed to McGlone
by deed recorded in Book 140 at Page 734 in the office of the Register of Deeds
of Pamlico County. Thence from this point of beginning so located along and with
the southern right of way line of NC Highway 55 South 88 degrees 03' 16" East
171.67 feet to the northwestern corner of the property conveyed to Credle by
deed recorded in Book 176 at Page 508 in the Pamlico County Registry; thence
along and with the Credle western lie South 07 degrees 04' 02" West 298.91 feet
to an iron pipe; thence along the Credle southern line North 87 degrees 03' 42"
East 124.68 feet to an iron pipe; thence along the Credle eastern line North 07
degrees 12' 35" East 100.04 feet by an iron pipe; thence North 83 degrees 04'
37" East 99.16 feet to a point thence North 79 degrees 59' 30" East 103.67 feet
to a point; thence North 75 degrees 04' 32" East 210.37 feet to an iron pipe;
thence South 15 degrees 01' 10" West 1044.05 feet along and with the eastern
line of Lot No. 11 as is shown and delineated on a map recorded in Map Book 1 at
Page 20 in the Office of the Register of Deeds of Pamlico County to a point;
thence North 62 degrees 39' 53" West 359.92 feet to an iron axle; thence North
75 degrees 34' 52" West 346.40 feet to an iron pipe in the eastern line of the
T.G. Wylie Field Road; thence along and with the eastern line of said road North
06 degrees 30' 15" East 592.27 feet to an iron pipe in the southwestern corner
of the McGlone lot; thence along and with the southern line of the McGlone Lot
South 83 degrees 29' 48" East 149.99 feet to an iron pipe; thence along and with
the eastern line of the McGlone lot; North 06 degrees 30' 26" East 300.00 feet
to the southern right of way line of NC Highway 55, the point and place of
beginning. Said property contains 14.09 acres more or less according to a survey
dated October 25, 1995 prepared by James I. Phillips, RLS and Associates.

PARCEL 2:

A non-exclusive easement and right of way for the purposes of locating a radio
tower guidewire or guidewires over the following described property: BEGINNING
at a point in the eastern line of the T.G. Wylie Field Road which said point of
beginning lies the following courses and distances from the northeastern corner
of the property conveyed to McGlone by deed recorded in Book 140 at Page 734 in
the Pamlico County Registry; South 06 degrees 30' 26" West 300.00 feet, thence
North 83 degrees 29' 48" West 149.99 feet; thence South 06 degrees 30' 15" West
568.73 feet; thence from this point of beginning so located along and with the
eastern line of the T.G. Wylie Field Road South 06 degrees 30' 15" West 83.52
feet to a point, thence crossing the T.G. Wylie Field Road

<PAGE>   19

and running South 70 degrees 23' 56" West 485.69 feet to a point; thence North
19 degrees 36' 02" West 75.00 feet to a point; thence North 70 degrees 23' 56"
East 522.44 feet to the point of beginning. This easement is appurtenant to
Parcel 1. The aforesaid tract is a portion of the Lot No. 11 and Lot No. 12 as
the same are shown and delineated on a map recorded in Map Book 1 at Page 20 in
the Office of the Register of Deeds of Pamlico County.

PARCEL 3:

A non-exclusive right of way and easement for the purpose of ingress, egress,
regress, access, installation and maintenance of utilities to and from Parcel 1
and Parcel 3 as the same are shown and delineated on a map entitled "Survey for
Brown Distributing Company, Inc. and said easement is appurtenant to Parcel 1
and Parcel 3 as shown on the aforesaid map as well as in the adjoining property
hereafter acquired by the owner of Parcel 1. Said easement runs over the T.G.
Wylie Field Road as the same is shown and delineated on the aforesaid map the
eastern line of said easement being more particularly described as follows:
Beginning at the northwestern corner of the property deeded to McGlone which
property is described in the deed recorded in Book 140 at Page 734 in the Office
of the Register of Deeds of Pamlico County, which point is also in the southern
right of way line of NC Highway 55. Thence running along and with the eastern
line of said easement South 06 degrees 30' 15" West 350.12 feet to a point;
thence continuing along the same course 652.25 feet to a point. Said easement
being 40 feet in width and is for the purpose of ingress, egress, regress,
access and the installation and maintenance of utilities and further
subdivision.

PARCEL 4:

All that certain tract or parcel of land lying and being situate in Number One
Township, Pamlico County, North Carolina and being more particularly described
as follows:

BEGINNING at a point in the eastern line of the T.G. Wylie Field Road which said
point of beginning lies the following course and distances from the northeastern
corner of the property conveyed to McGlone by deed recorded in Book 140 at Page
734 in the Office of the Register of Deeds of Pamlico County; South 06 degrees
30' 26" West 300.00 feet; North 83 degrees 29' 48" West 149.99 feet; south 06
degrees 30' 15" West 592.27 feet to the point of beginning. THENCE FROM THIS
POINT OF BEGINNING SO LOCATED along and with the eastern line of the T. G. Wylie
Field Road South 06 degrees 30' 15" West 59.98 feet to a point; thence South 64
degrees 05' 58" East 908.62 feet to a point; thence North 40 degrees 23' 56"
East 114.03 feet to a point; thence North 62 degrees 44' 22" West 257.89 feet to
a point; thence North 62 degrees 39' 53" West 359.92 feet to an axle; thence
North 75 degrees 34' 542" West 346.40 feet to the point of beginning.

The above-described parcels of land are all of the same parcels described in the
deed from Frederick J. McCune, etc. al. to Grantsboro Tower Company, which deed
is recorded in Book 286 at Page 174 in the Pamlico County Registry. And being
the same that was acquired by Grantor by instrument dated October 31, 1996,
recorded November 15, 1996 in Book 0317 Page 0880 in the Pamlico County, North
Carolina Registry.

THIS CONVEYANCE IS MADE SUBJECT TO THE FOLLOWING EXCEPTIONS:

<PAGE>   20

Ad Valorem Taxes for the year 2000, and subsequent years, not yet delinquent

Easement recorded in Book 272, Page 199.

Easement to Carolina Power and Light Company recorded in Book 190, Page 569 and
Book 154, Page 82.

General right-of-way to Pamlico Beaufort Electric Membership Corporation,
recorded in Book 135, Page 867.

Right-of-way easement to Tideland Electric Membership Corporation, recorded in
Book 210, Page 867.

General right-of-way to Tide Water Power Company recorded on Book 107, Page 301.

WUKS-FM

That certain six hundred fifty (650) foot uniform cross-section guyed
communications tower with three (3) foot fact situated on that certain single
parcel of land as more particularly described as follows:

Lying and being in Shannon, Robeson County, State of North Carolina, identified
with the Robeson County tax collector's office as 66862-300 and being 1.5 miles
north on Road 1001.

WAZZ-AM

That certain communications tower situated on that certain tract of land (not
including the studio building thereon) more particularly described as follows:

BEGINNING at a point in the eastern margin of Lot 6 as shown in Section II and
Section III of Huske Heights as recorded in Plat Book 11, Page 4, Cumberland
County Registry, said point being located North 34 degrees 34 minutes West 71.02
feet from the northeast corner of said Lot 6; thence South 31 degrees 59 minutes
West 300.75 feet to a point in the eastern margin of Bragg Boulevard; thence
running with the eastern margin of said Bragg Boulevard North 58 degrees 21
minutes West 10.00 feet to a point; thence running along the northwest line of
said Lot 6 North 31 degrees 59 minutes East 200.00 feet to a point; thence
running along a north east line of Franchise Realty Corporation property as
recorded in Deed Book 933, Page 1, North 58 degrees 01 minutes West 172.38 feet
to a point; thence North 31 degrees 55 minutes East 160.59 feet to an old iron
pipe; thence running along the eastern margin of a portion of Lot 9, Lot B, Lot
7 and a portion of Lot 6, South 34 degrees 34 minutes East 199.03 feet to the
point and place of BEGINNING, and containing .634 acres, more or less, and being
a portion of Lots 6, 7, 8, 9, of Section II and Section III, of Huske Heights,
as recorded in Plat Book 11, Page 4, Cumberland County Registry, North Carolina.
The above description as prepared by William Larry King, Registered Land
Surveyor L 13339, August 6, 1981.

Included within and as a part of the above described property is the following
described strip of land which is an easement and not a part of the property
owned in fee simple.

<PAGE>   21

Being the northwestern most ten (10.0') feet of Lot Six (6) of the Huske Heights
Subdivision, Section III, per plat of same duly recorded in Plat Book 11, Page
4, and being described by metes and bounds as follows:

BEGINNING at a stake in the northern margin of Bragg Boulevard, the westernmost
corner of Lot Six (6) of the said Huske Heights Subdivision, Section III, and
runs thence with the northwestern line of said Lot Six (6) of the Huske Heights
Subdivision, Section III, North 31 degrees 35 minutes East 307.30 feet to an
iron stake, the northernmost corner of said Lot Six (6) of the Huske Heights
Subdivision, Section III; and runs thence along the northwestern line of said
Lot Six (6) of the Huske Heights Subdivision, Section III, South 34 degrees 34
minutes East 10.93 feet to a point in said line; and runs thence, a new line
that is located parallel to and 10.0 feet measured southeastwardly and
perpendicularly from the northwestern line of said Lot Six (6), South 31 degrees
35 minutes West 302.89 feet to a point in the northern margin of Bragg Boulevard
in the southwestern line of said Lot Six (6) of the Huske Heights Subdivision,
Section III; and runs thence along the northern margin of Bragg Boulevard in the
southwestern line of said Lot Six (6) of the Huske Heights Subdivision, Section
III; and runs thence along the northern margin of Bragg Boulevard, North 59
degrees 25 minutes West 10.0 feet to an iron stake, the point of BEGINNING.

BEGINNING at an existing iron pipe in the southwestern property line of the City
of Fayetteville property as recorded in Book 640, Page 227, and also being in
the northeastern line of Lot 9 as shown in a Plat of Section II and III of Huske
Heights as recorded in Plat Book II, Page 4, and also being the northernmost
corner of the property described in the deed from N. Hunter Wyche, Jr., Trustee,
to Chesapeake Holdings - Nottoway Limited as recorded in Book 4041, Page 192,
and also being a corner of the Mao Yun Lin property as recorded in Book 3673,
Page 673; and proceeding thence for a FIRST CALL along the dividing line between
the properties recorded in Book 4041 Page 192 and Book 3673, Page 673, South 31
degrees, 59 minutes West 180.11 feet to the westernmost corner of the property
described in Book 4041, Page 192; an thence a new line, an extension of the
southwestern line of the property described in Book 4041, Page 192, North 58
degrees, 01 minutes West 12.00 feet to a point; thence parallel with and 12.00
feet perpendicular to the first call herein, North 31 degrees, 59 minutes East
185.33 feet to a point in the aforesaid City of Fayetteville property said point
also being in the northeastern line of the aforementioned Lot 9; thence along
that line South 34 degrees, 30 minutes East 13.09 feet to THE POINT AND PLACE OF
BEGINNING containing 2,192.63 square feet and being a portion of the
aforementioned property conveyed to Mao Yun Lin as recorded in Book 3673, Page
673.

The property hereinabove described was acquired by Grantor by Deed dated
November 27, 1996, recorded March 6, 1997, in Book 4625 Page 0178 in the
Cumberland County, North Carolina Registry.

The real property conveyed hereunder shall be exclusive of the building used as
a studio for radio broadcast stations WAZZ and WFLB-FM, and inclusive of the
transmitter building situated near the base of the WAZZ-AM tower on the Tower
site.

<PAGE>   22

                                    EXHIBIT B

                              FORM OF PURCHASE NOTE

                                 PROMISSORY NOTE

$1,135,208.00                                                 February ___, 2000

       BEASLEY FAMILY TOWERS, INC., a Delaware corporation ("Payor"), for value
received, promises to pay to the order of BEASLEY FM ACQUISITION CORP., a
Delaware corporation, ("Payee"), the principal amount of ONE MILLION ONE HUNDRED
THIRTY FIVE THOUSAND TWO HUNDRED EIGHT DOLLARS ($1,135,208.00), together with
accrued interest thereon, calculated and payable as set forth below in this
Note. The principal and interest on this Note is payable in lawful money of the
United States of America in immediately available funds at such place in the
United States as Payee may from time to time designate in writing to Payor.

       This Note is made pursuant to that certain Agreement of Sale (the "Sale
Agreement"), dated February ____, 2000, by and among Payor and Payee.

       1.     Payment of Principal and Interest.

              (a)    Calculation and Payment of Interest. Interest on the
principal balance of this Note outstanding from time to time until paid in full
shall accrue at the rate of six and seventy-seven one hundredths percent (6.77%)
compounded annually (the "Rate"), computed on the basis of a 365 or 366-day
year, as appropriate, for the actual number of days elapsed, commencing on the
date hereof.

              (b)    Payments Prior to Maturity Date. On the first day of each
month Maker shall pay in advance Seven Thousand One Hundred Eighty-Eight Dollars
and Two Cents ($7,188.02). All remaining principal, together with accrued and
unpaid interest thereon shall be due and payable on the "Maturity Date" (defined
below). Each monthly payment shall be credited first to interest then accrued
and the remainder, if any, to principal, and interest shall thereupon cease to
accrue upon the principal paid.

              (c)    Payment on Maturity Date. The principal balance of, and any
accrued and unpaid interest on, this Note shall be payable twenty (20) years
from the effective date of this Note (such date the "Maturity Date").

       2.     Prepayment.

              (a)    Payor may, at its option at any time, without premium or
penalty, prepay all or any portion of this Note.

<PAGE>   23

              (b)    Any prepayment of this Note shall be applied as follows:
first, to payment of accrued interest; and second, to payment of principal.

       3.     Events of Default.

       The following shall constitute "Events of Default" under this Note:

              (a)    Failure by Payor to make any payment required under this
Note when the same shall become due and payable (whether at maturity or
otherwise) and the continuation of such failure for a period of ninety (90)
days; or

              (b)    Payor pursuant to or within the meaning of any Bankruptcy
Law:

                     (i)    commences a voluntary case or proceeding;

                     (ii)   consents to the entry of an order for relief against
                            it in an involuntary case or proceeding;

                     (iii)  consents to the appointment of a Custodian of it or
                            for all or any substantial portion of its property
                            or assets;

                     (iv)   makes a general assignment for the benefit of its
                            creditors; or

              (c)    an involuntary case or proceeding is commenced against
Payor under any Bankruptcy Law and is not dismissed, bonded or discharged within
ninety (90) days thereafter, or a court of competent jurisdiction enters an
order or decree under any Bankruptcy Law that:

                     (i)    is for relief against Payor in an involuntary case
                            or proceeding;

                     (ii)   appoints a Custodian of Payor or for all or
                            substantially all of its properties; or

                     (iii)  orders the liquidation of Payor; and in each case
                            the order or decree remains unstayed and in effect
                            for ninety (90) days.

              (d)    The following terms used in this Note have the meaning,
assigned below:

       "Bankruptcy Law" means Title 11, United States Code, or any similar
federal, state or foreign law for the relief of debtors or any arrangement,
reorganization, assignment for the benefit of creditors or any other marshalling
of the assets and liabilities of Payor.

                                       2
<PAGE>   24

              "Custodian" means any receiver, trustee, assignee, liquidator,
   custodian or similar official under any Bankruptcy Law.

              "Event of Default" means any of the occurrences specified in
   Section 2 of this Note.

       If any Event of Default shall have occurred and be continuing, Payee may
proceed to protect and enforce its rights either by suit in equity or by action
at law, or both, whether for specific performance of any provision of this Note
or in aid of the exercise of any power granted to Payee under this Note.

       4.     Assignment.

       The holders of this Note may not assign or otherwise transfer all or any
portion of their rights and obligations under this Note to any other person or
entity, without the prior written consent of the Payor, which consent shall not
be unreasonably withheld.

       5.     Miscellaneous.

              (a)    Section Headings. The section headings contained in this
Note are for reference purposes only and shall not affect the meaning or
interpretation of this Note.

              (b)    Amendment and Waiver. No provision of this Note may be
amended or waived unless Payor shall have obtained the written agreement of
Payee. No failure or delay in exercising any right, power or privilege hereunder
shall imply or otherwise operate as a waiver of any rights of Payee, nor shall
any single or partial exercise thereof preclude any other or future exercise
thereof or the exercise of any other right, power or privilege. The remedies
herein provided are cumulative and not exclusive of any remedies provided by
law.

              (c)    Successors, Assigns and Transferors. The foregoing, the
obligations of Payor and Payee under this Note shall be binding upon, and inure
to the benefit of, and be enforceable by, Payor and Payee, and their respective
successors and permitted assigns, whether or not so expressed.

              (d)    Governing Law. This Note shall be governed by, and
construed in accordance with, the laws of the State of North Carolina, without
giving effect to any conflicts of laws principles thereof that would otherwise
require the application of the law of any other jurisdiction.

              (e)    Notices. Any notice, request, instruction or other document
to be given hereunder by either party to the other shall be in writing and shall
be deemed given when received and shall be (i) delivered personally or (ii)
mailed by certified mail, postage prepaid, return receipt requested or (iii)
delivered by Federal Express or a similar overnight courier or (iv) sent via
facsimile transmission to the fax number given below, as follows:

                                       3
<PAGE>   25

              If to Payor, addressed to:

                       Beasley Family Towers, Inc.
                       3033 Riviera Drive, Suite 200
                       Naples, FL  34103
                       Attn:  Ms. B. Caroline Beasley
                       Secretary
                       Fax:   (941) 434-8950

              With a copy to:

                       Latham & Watkins
                       1001 Pennsylvania Avenue, N.W.
                       Washington, DC  20004-2505
                       Attn:  Joseph D. Sullivan, Esq.
                       Fax:   (202) 637-2201

              If to Payee, addressed to:

                       Beasley FM Acquisition Corp.
                       3033 Riviera Drive, Suite 200
                       Naples, FL  34103
                       Attn:  Ms. Caroline Beasley
                       Secretary
                       Fax:   (941) 434-8950

or to such other place and with such other copies as either party may designate
as to itself by written notice to the other party.

                                       4
<PAGE>   26

       IN WITNESS WHEREOF, Payor has executed and delivered this Note as of the
date hereinabove first written.

                                       BEASLEY FAMILY TOWERS, INC.

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

                                       5
<PAGE>   27

                                    EXHIBIT C

                                  FORM OF DEEDS

<PAGE>   28

                                    EXHIBIT D

                           FORM OF ASSIGNMENT, BILL OF
                          SALE AND ASSUMPTION AGREEMENT

This Assignment, Bill of Sale and Assumption Agreement (this "Agreement") is
made effective as of 12:01 a.m. Eastern Time, on the ____ day of February, 2000
by and between Beasley FM Acquisition Corp. ("Seller") and BEASLEY FAMILY
TOWERS, INC. ("Purchaser").

                                    RECITALS

   A.  Reference is made to that certain Agreement of Sale (the "Asset Purchase
Agreement") dated as of February __, 2000 by and between Seller and Purchaser.
Capitalized terms used but not defined herein shall have the meanings given such
terms in the Asset Purchase Agreement.

   B.  The Asset Purchase Agreement provides that Seller shall sell, convey and
assign to Purchaser all of Seller's right, title and interest to the Towers and
Tower Leases and Purchaser shall assume the Assumed Liabilities, as defined in
Section 2 of the Asset Purchase Agreement.

       NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged by the parties hereto, the parties
hereto agree as follows (capitalized terms used herein but not defined herein
shall have the meaning given to them in the Asset Purchase Agreement):

       1.     Seller hereby bargains, sells, conveys, assigns and delivers all
of Seller's right, title and interest in and to:

              a.     The Towers, such Towers more particularly described in
Exhibit A of the Asset Purchase Agreement; and

              b.     The Tower Leases.

Items a. and b. above are hereinafter referred to as the "Assigned Assets."

       2.     Purchaser hereby accepts the sale, conveyance and assignment of
the Assigned Assets, effective as of 12:01 a.m. Eastern Time on February __,
2000.

       3.     Purchaser hereby assumes and agrees to pay and perform the Assumed
Liabilities pursuant to Section 2 of the Asset Purchase Agreement, effective as
of 12:01 a.m. Eastern Time on February __, 2000.

       4.     After the date hereof, Purchaser and Seller will, at the request
of the other party, promptly obtain, execute and deliver, or cause to be
obtained, executed and delivered, to the other party such assignments, bills of
sale, endorsements, and other such instruments or documents to be executed by
Seller or Purchaser, as the case may be, in addition to this

<PAGE>   29

Agreement, in form and substance reasonably satisfactory to the other party, as
such other party may reasonably deem necessary or desirable so as (i) to vest in
Purchaser title to and possession of the Assigned Assets and (ii) to perfect and
record, if necessary, the sale, assignment, conveyance, transfer and delivery to
Purchaser of the Assigned Assets.

       5.     This Agreement is made pursuant to, and is subject to all of the
terms, representations, warranties and covenants of, the Asset Purchase
Agreement, the terms of which are hereby incorporated by reference. In the event
of any conflict between this Agreement and the Asset Purchase Agreement, the
terms of the Asset Purchase Agreement shall govern.

                                       2
<PAGE>   30

       IN WITNESS WHEREOF, Seller and Purchaser have executed and delivered this
Agreement as of the day and year first written above.

                                     SELLER:

                                     BEASLEY FM ACQUISITION CORP.

                                     By:
                                         --------------------------------
                                         Name:  George G. Beasley
                                         Title: Chief Executive Officer

                                     PURCHASER:

                                     BEASLEY FAMILY TOWERS, INC.

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

                                       3
<PAGE>   31

                                    EXHIBIT E

                            FORM OF LEASE AGREEMENTS
<PAGE>   32
                         LEASE AGREEMENT (O&O -WMGV-FM)

       THIS LEASE AGREEMENT ("Lease"), made this ____ day of February, 2000 by
and between BEASLEY FAMILY TOWERS, INC., a Delaware corporation ("Lessor"), and
BEASLEY FM ACQUISITION CORP., a Delaware corporation ("Lessee").

                                   WITNESSETH:

       WHEREAS, Lessor owns a communications tower as such tower is described on
Exhibit B (the "Tower"), together with other improvements on a certain tract of
real estate located at Grantsboro, North Carolina, as such land is more fully
described in Exhibit A attached hereto (hereinafter referred to as the "Tower
Site"; the term "Tower Site" shall also include any appurtenant easements or
improvements on such land, including, without limitation, any buildings or other
structures);

       WHEREAS, Lessor desires to lease the Tower Site and space on the Tower
for the purpose of Lessee's radio broadcast transmission activities; and

       WHEREAS, Lessee wishes to lease such Tower Site and space on the Tower
from Lessor.

       NOW, THEREFORE, IN CONSIDERATION OF the foregoing and the mutual
covenants herein contained, the parties hereto agree as follows:

       1.     LEASE COMMENCEMENT.

              1.01   COMMENCEMENT OF TERM. The term of this Lease and the
payment of rent and other performances in accordance with the terms of this
Lease shall commence on the date hereof.

              1.02   EXHIBITS. All Exhibits referred to in this Lease are
incorporated herein by reference.

       2.     DESCRIPTION OF THE LEASEHOLD.

              2.01   LEASED PREMISES. Lessor hereby leases to Lessee, and Lessee
leases from Lessor, with a right of access thereto and parking therefor in
accordance with Section 9:

                     (a)    Space on the Tower as more fully described in
Exhibit C hereto, for the purposes of the broadcast transmission of WMGV-FM;

                     (b)    Space in the transmitter building on the Tower Site
as such space is more fully described in Exhibit D hereto (the "Transmitter
Building"), for the purposes of the housing, operation and maintenance of
Lessee's transmitter and related equipment, (such space "Lessee's Transmitter
Building Space"); and

<PAGE>   33

                     (c)    All interior space in the building on the Tower Site
housing an electrical power generator (the "Generator Building," the Generator
Building and the Transmitter Building, the "Buildings" and the interior space of
the Generator Building, "Lessee's Generator Building Space," and Lessee's
Transmitter Building Space and Lessee's Generator Building Space, "Lessee's
Building Space").

                     (d)    All of the property leased under this Paragraph 2.01
shall hereinafter be called the "Leased Premises".

              2.02   OWNERSHIP OF PROPERTY; ACCESS.

                     (a)    Except for "Lessee's Property" (as defined below),
all tenant improvements including all fixtures and trade fixtures shall become
the property of the Lessor, and shall remain with the Leased Premises after the
Lessee vacates same.

                     (b)    The Lessee's antenna, transmission line, and other
equipment, including, without limitation, that certain electrical power
generator housed in the Generator Building, together with any replacements
thereof and modifications and additions thereto, which are permitted hereunder,
shall be and remain lessee's property, and are hereinafter referred to as
"Lessee's Property". Lessee will be solely responsible for the maintenance of
Lessee's Property, including all expenses associated with such repair.

                     (c)    Lessee shall have reasonable right of access to the
Leased Premises at all times in emergency situations and whenever reasonably
necessary for equipment maintenance and repair. Lessee shall also have
reasonable rights of access at any time to the Leased Premises for ingress,
egress, utilities, the locating and usage of cabling and related equipment,
operations, maintenance, repair or remodeling, or other engineering purposes.

       3.     PERMITTED USES.

              3.01   BY LESSEE.

                     (a)    Subject to all appropriate government approvals,
including the Federal Communications Commission ("FCC"), the Leased Premises may
be used only for activities related to the operation of radio broadcast
stations. Such operations, shall be conducted in accordance with the standards
imposed by the FCC and any other governmental body with authority over such
transmission and operations.

                     (b)    Except as expressly permitted by this Lease and
unless prior written approval of Lessor has been given, Lessee shall not
construct or make any improvements or install any equipment on the Tower. Lessee
may repair and maintain equipment as it reasonably deems necessary to its
operations within Lessee's space in all respects in compliance with the terms
hereof. Lessee's space on the Tower, Lessee's Building Space, Lessee's interior
and exterior equipment, and all other improvements shall be maintained in an
orderly and professional manner.

                                       2
<PAGE>   34

              3.02   BY LESSOR.

                     (a)    Subject to the rights elsewhere granted to Lessee in
this Lease and with prior notice to Lessee and no loss of service or
interruption (beyond a temporary, non-recurring and de minimis amount), Lessor
reserves the right to use the Tower, at its own expense, as it sees fit and to
fasten additional equipment to the Tower for any purpose, including the right to
install transmitting and/or receiving antennas of others; provided that Lessor
shall use reasonable efforts to restrict any loss of Lessee's service or
interruption pursuant to this Section 3.02(a) to the hours of 1:00 a.m. to 5:00
a.m.

                     (b)    Subject to the rights elsewhere granted to Lessee in
this Lease, Lessor shall have the right to use for itself or lease to others the
remainder of the Tower Site or use of any of the improvements thereon, space on
the Tower or in any building constructed by Lessor for any purpose, including,
but not limited to, any kind of broadcasting or communication, simultaneous
transmissions on AM, FM, SSB, VBIF, UHF, and/or microwave frequencies, and all
rental revenues received therefrom shall belong exclusively to Lessor. Prior to
permitting the fastening of a material amount of additional equipment, Lessor
shall cause a structural analysis of the Tower to be conducted by a reputable
mechanical consultant chosen by Lessor in order to ensure that any such
additions conform to recognized engineering standards.

                     (c)    Except as expressly provided for herein, Lessor
shall have no liability for any action or omission taken in exercise of its
rights hereunder upon reasonable reliance on recommendation of its engineering
personnel.

                     (d)    Subject to the terms of this Lease, Lessor also
reserves the right to erect one (1) or more additional towers on the Tower Site.

       4.     TERM.

              4.01   TERM. This Lease shall have a term of twenty (20) years
from the Commencement Date established in Paragraph 1.01 hereof.

       5.     RENT.

              5.01   RENTAL. Lessee shall pay rent for each consecutive
twelve-month period beginning on the Commencement Date (each a "Lease Year")
during the term of this Lease. Such rental payment shall be payable in equal and
successive monthly installments in advance beginning with the Commencement Date
and continuing thereafter on the first day of each month during the term of this
Lease, such rental payments to be made according to the following schedule:

                                       3
<PAGE>   35

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
   Lease Year            Rent Per Lease Year                Monthly Rent
--------------------------------------------------------------------------------
   <S>                   <C>                                <C>
        1                    $63,910.80                      $5,325.90
--------------------------------------------------------------------------------
        2                    $63,910.80                      $5,325.90
--------------------------------------------------------------------------------
        3                    $63,910.80                      $5,325.90
--------------------------------------------------------------------------------
        4                    $63,910.80                      $5,325.90
--------------------------------------------------------------------------------
        5                    $63,910.80                      $5,325.90
--------------------------------------------------------------------------------
        6                    $63,910.80                      $5,325.90
--------------------------------------------------------------------------------
        7                    $63,910.80                      $5,325.90
--------------------------------------------------------------------------------
        8                    $63,910.80                      $5,325.90
--------------------------------------------------------------------------------
        9                    $63,910.80                      $5,325.90
--------------------------------------------------------------------------------
       10                    $63,910.80                      $5,325.90
--------------------------------------------------------------------------------
       11                    $63,910.80                      $5,325.90
--------------------------------------------------------------------------------
       12                    $63,910.80                      $5,325.90
--------------------------------------------------------------------------------
       13                    $63,910.80                      $5,325.90
--------------------------------------------------------------------------------
       14                    $63,910.80                      $5,325.90
--------------------------------------------------------------------------------
       15                    $63,910.80                      $5,325.90
--------------------------------------------------------------------------------
       16                    $63,910.80                      $5,325.90
--------------------------------------------------------------------------------
       17                    $63,910.80                      $5,325.90
--------------------------------------------------------------------------------
       18                    $63,910.80                      $5,325.90
--------------------------------------------------------------------------------
       19                    $63,910.80                      $5,325.90
--------------------------------------------------------------------------------
       20                    $63,910.80                      $5,325.90
--------------------------------------------------------------------------------
</TABLE>

              5.02   PAYMENT OF RENTALS. Rentals to be paid hereunder shall be
paid monthly in lawful money of the United States of America and shall be paid
in advance on the first day of each month during the term of this Lease by
crediting the payment owed to Lessee by Lessor under that certain Promissory
Note made by Lessor in favor of Lessee dated ______, 2000, on the first day of
each month during the term of this Lease. In the event of prepayment of the
Promissory Note by Lessor or other action resulting in amounts equal to any
monthly rental payment not being concurrently due from Lessor under the
Promissory Note, then Lessee shall pay the monthly rental amount in advance on
the first day of the month in question by mailing payment to the Lessor c/o
Beasley Family Tower, Inc., 3303 Riviera Drive, Suite 200, Naples, FL 34103,
Attn: Ms. Caroline Beasley, or to such other person or address as Lessor may in
writing direct. The payment of the monthly rental for the first month of the
term of this Lease shall be prorated based on the number of days remaining in
such month, including the first day on which this Lease become effective.

              5.03   ELECTRICITY AND OTHER UTILITIES. In addition to the
payments prescribed under Section 5.01 of this Lease, Lessee shall pay for its
own telephone lines and service, electrical service (including electrical
service to the Tower used by Lessee as measured by a separate electrical meter
at Lessee's expense). Lessor shall pay for the electrical service to the Tower
for the Tower lighting.

       6.     AUTHORITY.

              6.01   QUIET ENJOYMENT. Lessor represents and warrants that it has
the full power and authority to enter into this Lease, and covenants and agrees
that Lessee, upon paying the rents described herein and observing and keeping
the covenants, agreements, and

                                       4
<PAGE>   36

stipulations of this Lease on Lessee's part to be observed and kept, shall
lawfully, peaceably, and quietly hold, occupy, and enjoy the Leased Premises,
and all other rights and privileges granted herein, without hindrance, eviction,
or molestation by Lessor or any party claiming by or through Lessor.

              6.02   LESSEE'S APPROVAL. Lessee represents and warrants that it
has the full power and authority to enter into and perform this Lease. Any and
all necessary corporate resolutions, encumbrance certificates, etc., shall be
supplied by Lessee upon the request of Lessor.

       7.     PERMITS.

              7.01   PERMITS. Lessor shall obtain all necessary licenses or
permits in connection with the Tower and Building except that Lessee shall
obtain, at its own expense, any and all necessary licenses or permits from such
governmental authorities as shall have jurisdiction in connection with the (b)
the operations, installation, repair, alteration, or replacement of Lessee's
equipment (including, without limitation, Lessee's antenna and transmission
and/or receiving equipment); or (c) with any of Lessee's activities thereon or
contemplated by this Lease. At Lessor's request, Lessee shall furnish Lessor
with copies of same, and shall abide by the terms and provisions of such
licenses and permits.

       8.     MAINTENANCE OF LEASED PREMISES AND LESSEE'S PROPERTY.

              8.01   DURING TERM OF LEASE.

                     (a)    Lessee, at its own cost and expense, shall maintain
and repair Lessee's Property, including specifically its antenna, related
equipment, transmission lines, transmitters, and other equipment. Lessor shall
perform the same tasks with respect to Lessor's Tower and Buildings. All such
maintenance shall be conducted by the parties in accordance with good
engineering standards and in conformity with the requirements of the FCC or any
other body having jurisdiction over the Lessee and its property, including,
without limitation, any rules, regulations, or guidelines of the FCC
implementing the National Environmental Policy Act of 1969 pertaining to
electromagnetic or radio frequency radiation. Each of Lessor and Lessee shall
take all reasonable precautions to avoid interference or hindrance to and with
the operations of the other party hereto. In this regard, each party hereto
agrees to eliminate, without cost to the other party hereto, any interference or
hindrance to such other party's operation. Maintenance and repair of Lessee's
Property shall be performed only by a reputable contractor and in accordance
with the provisions of subsections (d), (e), and (f) hereof.

                     (b)    Lessor retains the right to inspect Lessee's
Property during normal business hours upon reasonable notice to Lessee, except
that, in the event of an emergency, as determined by Lessor, Lessor may enter at
any time, giving notice of such emergency to Lessee as soon as is practical. In
the event that Lessor reasonably determines that Lessee has not maintained
Lessee's Property and equipment in good order and repair according to industry
standards, and that such repairs are necessary for the safety of the Tower, the
Buildings, and Tower Site, or the prevention of interference with Lessor or any
other user of the Tower or

                                       5
<PAGE>   37

any other broadcaster, Lessor may, at its option, make such emergency repairs to
the property as it deems reasonably necessary, and any amount expended by Lessor
therefor shall be reimbursed to it by Lessee immediately upon presentation of a
statement and shall be deemed additional rent. Lessor shall not be liable for
inconvenience, disturbance, loss of business, or other damage to Lessee by
reason of repairing any of Lessee's Property which Lessee has failed to properly
maintain.

                     (c)    With respect to the non-emergency repairs which
Lessor, in its reasonable discretion, determines that Lessee should make to
maintain Lessee's Property and equipment in good order, and that such repairs
are necessary for the safety of the Tower, the Buildings, and Tower Site, or the
prevention of interference with Lessor, in violation of the terms of this
Agreement, Lessor shall so notify Lessee in writing, specifying the maintenance
and repairs required to be performed by Lessee. In the event that, within ten
(10) business days following such written notice (or such longer period as may
be reasonably necessary taking into account all facts and circumstances), Lessee
shall not have performed such maintenance and repairs, Lessor may, at its sole
option, make such repairs as it deems reasonably necessary, and any amount
expended by Lessor therefor shall be deemed additional rent. Lessor shall not be
liable for inconvenience, disturbance, loss of business, or other damage to
Lessee by reason of repairing the property and equipment of Lessee which Lessee
has failed to properly maintain.

                     (d)    No work (including electrical work), except for
emergency repairs that Lessee shall perform to return to, or maintain the
station on air in the event of a failure, will be performed by the Lessee in
connection with the installation, alteration, maintenance, repair, or removal of
any of Lessee's transmission lines, antenna, and other equipment on the Tower
unless the Lessee submits to Lessor a copy of the proposed contract and also
detailed plans and specifications of the work to be done, and both the contract
and the plans and specifications have been approved in writing by Lessor not to
be unreasonably withheld, delayed or conditioned. Lessee, upon demand therefor
by Lessor, agrees to pay Lessor as additional rent all amounts reasonably
expended by Lessor in connection with review of any such contract, plans, and
specifications.

                     (e)    With respect to any work to be performed by or on
behalf of Lessee in connection with the installation, alteration, maintenance,
repair, or removal of any equipment on the Tower (including any ascension of the
Tower), in the Buildings, or in or about the Tower Site, Lessee may only employ
a contractor who has been approved in writing and in advance by Lessor. Lessor
agrees that it will not unreasonably withhold its approval of any contractor who
has the requisite experience and industry standard insurance coverage and who
will, at the sole option of Lessor, provide a bond to cover any work which it
has been retained to perform. Lessor agrees to consult on call in any emergency
situation and immediately give its approval or disapproval.

                     (f)    All work by or on behalf of the Lessee or Lessor
shall be carried out (i) in a good and workmanlike manner; (ii) in accordance
with established engineering standards and public ordinances, rules, and
regulations applicable to such work, including, without limitation, any rules,
regulations, or guidelines of the FCC implementing the National Environmental
Policy Act of 1969, pertaining to electromagnetic or radio frequency

                                       6
<PAGE>   38

radiation; (iii) in accordance with plans and specifications, including
mechanical and electrical drawings, which have been submitted to and approved in
writing and in advance by Lessor; and (iv) in accordance with Lessor's security
procedures with respect to protection of the Tower Site.

                     (g)    Notwithstanding the receipt of the approvals by
Lessor as required in this paragraph, Lessee shall not be relieved of its
responsibilities and liabilities for interference or otherwise as herein
provided, nor shall said approval be deemed a waiver of any other rights of
Lessor under this Lease.

                     (h)    In the event that any notice of lien or lien shall
be filed against any part of the Tower Site for work claimed to have been done
or materials claimed to have been furnished to Lessee, the same shall be
dismissed, withdrawn, discharged or bonded (to Lessor's reasonable satisfaction)
by Lessee within thirty (30) days thereafter at Lessee's expense; and if Lessee
shall fail to take such action as shall cause such lien to be discharged within
thirty (30) days, Lessor may, at its option, discharge the same by deposit or by
bonding proceedings. Lessor may require the lienor to prosecute the appropriate
action to enforce the lienor's claim. In such case, Lessor shall give immediate
notice to Lessee of such pending action or proceeding so that Lessee may have an
opportunity to legally contest or defend the action or proceeding. If, after
such notice to Lessee, a judgment is recovered on the claim, Lessor, at its sole
option, may pay the judgment. Any reasonable amount paid or expense incurred or
sum of money paid by Lessor (including reasonable attorney's fees) by reason of
the failure of Lessee to comply with the foregoing provisions of this paragraph,
or in defending any such action, shall be paid to Lessor by Lessee, and shall be
treated as additional rent hereunder.

              8.02   AT EXPIRATION OR TERMINATION. At the expiration or
termination of this Lease, Lessee shall promptly surrender possession of the
Leased Premises to Lessor in as good a condition as the same were received at
the commencement of the term, reasonable wear and tear and damage by fire or
other casualty beyond Lessee's reasonable control excepted.

       9.     USE AND MAINTENANCE OF COMMON PREMISES.

              9.01   USE OF COMMON PREMISES. Lessee, at its own risk, shall have
the right to use in common with Lessor and its licensees, invitees, and other
tenants, and in connection with Lessee's permissible activities and operations
(a) any access road from any public highway to the Tower Site or to any building
on the Tower Site; (b) any parking lot on the Tower Site; and (c) all common
areas in the Transmitter Building (such items (a), (b) and (c) called
collectively herein the "Common Premises").

              9.02   MAINTENANCE OF COMMON PREMISES.

                     (a)    Lessor shall maintain the Common Premises and any
fence around the Tower in good repair. Lessee shall comply with any security
policies reasonably established from time to time by Lessor.

                     (b)    Lessor assumes the obligation and responsibility for
complying with the requirements of the FCC regarding obstruction, marking and
lighting of the

                                       7
<PAGE>   39

Tower. Lessor shall maintain the Tower and support systems in good repair and in
good operating condition in accordance with the requirements of governmental
authorities.

                     (c)    In the event that Lessor determines that repairs,
alterations, or improvements are necessary or desirable to the Tower or any
building or structure constructed by Lessor on the Tower Site, any common areas,
or the leased spaces of other tenants, Lessor may, upon reasonable notice and
for the shortest practical period of time (except for emergency situations),
close entrance doors, common areas, drive-ways, rights-of-way, service areas,
parking areas, or any other facilities at its discretion without being liable to
Lessee; provided that if any of the above would restrict Lessee's ability to
broadcast, Lessor shall use reasonable efforts to restrict any closure or
interruption pursuant to this Section 9.02 to the hours of 1:00 a.m. to 5:00
a.m.. The closing of entrances, doors, common areas, parking areas, or other
facilities for the making of the repairs, alterations, or improvements described
herein shall, under no circumstances, constitute an eviction of the Lessee or be
grounds for termination of this Lease or the withholding of any rental payments
or other payments or performances required to be paid or made by Lessee under
the terms hereof, provided, Lessor shall use reasonable efforts to ensure that
any action taken in accordance with this paragraph shall not adversely affect
the rights of Lessee hereunder. Under no such circumstances shall Lessee be
entitled to terminate this Lease nor shall it be entitled to compensation for
any loss or damage it may sustain (including loss of use, loss of
advertising/sponsorship revenues, and consequential damages) by reason of such
changes or alterations.

       10.    ALTERATIONS BY LESSEE.

              10.01  ALTERATIONS.

                     (a)    Lessee shall have the right, at its own expense, to
make such changes and alterations in the Lessee's Property situated on the
Tower, subject to Paragraph 8.01 and Paragraph 11 hereof, as its operations may
require, including the renovation, replacement, or removal of its antenna;
provided, however, that such changes or alterations conform with recognized
engineering standards and, if necessary, have been approved by the FCC and any
other authority having jurisdiction over Lessee; and provided further, that
plans and specifications are first submitted to and approved in writing by
Lessor. Lessee shall make no changes in the equipment or equipment position
without such approval, and Lessor shall not unreasonably fail to give such
approval within ten (10) business days.

                     (b)    This Lease is based upon carefully computed tower
loading capacity. If any change proposed by Lessee in the type, location, or
positioning of Lessee's Property should, in Lessor's judgment, require a
computer or other type of feasibility study to determine Tower loading capacity,
such study shall be performed by an engineer chosen by Lessor, and approved by
Lessee (such approval not to be unreasonably withheld, delayed or conditioned)
whose decision shall be final and binding upon both parties. The cost of such
study or any other costs reasonably incurred by Lessor in determining the
feasibility of any proposed change or alteration in the type, location, or
positioning of Lessee's Property shall be borne entirely by Lessee.

                                       8
<PAGE>   40

       11.    INTERFERENCE.

              11.01  PRELIMINARY STEPS TO AVOID INTERFERENCE.

       Before Lessee shall make any new installation on the Leased Premises or
on the Tower after the date hereof, notification of the particulars of such
proposed installation shall be submitted to Lessor hereto and any other lessees
or users of Tower space whose names and addresses are supplied to Lessee by
Lessor in writing, and the Lessor and such other users will be requested to
advise, in writing, the Lessee and Lessor, as applicable, within ten (10) days
after receipt of such notification, whether they have any reasonable objections
thereto on the grounds that objectionable interference may result; provided,
this Section 11.01 shall not apply to any currently installed Lessee's Property
or its replacement, maintenance or repair. If the Lessor or any other user shall
reasonably object within this period to such plans and Lessee is unwilling to
alter its plans to meet the objections, the dispute shall be submitted to an
independent professional engineer chosen by Lessor, and such engineers decision
shall be final and binding upon all parties. The cost of any such studies shall
be borne by Lessee.

              11.02  INTERFERENCE WITH LESSOR, LESSEE, OR OTHERS.
Notwithstanding the provisions of Paragraph 11.01, should any change, after the
date hereof, in the facilities or mode of operation of Lessee or Lessee's
failure to comply with the Maintenance Standards, as defined in Paragraph 11.04,
cause any objectionable electrical or physical interference (including
interference from any other structure erected on the Tower Site) to the
television and/or radio broadcasting and/or receiving operations of any other
lessee, then, promptly after written notification of such interference, the
Lessee, at its sole expense, will take such steps as may be reasonably required
to correct such interference, including, but not limited to, changing frequency,
ceasing transmission, reducing power, and/or the installation of any filters or
other equipment, provided that, if such interference is caused, after the date
hereof, by the failure of the Lessor or any other lessee suffering the
interference to comply with the Maintenance Standards, as defined in Paragraph
11.04, then Lessor shall, or shall cause the other lessee suffering the
interference, at its sole expense, to comply with such Maintenance Standards.
Any dispute as to the cause of interference, or the steps reasonably required to
correct it, arising under this Paragraph 11.02, shall be submitted to an
independent professional engineer chosen by Lessor, and such engineer's decision
shall be final and binding upon the parties. If such interference is found to be
caused by such changed facilities or operation, the fees and charges of the
engineer to whom the dispute is referred shall be borne by the party whose
changed facilities or mode of operations gave rise to the claimed interference.
If such interference is found not to be caused by such changed facilities or
operations, the fees and charges of the engineer to whom the dispute is referred
shall be borne by the objecting party. All other leases and/or agreements to
lease space at the Tower Site shall contain this language.

              11.03  INTERFERENCE BY OTHER USER. Any subsequent agreement under
which Lessor allows any other person to occupy any portion of the Tower, Tower
Site or any building on the Tower Site shall provide that, should the
installation, operation, or maintenance of the equipment or the activities of
such other person cause any objectionable interference with the operations of
Lessor or Lessee, then, promptly after written notification of such, such other
tenant or user, at its sole expense, will take such steps as may be reasonably
necessary to correct

                                       9
<PAGE>   41

such interference, including, but not limited to, changing frequency, ceasing
transmission, reducing power, and/or the installation of any filter or other
equipment, provided that if such interference is caused by the failure of any
other lessee to comply with the Maintenance Standards, as defined in Paragraph
11.04, such other lessee will, at its sole expense, comply with such Maintenance
Standards. To the best of its ability, Lessor shall not permit any operations by
other tenants, the effect of which would be to prohibit Lessee from operating in
the manner contemplated herein, without the prior written consent of Lessee.
Lessor shall have no liability for any action or omission taken upon reasonable
reliance on the recommendation of qualified engineering personnel. Lessor agrees
that it will take commercially reasonable efforts to ensure that the
installation, operation or maintenance of its equipment which is installed after
the commencement date of this Lease on, in or around the Tower, Tower Site or
any buildings on the Tower Site shall not cause any objectionable interference
with the operations of Lessee. Immediately upon notification of such
interference by Lessee, Lessor shall at its sole expense take such steps as may
be reasonably necessary to correct such interference, including, but not limited
to, changing frequency, ceasing transmission, reducing power, and/or the
installation of any filter or other equipment.

              11.04  DEFINITION OF "MAINTENANCE STANDARDS". For the purposes of
this Lease, compliance with "Maintenance Standards" shall mean that a tenant or
user of the Tower shall (a) maintain and operate its equipment in accordance
with the requirements, rules, regulations, and guidelines of the FCC, and the
standards of manufacturers of the equipment; and (b) maintain and operate its
equipment in accordance with good engineering practice.

       12.    UTILITIES.

              12.01  UTILITIES. Subject to the required approvals and
cooperation of any governmental authority or public utilities, Lessee shall
arrange and be responsible for the installation and provision of electrical and
telephone lines serving Lessee's Property at any building on the Tower Site
owned by Lessor. Lessee shall be responsible for procurement of and payment for
all telephone services as described in Paragraph 5.03 and used by Lessee.

       13.    TAXES.

              13.01  PAYMENT OF TAXES. Lessee shall pay all real estate taxes,
assessments, or levies assessed or imposed against the Leased Premises.
[Foregoing obligation is subject to $200,000 12-month limit when aggregated with
other borrowers under Credit Agreement per 1.5D of First Amendment to Credit
Agreement]. Lessee shall pay all personal property or other taxes assessed or
imposed on Lessee's Property, and shall cooperate with Lessor to ensure that
such property is properly separated from that of Lessor or other tenants for
assessment purposes.

       14.    INSURANCE.

              14.01  PUBLIC LIABILITY. Lessee shall procure and maintain
comprehensive public liability insurance, naming Lessor as an additional insured
as its interests shall appear, covering all of the Lessee's operations and
activities on the Leased Premises,

                                       10
<PAGE>   42

including but not limited to, the operations of contractors and subcontractors
and the operation of vehicles and equipment (including the Tower elevator), with
limits of liability for the term of this Lease of not less than Five Million
Dollars ($5,000,000.00) in the aggregate for personal injury or death in any
occurrence and not less than Five Million Dollars ($5,000,000.00) to cover
property damage, with a liability umbrella of not less than One Million Dollars
($1,000,000.00). Certificates evidencing such insurance shall be furnished to
Lessor upon its request. The amounts specified hereunder shall be revised every
five (5) years to such amounts as Lessor may reasonably require upon the advice
of its insurance consultants. [Foregoing obligation is subject to $200,000
12-month limit when aggregated with other borrowers under Credit Agreement per
1.5D of First Amendment to Credit Agreement].

              14.02 CONTRACTOR LIABILITY. Lessee shall also cause the
contractors erecting, installing, or maintaining Lessee's Property or performing
any other work for Lessee on the Tower Site to procure reasonable public
liability insurance acceptable to Lessor and naming the Lessee and Lessor as
named insureds. Certificates evidencing such insurance shall be furnished to
Lessor in advance of any work being performed.

              14.03  TOWER AND BUILDING INSURANCE. Lessee shall procure and
maintain physical damage insurance on the Tower and any building on the Tower
Site used or leased by Lessee pursuant to this Lease in an amount sufficient to
repair or replace the Tower and any such building with such coverage to be on an
"All Risks" basis, including, without limitation, coverage for the perils of
fire, lightning, windstorm, hall, flood, earthquake, collapse, explosion,
aircraft and vehicle damage, vandalism, and malicious mischief. [Foregoing
obligation is subject to $200,000 12-month limit when aggregated with other
borrowers under Credit Agreement per 1.5D of First Amendment to Credit
Agreement]. Lessee shall be solely responsible for its insurance on Lessee's
Property, together with business interruption insurance.

              14.04  TOWER AND/OR BUILDING DAMAGE. In the event that the Tower
and/or the Buildings is destroyed or damaged by fire, lightning, windstorm,
flood, earthquake, explosion, collapse, aircraft, or other vehicle damage or
other casualty covered by insurance, Lessor shall promptly reconstruct or repair
the Tower and/or the Buildings affected to such good condition as existed before
the destruction or damage, and give possession to Lessee of substantially the
same space leased hereunder. Lessee shall promptly pay over to Lessor any
insurance proceeds it receives from insurance policies Lessee is required to
procure under Section 14.03 hereof for the purpose of use by Lessor to fund
reconstruction of the Towers and/or Buildings as required of Lessor under this
Section 14.04. If the Tower and/or one or both of the Buildings is in need of
such repair or is so damaged by fire, lightning, windstorm, flood, earthquake,
explosion, aircraft or other vehicle damage, collapse, or other casualty that
reconstruction or repair cannot reasonably be undertaken without dismantling
Lessee's antenna, then upon written notice to Lessee, Lessor may remove any such
antenna and interrupt the signal activity of Lessee, but will use its best
efforts to have the antenna replaced as soon as reasonably possible. Lessor
agrees to provide Lessee alternative space, if available, on the Tower and/or in
such building during such reconstruction/repair period. If such space is not
available, then Lessee shall be responsible for procuring its own alternative
space. No monetary or other rental shall be due pursuant to the terms of this
Lease for such time as Lessee is unable to conduct its broadcasting activities
on the Tower without significant diminution of signal quality as a result of

                                       11
<PAGE>   43

such total or partial destruction or damage or need of repair, and Lessor shall
refund to Lessee any rent paid in advance for such time. Should Lessor not
either (a) inform Lessee in writing within ninety (90) days of the date of
destruction of Lessor's intent to replace the Tower and/or one or both of the
Buildings or (b) replace the Tower and/or the affected Buildings within one (1)
year if Lessor has provided the notice described in clause (a) above, of the
date of destruction, or repair the same within such shorter time period after
the casualty as may be reasonable, then Lessee, upon thirty (30) days' written
notice to Lessor, may terminate this Lease, provided if Lessor has provided the
notice described in clause (a) above, Lessee must make such election within one
hundred twenty (120) days prior to the expiration of said repair or replacement
period. Lessee agrees that it shall maintain adequate business interruption
insurance at all times during the term of this Lease to adequately protect it
from any interruption of signal activities due to Tower and/or damage to one or
both of the Buildings (including costs of reinstallation of its equipment and
lines), and Lessor shall have no liability on account of such business
interruption or reinstallation costs due to damage or destruction under this
paragraph.

       15.    EMINENT DOMAIN.

                     (a)    In the event that all of the Tower Site (or any
portion of the Tower Site necessary for the Tower, guy wires, or other
appurtenances necessary to Lessee's broadcasting operations) is acquired or
transferred or condemned pursuant to eminent domain proceedings (or the threat
thereof), the obligation of the parties under this Lease shall be terminated as
of the date of acquisition or transfer. Lessor shall be entitled to the entire
condemnation award. If Lessor determines to build a new tower as a replacement
for the Tower on the condemned property, Lessor agrees to lease space to Lessee
on the new tower and space in one or more new buildings reasonably comparable to
the space leased to Lessee pursuant to this Lease and on terms reasonably
equivalent to the terms of this Lease.

                     (b)    In the event that this Lease is terminated due to
eminent domain proceedings, then Lessee shall be relieved of any further
obligations to make any rental payments or performances for any period after the
date of such termination of this Lease; and subject to offset or withholding by
Lessor to cover any unpaid additional rent or other authorized charges which may
be owed through the date of termination, Lessee shall be entitled to a refund of
any advance rental sums which it has paid in proportion to the period of the
Lease through such date of termination.

       16.    SUCCESSORS AND ASSIGNMENT.

              16.01  SUCCESSORS. All rights and liabilities herein given to or
imposed upon the respective parties hereto shall, to the extent that such are
assignable, extend to and bind the several and respective successors and assigns
of the parties hereto.

              16.02  ASSIGNMENT. Lessee shall not assign, sublet, or transfer
this Lease or any interest therein, or permit or allow through any act or
default of itself, or of any other person, any transfer thereof by operations of
law or otherwise without the prior written consent of Lessor except:

                                       12
<PAGE>   44

                     (a)    Lessee may assign this Lease to any bona fide third
party purchaser of substantially all the assets comprising of Lessee's radio
station broadcasting from the Tower Site, who shall execute an assignment and
assumption agreement in form reasonably acceptable to Lessor; and

                     (b)    Lessee may assign or transfer all or a portion of
the assets of Lessee, including this Lease, to any corporation controlling,
controlled by, or under common control with, Lessee.

                     (c)    Any assignment or subletting by Lessee except as
permitted herein shall be void and of no effect. Any permitted assignment shall
not relieve Lessee of any of its liabilities hereunder. A change in control of
Lessee, but not the mortgaging by Lessee of its rights hereunder, shall
constitute an assignment of this Lease. Lessor agrees to enter into
documentation reasonably requested by any lender to Lessee in connection with
Lessee's mortgaging of its rights hereunder.

                     (d)    Lessor may assign or transfer this Lease without the
consent of Lessee, but shall notify Lessee following any transfer or assignment.

       17.    RIGHT TO REMOVE LESSEE'S PROPERTY IN EVENT OF TERMINATION. In the
event either party elects to terminate this Lease in accordance with the
provisions herein or at the expiration of the term hereof, Lessee or its
mortgagee shall have the right to remove Lessee's Property, except any fixtures
(it being specifically understood and agreed that Lessee's antenna,
transmitters, transmission line, and similar broadcasting equipment shall not be
deemed fixtures) on the Leased Premises within thirty (30) days of such
termination. Such removal shall be conducted in accordance with Paragraph 8.01
hereof Lessee shall promptly repair any and all damage caused by such removal.
Any of Lessee's Property remaining on the Leased Premises after the expiration
of the thirty (30) day period shall be deemed to be the property of Lessor,
which Lessor may have removed at Lessee's expense.

       18.    LESSOR'S PROTECTION.

              18.01  DEFAULT BY LESSEE.

                     (a)    If Lessee shall make default in making any payment
herein provided for and any such default shall continue for a period of ten (10)
business days after written notice to Lessee, or if Lessee shall make default in
the performance of any obligation of Lessee herein (other than as to payment of
money) and any such default shall continue for a period of thirty (30) days
after written notice to Lessee, or if Lessee shall file a voluntary petition in
bankruptcy, or if Lessee shall file any petition or institute any proceedings
under any Insolvency or Bankruptcy Act or any amendment thereto hereafter made,
seeking to effect its reorganization or a composition with its creditors, or if,
in any proceedings based on the insolvency of Lessee or relating to bankruptcy
proceedings, a receiver or trustee shall be appointed for Lessee or the Leased
Premises, or if any proceedings shall be commenced for the reorganization of
Lessee (which, in the case of involuntary proceedings, are not dismissed or
stayed within 30 days of the commencement thereof), or if the leasehold estate
created hereby

                                       13
<PAGE>   45

shall be taken on execution or by any process of law, or if Lessee shall admit
in writing its inability to pay its obligations generally as they become due,
then Lessor may, at its option, terminate this Lease without notice, and declare
all amounts due or to become due hereunder immediately due and payable, and
Lessor's agents and servants may immediately, or any time thereafter, reenter
the Leased Premises by reasonably necessary force, summary proceedings, or
otherwise, and remove all persons and properly therein, without being liable to
indictment, prosecution, or damage therefor, and Lessee hereby expressly waives
the service of any notice in writing of intention to reenter said Leased
Premises. Lessor may, in addition to any other remedy provided by law or
permitted herein, at its option, relet the Leased Premises (or any part thereof)
on behalf of Lessee, applying any monies collected first to the payment of
expenses of resuming or obtaining possession, and, second, to the payment of the
costs of placing the premises in rentable condition, including any leasing
commission, and, third, to the payment of rent due hereunder, and any other
damages due to the Lessor. Any surplus remaining thereafter shall be paid to
Lessee, and Lessee shall remain liable for any deficiency in rental, the amount
of which deficiency shall be paid upon demand therefor to Lessor.

                     (b)    Should Lessor re-enter and terminate according to
the provisions of this subparagraph, Lessor may remove and store the Lessee's
Property at the expense and for the account of Lessee. Alternatively, Lessor may
sell, or cause to be sold, Lessee's Property at public sale to the highest
bidder for cash, and remove from the proceeds of such sale any rent or other
payment then due Lessor under this Lease. Any disposition of the Lessee's
Property pursuant thereto shall be subject to the rights of any lender to Lessee
holding a mortgage on Lessee's Property and shall be made in a manner that is
commercially reasonable within the meaning of the Uniform Commercial Code as in
effect in the State of North Carolina at the time of such disposition.

       19.    INDEMNIFICATION.

                     (a)    Each party warrants and represents that it has the
authority to enter into this Lease and to grant the rights it grants hereunder,
and that performance of its obligations pursuant to this Lease will not violate
the rights of any third party whatsoever. Lessee agrees to indemnify and defend
Lessor against any claim for damages, losses, liabilities, costs, or expenses,
including reasonable attorney's fees, arising (a) out of any breach by Lessee of
its warranties, representations, or covenants under this Lease; (b) out of the
use, management, or occupancy of the Leased Premises by Lessee, its agents, or
invitees; (c) out of any omissions, negligence or willful misconduct of Lessee,
its agents, servants, employees, licensees, or invitees; (d) out of failure of
Lessee to comply with any laws, statutes, ordinances, or regulations; (e) out of
Lessee's failure to maintain equipment in proper working order; and (f) out of
Lessee's failure to comply with any of its other obligations under the terms of
this Lease.

                     (b)    Lessor agrees to indemnify and defend Lessee against
any claim for damages, losses, liabilities, costs, or expenses, including
reasonable attorney's fees, arising (a) out of any breach by Lessor of its
warranties, representations, or covenants under this Lease; (b) out of the use,
management, or occupancy of the Leased Premises by Lessor, its agents, or
invitees; (c) out of any omissions, negligence or willful misconduct of Lessor,
its agents, servants, employees, licensees, or invitees; (d) out of failure of
Lessor to comply with any

                                       14
<PAGE>   46

laws, statutes, ordinances, or regulations; (e) out of Lessor's failure to
maintain equipment in proper working order; and (f) out of Lessor's failure to
comply with any of its other obligations under the terms of this Lease.

                     (c)    Any party seeking indemnification hereunder
("Indemnified Party") shall provide the other party ("Indemnifying Party")
reasonably prompt notice of known claims giving rise to any claim for indemnity,
and the Indemnifying Party shall have the right and opportunity to undertake the
legal defense of such claims. The Indemnified Party and its counsel may
nevertheless participate in (but not control) such proceedings, negotiations, or
defense at its own expense. In all such cases, the Indemnified Party will give
all reasonable assistance to the Indemnifying Party, including making the
Indemnified Party's employees and documents available as reasonably requested
without charge.

       20.    ESTOPPEL CERTIFICATE AND ATTORNMENT.

              20.01  ESTOPPEL CERTIFICATE. Within ten (10) days after either
party's request, the other party shall deliver, executed in recordable form, a
declaration to any person designated by the requesting party (a) ratifying this
Lease; (b) stating the commencement and termination dates; and (c) certifying
(i) that this Lease is in full force and effect, and has not been assigned,
modified, supplemented, or amended (except by such writings as shall be stated);
(ii) that all conditions under this Lease to be performed have been satisfied
(stating exceptions, if any); (iii) that no defenses or offsets against the
enforcement of this Lease by the requesting party exist (or stating those
claimed); (iv) advance rent, if any, paid by Lessee; (v) the date to which rent
has been paid; (vi) the amount of security deposited with Lessor (if hereafter
applicable for any reason); and (vii) such other information as the requesting
party reasonably requires. Persons receiving such statements shall be entitled
to rely upon them.

              20.02  ATTORNMENT. Lessee shall, in the event of a sale or
assignment of Lessor's interest in any of the Leased Premises, or, if any of the
Leased Premises or any building thereon comes into the hands of any Trustee
under a Deed of Trust or a mortgagee or any other person, whether because of a
foreclosure, exercise of a power of sale under a mortgage or Deed of Trust, or
otherwise, attorn to the purchaser or such mortgagee, Trustee, or other person,
and recognize the same as Landlord hereunder. Lessee shall execute at Lessor's
request any attornment agreement reasonably required by any mortgagee, Trustee,
or other such person to be executed containing such provisions as such
mortgagee, Trustee, or other person reasonably requires, provided, however, that
such attornment shall not modify the terms of this Lease.

              20.03  FAILURE TO EXECUTE INSTRUMENTS. Either party's failure,
without good and reasonable cause, to execute instruments or certificates
provided for in this Paragraph 20, within fifteen (15) days after the receipt by
such party of a written request, shall be a default under his Lease.

                                       15
<PAGE>   47

       21.    MISCELLANEOUS.

              21.01  RELATIONSHIP OF PARTIES. Nothing contained herein and no
acts of the parties herein shall be deemed or construed as creating any
relationship between the parties hereto other than the relationship of Lessor
and Lessee or Landlord and Tenant.

              21.02  GOVERNING LAW. This Lease shall be governed and construed
and enforced in accordance with the laws of the State of North Carolina.

              21.03  CAPTIONS. The captions contained in this Lease are included
solely for convenience and shall in no event affect or be used in connection
with the interpretation of this Lease.

              21.04  AMENDMENTS. This Lease only may be amended or modified as
may be agreed upon by written instrument executed by the parties hereto.

              21.05  INTEREST AND ATTORNEY'S FEES. All sums becoming due or
payable under this Lease, including all money expended pursuant to the
provisions hereof or on account of any default in the performance and observance
of any agreements or covenants herein, shall bear interest at the rate of eight
and one half percent (8.5%) per annum (or at such lesser rate which is the
maximum permitted by applicable law) from thirty (30) days after the date such
sums become due or payable, or, in the event one of the parties expends money
because of a default by the other, from thirty (30) days after the date the
defaulting party received written notice that such money was expended.

              The prevailing party shall be entitled to its reasonable
attorney's fees to collect any payment or to compel any performance ultimately
held to be due under the provisions of this Lease.

              21.06  BROKERS AND THIRD PARTIES. Each party represents that it
has not had dealings with any real estate broker or other person who may claim a
commission or finder's fee with respect to this Lease in any manner. Each party
shall hold harmless the other party from all damages resulting from any claims
that may be asserted against the Indemnified Party by any broker, finder, or
other person with whom the Indemnifying Party has or purportedly has dealt.

              21.07  NOTICES. Notices given pursuant to this Lease shall be in
writing and shall be given by actual delivery or by mailing the same to the
party entitled thereto at the addresses set forth below or at any such other
address as any Party may designate in writing to any other Party pursuant to the
provisions of this paragraph. Notice given by mail shall be sent by United
States mail, certified or registered, return receipt requested or by nationally
recognized courier serviced providing receipt of delivery. Notices shall be
deemed to be received on the date of actual receipt, in the case of personal
delivery, or on the date of mailing, in the case of mailing. Notices shall be
served or mailed to the following addresses, subject to change as provided
above:

       If to the Lessor:    Beasley Family Towers, Inc.

                                       16
<PAGE>   48

                            3033 Riviera Drive, Suite 200
                            Naples, FL 34103
                            Attn:  Ms. B. Caroline Beasley
                            Secretary
                            Phone: (941) 263-5000
                            Fax:   (941) 434-8950

       With a copy (which shall not constitute notice) to:

                            Joseph D. Sullivan, Esq.
                            Latham & Watkins
                            1001 Pennsylvania Ave., N.W.
                            Washington, DC 20004-2505
                            Phone: (202) 637-2200
                            Fax:   (202) 637-2201

       If to the Lessee:    Beasley FM Acquisition Corp.
                            3033 Riviera Drive, Suite 200
                            Naples, FL  34103
                            Attn:  Mr. George G. Beasley
                            Chief Executive Officer
                            Phone: (941) 263-5000
                            Fax:   (941) 434-8950

              21.08  WAIVER. It is agreed that the waiving of any of the
covenants of this Lease by either party shall be limited to the particular
instance, and shall not be deemed to waive any other breaches of such covenant
or any provision herein contained.

              21.09  ACCORD AND SATISFACTION. No receipt of money by Lessor
after the termination of this Lease or after the service of any notice or after
the commencement of any suit reinstates, continues, or extends the term of this
Lease or affects any such notice or suit.

              21.10  LIMITATION OF LIABILITY. Except as otherwise expressly
stated herein, Lessor shall not be liable or responsible to the Lessee or to
anyone claiming under or through the Lessee for any loss or damage caused by the
acts or omissions of any other tenants or any other users of the Tower,
Building, or Tower Site, or for any loss or damage to Lessee's Property caused
by fire, water, bursting pipes, leaking gas, sewage, steam pipes, drains, ice,
or materials falling from the Tower, or the malfunction of any utility,
facility, or installation, or by reason of any other existing condition or
defect in the Leased Premises; nor shall Lessor be liable or responsible to the
Lessee for any injury or damage suffered by the Lessee and allegedly caused by
technical interference with the Lessee's operations, by the activities of any
other tenants or users of the Tower, Building, and Tower Site, or any other
broadcasters. Except for Lessor's own negligent acts, willful misconduct or for
breaches of its obligations under this Agreement, Lessor

                                       17
<PAGE>   49

shall not be liable to Lessee, or to any other person for property damage or
personal injury, including death. Lessor shall not be liable under any
circumstances for loss of use, loss of sponsorship or advertising revenue, or
any other consequential damages sustained by Lessee.

              21.11  PARTIAL INVALIDITY. The invalidity of any provision,
clause, or phrase contained in this Lease shall not serve to render the balance
of this Lease ineffective or void; and the same shall be construed as if such
had not been herein set forth.

              21.12  DOCUMENTARY STAMPS. Lessee shall bear the cost of any
documentary stamps occasioned by this Lease should it wish to record this Lease.

              21.13  RULES AND REGULATIONS. Lessor may from time to time issue
such rules and regulations in writing which it may consider necessary and
desirable. Lessee agrees to abide by such rules and regulations so long as they
do not unreasonably interfere with Lessee's use and occupancy of the Leased
Premises or conflict with this Lease.

              21.14  FORCE MAJEURE. Lessor assumes no responsibility for any
losses or damages to Lessee's Property caused by acts of God, including, but not
limited to, wind, lightning, rain, ice, earthquake, floods, or rising water, or
by aircraft or vehicle damage. Lessor furthermore assumes no responsibility for
losses or damages to Lessee's Property caused by any person other than employees
and agents of Lessor. In the event that Lessor shall be delayed, hindered in or
prevented from the performance of any act required hereunder by reason of acts
of God (including, but not limited to, wind, lightning, rain, ice, earthquake,
flood, or rising water), aircraft or vehicle damage or other casualty,
unforeseen soil conditions, acts of third parties who are not employees of
Lessor, strikes, lock-outs, labor troubles, inability to procure material,
failure of power, governmental actions, laws or regulations, riots,
insurrection, war, or other reasons beyond its control, then the performance of
such act shall be excused for the period of delay and the period for performance
of any such act shall be extended for a period equivalent to the period of such
delay.

              21.15  ENTIRE AGREEMENT. This Lease, together with its Exhibits,
constitutes and sets forth the entire agreement and understanding of the parties
with respect to the subject matter hereof, and supersedes all prior or
contemporaneous offers, negotiations, and agreements (whether oral or written)
between the parties (or any of their related entities) concerning the subject
matter of this Lease.

              21.16  COUNTERPARTS AND DUPLICATES. This Lease may be executed in
counterparts, which, when combined, shall constitute a single instrument. The
Lease may also be executed in duplicate editions, each of which shall be
effective as an original.

                                       18
<PAGE>   50

       IN WITNESS WHEREOF, the parties have hereunto set their respective hands
and seals, as of the day and year first above written.

ATTEST:                    `            LESSOR:

                                        BEASLEY FAMILY TOWERS, INC.

                                        By:                              (SEAL)
----------------------------                 ----------------------------
Witness                                      Name:  B. Caroline Beasley
                                             Title: Secretary

                                        LESSEE:

                                        BEASLEY FM ACQUISITION CORP.

                                        By:                              (SEAL)
----------------------------                 ----------------------------
Witness                                      Name:  George G. Beasley
                                             Title: Chief Executive Officer

                                       19
<PAGE>   51

                                    EXHIBIT A

                        DESCRIPTION OF WMGV-FM TOWER SITE

PARCEL 1:

That certain tract of land more particularly described as follows:

BEGINNING at a point in the southern right of way line of NC Highway 55 which
point of beginning is located South 77 degrees 59' 05" West 259.23 feet and
North 88 degrees 03' 16" West 171.67 feet from NCGS Monument "Brown", said
beginning also being the northeastern corner of the property conveyed to McGlone
by deed recorded in Book 140 at Page 734 in the office of the Register of Deeds
of Pamlico County. Thence from this point of beginning so located along and with
the southern right of way line of NC Highway 55 South 88 degrees 03' 16" East
171.67 feet to the northwestern corner of the property conveyed to Credle by
deed recorded in Book 176 at Page 508 in the Pamlico County Registry; thence
along and with the Credle western lie South 07 degrees 04' 02" West 298.91 feet
to an iron pipe; thence along the Credle southern line North 87 degrees 03' 42"
East 124.68 feet to an iron pipe; thence along the Credle eastern line North 07
degrees 12' 35" East 100.04 feet by an iron pipe; thence North 83 degrees 04'
37" East 99.16 feet to a point thence North 79 degrees 59' 30" East 103.67 feet
to a point; thence North 75 degrees 04' 32" East 210.37 feet to an iron pipe;
thence South 15 degrees 01' 10" West 1044.05 feet along and with the eastern
line of Lot No. 11 as is shown and delineated on a map recorded in Map Book 1 at
Page 20 in the Office of the Register of Deeds of Pamlico County to a point;
thence North 62 degrees 39' 53" West 359.92 feet to an iron axle; thence North
75 degrees 34' 52" West 346.40 feet to an iron pipe in the eastern line of the
T.G. Wylie Field Road; thence along and with the eastern line of said road North
06 degrees 30' 15" East 592.27 feet to an iron pipe in the southwestern corner
of the McGlone lot; thence along and with the southern line of the McGlone Lot
South 83 degrees 29' 48" East 149.99 feet to an iron pipe; thence along and with
the eastern line of the McGlone lot; North 06 degrees 30' 26" East 300.00 feet
to the southern right of way line of NC Highway 55, the point and place of
beginning. Said property contains 14.09 acres more or less according to a survey
dated October 25, 1995 prepared by James I. Phillips, RLS and Associates.

PARCEL 2:

A non-exclusive easement and right of way for the purposes of locating a radio
tower guidewire or guidewires over the following described property: BEGINNING
at a point in the eastern line of the T.G. Wylie Field Road which said point of
beginning lies the following courses and distances from the northeastern corner
of the property conveyed to McGlone by deed recorded in Book 140 at Page 734 in
the Pamlico County Registry; South 06 degrees 30' 26" West 300.00 feet, thence
North 83 degrees 29' 48" West 149.99 feet; thence South 06 degrees 30' 15" West
568.73 feet; thence from this point of beginning so located along and with the
eastern line of the T.G. Wylie Field Road South 06 degrees 30' 15" West 83.52
feet to a point, thence crossing the T.G. Wylie Field Road and running South 70
degrees 23' 56" West 485.69 feet to a point; thence North 19 degrees 36' 02"
West 75.00 feet to a point; thence North 70 degrees 23' 56" East 522.44 feet to
the point of beginning. This easement is appurtenant to Parcel 1. The aforesaid
tract is a portion of the Lot No. 11 and Lot

                                       20
<PAGE>   52

No. 12 as the same are shown and delineated on a map recorded in Map Book 1 at
Page 20 in the Office of the Register of Deeds of Pamlico County.

PARCEL 3:

A non-exclusive right of way and easement for the purpose of ingress, egress,
regress, access, installation and maintenance of utilities to and from Parcel 1
and Parcel 3 as the same are shown and delineated on a map entitled "Survey for
Brown Distributing Company, Inc. and said easement is appurtenant to Parcel 1
and Parcel 3 as shown on the aforesaid map as well as in the adjoining property
hereafter acquired by the owner of Parcel 1. Said easement runs over the T.G.
Wylie Field Road as the same is shown and delineated on the aforesaid map the
eastern line of said easement being more particularly described as follows:
Beginning at the northwestern corner of the property deeded to McGlone which
property is described in the deed recorded in Book 140 at Page 734 in the Office
of the Register of Deeds of Pamlico County, which point is also in the southern
right of way line of NC Highway 55. Thence running along and with the eastern
line of said easement South 06 degrees 30' 15" West 350.12 feet to a point;
thence continuing along the same course 652.25 feet to a point. Said easement
being 40 feet in width and is for the purpose of ingress, egress, regress,
access and the installation and maintenance of utilities and further
subdivision.

PARCEL 4:

All that certain tract or parcel of land lying and being situate in Number One
Township, Pamlico County, North Carolina and being more particularly described
as follows:

BEGINNING at a point in the eastern line of the T.G. Wylie Field Road which said
point of beginning lies the following course and distances from the northeastern
corner of the property conveyed to McGlone by deed recorded in Book 140 at Page
734 in the Office of the Register of Deeds of Pamlico County; South 06 degrees
30' 26" West 300.00 feet; North 83 degrees 29' 48" West 149.99 feet; south 06
degrees 30' 15" West 592.27 feet to the point of beginning. THENCE FROM THIS
POINT OF BEGINNING SO LOCATED along and with the eastern line of the T. G. Wylie
Field Road South 06 degrees 30' 15" West 59.98 feet to a point; thence South 64
degrees 05' 58" East 908.62 feet to a point; thence North 40 degrees 23' 56"
East 114.03 feet to a point; thence North 62 degrees 44' 22" West 257.89 feet to
a point; thence North 62 degrees 39' 53" West 359.92 feet to an axle; thence
North 75 degrees 34' 542" West 346.40 feet to the point of beginning.

The above-described parcels of land are all of the same parcels described in the
deed from Frederick J. McCune, etc. al. to Grantsboro Tower Company, which deed
is recorded in Book 286 at Page 174 in the Pamlico County Registry. And being
the same that was acquired by Grantor by instrument dated October 31, 1996,
recorded November 15, 1996 in Book 0317 Page 0880 in the Pamlico County, North
Carolina Registry.

                                       21
<PAGE>   53

                                    EXHIBIT B

                              DESCRIPTION OF TOWER

WMGV-FM

PARCEL 1:

That certain communications tower situated on that certain tract of land more
particularly described as follows:

BEGINNING at a point in the southern right of way line of NC Highway 55 which
point of beginning is located South 77 degrees 59' 05" West 259.23 feet and
North 88 degrees 03' 16" West 171.67 feet from NCGS Monument "Brown", said
beginning also being the northeastern corner of the property conveyed to McGlone
by deed recorded in Book 140 at Page 734 in the office of the Register of Deeds
of Pamlico County. Thence from this point of beginning so located along and with
the southern right of way line of NC Highway 55 South 88 degrees 03' 16" East
171.67 feet to the northwestern corner of the property conveyed to Credle by
deed recorded in Book 176 at Page 508 in the Pamlico County Registry; thence
along and with the Credle western lie South 07 degrees 04' 02" West 298.91 feet
to an iron pipe; thence along the Credle southern line North 87 degrees 03' 42"
East 124.68 feet to an iron pipe; thence along the Credle eastern line North 07
degrees 12' 35" East 100.04 feet by an iron pipe; thence North 83 degrees 04'
37" East 99.16 feet to a point thence North 79 degrees 59' 30" East 103.67 feet
to a point; thence North 75 degrees 04' 32" East 210.37 feet to an iron pipe;
thence South 15 degrees 01' 10" West 1044.05 feet along and with the eastern
line of Lot No. 11 as is shown and delineated on a map recorded in Map Book 1 at
Page 20 in the Office of the Register of Deeds of Pamlico County to a point;
thence North 62 degrees 39' 53" West 359.92 feet to an iron axle; thence North
75 degrees 34' 52" West 346.40 feet to an iron pipe in the eastern line of the
T.G. Wylie Field Road; thence along and with the eastern line of said road North
06 degrees 30' 15" East 592.27 feet to an iron pipe in the southwestern corner
of the McGlone lot; thence along and with the southern line of the McGlone Lot
South 83 degrees 29' 48" East 149.99 feet to an iron pipe; thence along and with
the eastern line of the McGlone lot; North 06 degrees 30' 26" East 300.00 feet
to the southern right of way line of NC Highway 55, the point and place of
beginning. Said property contains 14.09 acres more or less according to a survey
dated October 25, 1995 prepared by James I. Phillips, RLS and Associates.

PARCEL 2:

A non-exclusive easement and right of way for the purposes of locating a radio
tower guidewire or guidewires over the following described property: BEGINNING
at a point in the eastern line of the T.G. Wylie Field Road which said point of
beginning lies the following courses and distances from the northeastern corner
of the property conveyed to McGlone by deed recorded in Book 140 at Page 734 in
the Pamlico County Registry; South 06 degrees 30' 26" West 300.00 feet, thence
North 83 degrees 29' 48" West 149.99 feet; thence South 06 degrees 30' 15" West
568.73 feet; thence from this point of beginning so located along and with the
eastern line of the T.G. Wylie Field Road South 06 degrees 30' 15" West 83.52
feet to a point, thence crossing the T.G. Wylie Field Road and running South 70
degrees 23' 56" West 485.69 feet to a point; thence North 19 degrees 36' 02"
West 75.00

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<PAGE>   54

feet to a point; thence North 70 degrees 23' 56" East 522.44 feet to the point
of beginning. This easement is appurtenant to Parcel 1. The aforesaid tract is a
portion of the Lot No. 11 and Lot No. 12 as the same are shown and delineated on
a map recorded in Map Book 1 at Page 20 in the Office of the Register of Deeds
of Pamlico County.

PARCEL 3:

A non-exclusive right of way and easement for the purpose of ingress, egress,
regress, access, installation and maintenance of utilities to and from Parcel 1
and Parcel 3 as the same are shown and delineated on a map entitled "Survey for
Brown Distributing Company, Inc. and said easement is appurtenant to Parcel 1
and Parcel 3 as shown on the aforesaid map as well as in the adjoining property
hereafter acquired by the owner of Parcel 1. Said easement runs over the T.G.
Wylie Field Road as the same is shown and delineated on the aforesaid map the
eastern line of said easement being more particularly described as follows:
Beginning at the northwestern corner of the property deeded to McGlone which
property is described in the deed recorded in Book 140 at Page 734 in the Office
of the Register of Deeds of Pamlico County, which point is also in the southern
right of way line of NC Highway 55. Thence running along and with the eastern
line of said easement South 06 degrees 30' 15" West 350.12 feet to a point;
thence continuing along the same course 652.25 feet to a point. Said easement
being 40 feet in width and is for the purpose of ingress, egress, regress,
access and the installation and maintenance of utilities and further
subdivision.

PARCEL 4:

All that certain tract or parcel of land lying and being situate in Number One
Township, Pamlico County, North Carolina and being more particularly described
as follows:

BEGINNING at a point in the eastern line of the T.G. Wylie Field Road which said
point of beginning lies the following course and distances from the northeastern
corner of the property conveyed to McGlone by deed recorded in Book 140 at Page
734 in the Office of the Register of Deeds of Pamlico County; South 06 degrees
30' 26" West 300.00 feet; North 83 degrees 29' 48" West 149.99 feet; south 06
degrees 30' 15" West 592.27 feet to the point of beginning. THENCE FROM THIS
POINT OF BEGINNING SO LOCATED along and with the eastern line of the T. G. Wylie
Field Road South 06 degrees 30' 15" West 59.98 feet to a point; thence South 64
degrees 05' 58" East 908.62 feet to a point; thence North 40 degrees 23' 56"
East 114.03 feet to a point; thence North 62 degrees 44' 22" West 257.89 feet to
a point; thence North 62 degrees 39' 53" West 359.92 feet to an axle; thence
North 75 degrees 34' 542" West 346.40 feet to the point of beginning.

The above-described parcels of land are all of the same parcels described in the
deed from Frederick J. McCune, etc. al. to Grantsboro Tower Company, which deed
is recorded in Book 286 at Page 174 in the Pamlico County Registry. And being
the same that was acquired by Grantor by instrument dated October 31, 1996,
recorded November 15, 1996 in Book 0317 Page 0880 in the Pamlico County, North
Carolina Registry.

                                       23
<PAGE>   55

                                    EXHIBIT C

                      [TOWER SPACE DIAGRAM OR DESCRIPTION]

                                       24
<PAGE>   56

                                    EXHIBIT D

               [TRANSMITTER BUILDING SPACE DIAGRAM OR DESCRIPTION]

                                       25
<PAGE>   57
                         LEASE AGREEMENT (O&O - WUKS-FM)

       THIS LEASE AGREEMENT ("Lease"), made this ____ day of February, 2000 by
and between BEASLEY FAMILY TOWERS, INC., a Delaware corporation ("Lessor"), and
BEASLEY FM ACQUISITION CORP., a Delaware corporation ("Lessee").

                                   WITNESSETH:

       WHEREAS, Lessor owns a communications tower as such tower is described on
Exhibit B hereto (the "Tower"), together with other improvements on a certain
tract of real estate located at Fayetteville, North Carolina, as such land is
more fully described in Exhibit A attached hereto (hereinafter referred to as
the "Tower Site"; the term "Tower Site" shall also include any appurtenant
easements or improvements on such land, including, without limitation, any
buildings or other structures);

       WHEREAS, Lessor desires to lease the Tower Site and space on the Tower
for the purpose of Lessee's radio broadcast transmission activities; and

       WHEREAS, Lessee wishes to lease such Tower Site and space on the Tower
from Lessor.

       NOW, THEREFORE, IN CONSIDERATION OF the foregoing and the mutual
covenants herein contained, the parties hereto agree as follows:

       1.     LEASE COMMENCEMENT.

              1.01   COMMENCEMENT OF TERM. The term of this Lease and the
payment of rent and other performances in accordance with the terms of this
Lease shall commence on the date hereof.

              1.02   EXHIBITS. All Exhibits referred to in this Lease are
incorporated herein by reference.

       2.     DESCRIPTION OF THE LEASEHOLD.

              2.01   LEASED PREMISES. Lessor hereby leases to Lessee, and Lessee
leases from Lessor, with a right of access thereto and parking therefor in
accordance with Section 9:

                     (a)    Space on the Tower as more fully described in
Exhibit C hereto;

                     (b)    Space in the transmitter building on the Tower Site,
as such space is more fully described in Exhibit D hereto (the "Transmitter
Building"), for the purposes of the housing, operation and maintenance of
Lessee's transmitter and related equipment (such space "Lessee's Building
Space"); and

<PAGE>   58

                     (c)    That ____ by ____ foot portion of the real property
within the fence surrounding the Transmitter Building on which Lessee's
electrical power generator is located ("Lessee's Generator Real Property").

                     (d)    All of the property leased under this Paragraph 2.01
shall hereinafter be called the "Leased Premises".

              2.02   OWNERSHIP OF PROPERTY; ACCESS.

                     (a)    Except for "Lessee's Property" (as defined below),
all tenant improvements including all fixtures and trade fixtures shall become
the property of the Lessor, and shall remain with the Leased Premises after the
Lessee vacates same.

                     (b)    The Lessee's antenna, transmission line, and other
equipment, together with any replacements thereof and modifications and
additions thereto which are permitted hereunder, shall be and remain Lessee's
property, and are hereinafter referred to as "Lessee's Property". Lessee will be
solely responsible for the maintenance of Lessee's Property, including all
expenses associated with such repair.

                     (c)    Lessee shall have reasonable right of access to the
Leased Premises at all times in emergency situations and whenever reasonably
necessary for equipment maintenance and repair. Lessee shall also have
reasonable rights of access at any time to the Leased Premises for ingress,
egress, utilities, the locating and usage of cabling and related equipment,
operations, maintenance, repair or remodeling, or other engineering purposes.

       3.     PERMITTED USES.

              3.01   BY LESSEE.

                     (a)    Subject to all appropriate government approvals,
including the Federal Communications Commission ("FCC"), the Leased Premises may
be used only for activities related to the operation of radio broadcast
stations. Such operations, shall be conducted in accordance with the standards
imposed by the FCC and any other governmental body with authority over such
transmission and operations.

                     (b)    Except as expressly permitted by this Lease and
unless prior written approval of Lessor has been given, Lessee shall not
construct or make any improvements or install any equipment on the Tower. Lessee
may repair and maintain equipment as it reasonably deems necessary to its
operations within Lessee's space in all respects in compliance with the terms
hereof. Lessee's space on the Tower, Lessee's Building Space, Lessee's Generator
Real Property, Lessee's interior and exterior equipment, and all other
improvements shall be maintained in an orderly and professional manner.

              3.02   BY LESSOR.

                     (a)    Subject to the rights elsewhere granted to Lessee in
this Lease and with prior notice to Lessee and no loss of service or
interruption (beyond a temporary,

                                       2
<PAGE>   59

non-recurring and de minimis amount), Lessor reserves the right to use the
Tower, at its own expense, as it sees fit and to fasten additional equipment to
the Tower for any purpose, including the right to install transmitting and/or
receiving antennas of others; provided that Lessor shall use reasonable efforts
to restrict any loss of Lessee's service or interruption pursuant to this
Section 3.02(a) to the hours of 1:00 a.m. to 5:00 a.m.

                     (b)    Subject to the rights elsewhere granted to Lessee in
this Lease, Lessor shall have the right to use for itself or lease to others the
remainder of the Tower Site or use of any of the improvements thereon, space on
the Tower or in any building constructed by Lessor for any purpose, including,
but not limited to, any kind of broadcasting or communication, simultaneous
transmissions on AM, FM, SSB, VBIF, UHF, and/or microwave frequencies, and all
rental revenues received therefrom shall belong exclusively to Lessor. Prior to
permitting the fastening of a material amount of additional equipment, Lessor
shall cause a structural analysis of the Tower to be conducted by a reputable
mechanical consultant chosen by Lessor in order to ensure that any such
additions conform to recognized engineering standards.

                     (c)    Except as expressly provided for herein, Lessor
shall have no liability for any action or omission taken in exercise of its
rights hereunder upon reasonable reliance on recommendation of its engineering
personnel.

                     (d)    Subject to the terms of this Lease, Lessor also
reserves the right to erect one (1) or more additional towers on the Tower Site.

       4.     TERM.

              4.01   TERM. This Lease shall have a term of twenty (20) years
from the Commencement Date established in Paragraph 1.01 hereof.

       5.     RENT.

              5.01   RENTAL. Lessee shall pay rent for each consecutive
twelve-month period beginning on the Commencement Date (each a "Lease Year")
during the term of this Lease. Such rental payment shall be payable in equal and
successive monthly installments in advance beginning with the Commencement Date
and continuing thereafter on the first day of each month during the term of this
Lease, such rental payments to be made according to the following schedule:

                                       3
<PAGE>   60

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
   Lease Year           Rent Per Lease Year                Monthly Rent
--------------------------------------------------------------------------------
   <S>                  <C>                                <C>
        1                    $14,281.44                      $1,190.12
--------------------------------------------------------------------------------
        2                    $14,281.44                      $1,190.12
--------------------------------------------------------------------------------
        3                    $14,281.44                      $1,190.12
--------------------------------------------------------------------------------
        4                    $14,281.44                      $1,190.12
--------------------------------------------------------------------------------
        5                    $14,281.44                      $1,190.12
--------------------------------------------------------------------------------
        6                    $14,281.44                      $1,190.12
--------------------------------------------------------------------------------
        7                    $14,281.44                      $1,190.12
--------------------------------------------------------------------------------
        8                    $14,281.44                      $1,190.12
--------------------------------------------------------------------------------
        9                    $14,281.44                      $1,190.12
--------------------------------------------------------------------------------
       10                    $14,281.44                      $1,190.12
--------------------------------------------------------------------------------
       11                    $14,281.44                      $1,190.12
--------------------------------------------------------------------------------
       12                    $14,281.44                      $1,190.12
--------------------------------------------------------------------------------
       13                    $14,281.44                      $1,190.12
--------------------------------------------------------------------------------
       14                    $14,281.44                      $1,190.12
--------------------------------------------------------------------------------
       15                    $14,281.44                      $1,190.12
--------------------------------------------------------------------------------
       16                    $14,281.44                      $1,190.12
--------------------------------------------------------------------------------
       17                    $14,281.44                      $1,190.12
--------------------------------------------------------------------------------
       18                    $14,281.44                      $1,190.12
--------------------------------------------------------------------------------
       19                    $14,281.44                      $1,190.12
--------------------------------------------------------------------------------
       20                    $14,281.44                      $1,190.12
--------------------------------------------------------------------------------
</TABLE>

              5.02   PAYMENT OF RENTALS. Rentals to be paid hereunder shall be
paid monthly in lawful money of the United States of America and shall be paid
by the Lessee in advance on the first day of each month during the term of this
Lease by the Lessee by crediting the payment owed to Lessee by Lessor under that
certain Promissory Note made by Lessor in favor of Lessee dated _________, 2000,
on the first day of each month during the term of this Lease. In the event of
prepayment of the Promissory Note by Lessor or other action resulting in amounts
equal to any monthly rental payment not being concurrently due from Lessor under
the Promissory Note, then Lessee shall pay the monthly rental amount in advance
on the first day of the month in question by mailing payment to the Lessor c/o
Beasley Family Tower, Inc., 3303 Riviera Drive, Suite 200, Naples, FL 34103,
Attn: Ms. Caroline Beasley, or to such other person or address as Lessor may in
writing direct. The payment of the monthly rental for the first month of the
term of this Lease shall be prorated based on the number of days remaining in
such month, including the first day on which this Lease become effective.

              5.03   ELECTRICITY AND OTHER UTILITIES. In addition to the
payments prescribed under Section 5.01 of this Lease, Lessee shall pay for its
own telephone lines and service, electrical service (including electrical
service to the Tower used by Lessee as measured by a separate electrical meter
at Lessee's expense). Lessor shall pay for the electrical service to the Tower
for the Tower lighting.

       6.     AUTHORITY.

              6.01   QUIET ENJOYMENT. Lessor represents and warrants that it has
the full power and authority to enter into this Lease, and covenants and agrees
that Lessee, upon paying the rents described herein and observing and keeping
the covenants, agreements, and

                                       4
<PAGE>   61

stipulations of this Lease on Lessee's part to be observed and kept, shall
lawfully, peaceably, and quietly hold, occupy, and enjoy the Leased Premises,
and all other rights and privileges granted herein, without hindrance, eviction,
or molestation by Lessor or any party claiming by or through Lessor.

              6.02   LESSEE'S APPROVAL. Lessee represents and warrants that it
has the full power and authority to enter into and perform this Lease. Any and
all necessary corporate resolutions, encumbrance certificates, etc., shall be
supplied by Lessee upon the request of Lessor.

       7.     PERMITS.

              7.01   PERMITS. Lessor shall obtain all necessary licenses or
permits in connection with the Tower and Building except that Lessee shall
obtain, at its own expense, any and all necessary licenses or permits from such
governmental authorities as shall have jurisdiction in connection with the (b)
the operations, installation, repair, alteration, or replacement of Lessee's
equipment (including, without limitation, Lessee's antenna and transmission
and/or receiving equipment); or (c) with any of Lessee's activities thereon or
contemplated by this Lease. At Lessor's request, Lessee shall furnish Lessor
with copies of same, and shall abide by the terms and provisions of such
licenses and permits.

       8.     MAINTENANCE OF LEASED PREMISES AND LESSEE'S PROPERTY.

              8.01   DURING TERM OF LEASE.

                     (a)    Lessee, at its own cost and expense, shall maintain
and repair Lessee's Property, including specifically its antenna, related
equipment, transmission lines, transmitters, and other equipment. Lessor shall
perform the same tasks with respect to Lessor's Tower and the Transmitter
Building. All such maintenance shall be conducted by the parties in accordance
with good engineering standards and in conformity with the requirements of the
FCC or any other body having jurisdiction over the Lessee and its property,
including, without limitation, any rules, regulations, or guidelines of the FCC
implementing the National Environmental Policy Act of 1969 pertaining to
electromagnetic or radio frequency radiation. Each of Lessor and Lessee shall
take all reasonable precautions to avoid interference or hindrance to and with
the operations of the other party hereto. In this regard, each party hereto
agrees to eliminate, without cost to the other party hereto, any interference or
hindrance to such other party's operation. Maintenance and repair of Lessee's
Property shall be performed only by a reputable contractor and in accordance
with the provisions of subsections (d), (e), and (f) hereof.

                     (b)    Lessor retains the right to inspect Lessee's
Property during normal business hours upon reasonable notice to Lessee, except
that, in the event of an emergency, as determined by Lessor, Lessor may enter at
any time, giving notice of such emergency to Lessee as soon as is practical. In
the event that Lessor reasonably determines that Lessee has not maintained
Lessee's Property and equipment in good order and repair according to industry
standards, and that such repairs are necessary for the safety of the Tower, the
Transmitter Building, and Tower Site, or the prevention of interference with
Lessor or any other

                                       5
<PAGE>   62

user of the Tower or any other broadcaster, Lessor may, at its option, make such
emergency repairs to the property as it deems reasonably necessary, and any
amount expended by Lessor therefor shall be reimbursed to it by Lessee
immediately upon presentation of a statement and shall be deemed additional
rent. Lessor shall not be liable for inconvenience, disturbance, loss of
business, or other damage to Lessee by reason of repairing any of Lessee's
Property which Lessee has failed to properly maintain.

                     (c)    With respect to the non-emergency repairs which
Lessor, in its reasonable discretion, determines that Lessee should make to
maintain Lessee's Property and equipment in good order, and that such repairs
are necessary for the safety of the Tower, the Transmitter Building, and Tower
Site, or the prevention of interference with Lessor, in violation of the terms
of this Agreement, Lessor shall so notify Lessee in writing, specifying the
maintenance and repairs required to be performed by Lessee. In the event that,
within ten (10) business days following such written notice (or such longer
period as may be reasonably necessary taking into account all facts and
circumstances), Lessee shall not have performed such maintenance and repairs,
Lessor may, at its sole option, make such repairs as it deems reasonably
necessary, and any amount expended by Lessor therefor shall be deemed additional
rent. Lessor shall not be liable for inconvenience, disturbance, loss of
business, or other damage to Lessee by reason of repairing the property and
equipment of Lessee which Lessee has failed to properly maintain.

                     (d)    No work (including electrical work), except for
emergency repairs that Lessee shall perform to return to, or maintain the
station on air in the event of a failure, will be performed by the Lessee in
connection with the installation, alteration, maintenance, repair, or removal of
any of Lessee's transmission lines, antenna, and other equipment on the Tower
unless the Lessee submits to Lessor a copy of the proposed contract and also
detailed plans and specifications of the work to be done, and both the contract
and the plans and specifications have been approved in writing by Lessor not to
be unreasonably withheld, delayed or conditioned. Lessee, upon demand therefor
by Lessor, agrees to pay Lessor as additional rent all amounts reasonably
expended by Lessor in connection with review of any such contract, plans, and
specifications.

                     (e)    With respect to any work to be performed by or on
behalf of Lessee in connection with the installation, alteration, maintenance,
repair, or removal of any equipment on the Tower (including any ascension of the
Tower), in the Transmitter Building, or in or about the Tower Site, Lessee may
only employ a contractor who has been approved in writing and in advance by
Lessor. Lessor agrees that it will not unreasonably withhold its approval of any
contractor who has the requisite experience and industry standard insurance
coverage and who will, at the sole option of Lessor, provide a bond to cover any
work which it has been retained to perform. Lessor agrees to consult on call in
any emergency situation and immediately give its approval or disapproval.

                     (f)    All work by or on behalf of the Lessee or Lessor
shall be carried out (i) in a good and workmanlike manner; (ii) in accordance
with established engineering standards and public ordinances, rules, and
regulations applicable to such work, including, without limitation, any rules,
regulations, or guidelines of the FCC implementing the

                                       6
<PAGE>   63

National Environmental Policy Act of 1969, pertaining to electromagnetic or
radio frequency radiation; (iii) in accordance with plans and specifications,
including mechanical and electrical drawings, which have been submitted to and
approved in writing and in advance by Lessor; and (iv) in accordance with
Lessor's security procedures with respect to protection of the Tower Site.

                     (g)    Notwithstanding the receipt of the approvals by
Lessor as required in this paragraph, Lessee shall not be relieved of its
responsibilities and liabilities for interference or otherwise as herein
provided, nor shall said approval be deemed a waiver of any other rights of
Lessor under this Lease.

                     (h)    In the event that any notice of lien or lien shall
be filed against any part of the Tower Site for work claimed to have been done
or materials claimed to have been furnished to Lessee, the same shall be
dismissed, withdrawn, discharged or bonded (to Lessor's reasonable satisfaction)
by Lessee within thirty (30) days thereafter at Lessee's expense; and if Lessee
shall fail to take such action as shall cause such lien to be discharged within
thirty (30) days, Lessor may, at its option, discharge the same by deposit or by
bonding proceedings. Lessor may require the lienor to prosecute the appropriate
action to enforce the lienor's claim. In such case, Lessor shall give immediate
notice to Lessee of such pending action or proceeding so that Lessee may have an
opportunity to legally contest or defend the action or proceeding. If, after
such notice to Lessee, a judgment is recovered on the claim, Lessor, at its sole
option, may pay the judgment. Any reasonable amount paid or expense incurred or
sum of money paid by Lessor (including reasonable attorney's fees) by reason of
the failure of Lessee to comply with the foregoing provisions of this paragraph,
or in defending any such action, shall be paid to Lessor by Lessee, and shall be
treated as additional rent hereunder.

              8.02   AT EXPIRATION OR TERMINATION. At the expiration or
termination of this Lease, Lessee shall promptly surrender possession of the
Leased Premises to Lessor in as good a condition as the same were received at
the commencement of the term, reasonable wear and tear and damage by fire or
other casualty beyond Lessee's reasonable control excepted.

       9.     USE AND MAINTENANCE OF COMMON PREMISES.

              9.01   USE OF COMMON PREMISES. Lessee, at its own risk, shall have
the right to use in common with Lessor and its licensees, invitees, and other
tenants, and in connection with Lessee's permissible activities and operations
(a) any access road from any public highway to the Tower Site or to any building
on the Tower Site; (b) any parking lot on the Tower Site; and (c) all common
areas in the Transmitter Building (such items (a), (b) and (c) called
collectively herein the "Common Premises").

              9.02   MAINTENANCE OF COMMON PREMISES.

                     (a)    Lessor shall maintain the Common Premises and any
fence around the Tower in good repair. Lessee shall comply with any security
policies reasonably established from time to time by Lessor.

                                       7
<PAGE>   64

                     (b)    Lessor assumes the obligation and responsibility for
complying with the requirements of the FCC regarding obstruction, marking and
lighting of the Tower. Lessor shall maintain the Tower and support systems in
good repair and in good operating condition in accordance with the requirements
of governmental authorities.

                     (c)    In the event that Lessor determines that repairs,
alterations, or improvements are necessary or desirable to the Tower or any
building or structure constructed by Lessor on the Tower Site, any common areas,
or the leased spaces of other tenants, Lessor may, upon reasonable notice and
for the shortest practical period of time (except for emergency situations),
close entrance doors, common areas, drive-ways, rights-of-way, service areas,
parking areas, or any other facilities at its discretion without being liable to
Lessee; provided that if any of the above would restrict Lessee's ability to
broadcast, Lessor shall use reasonable efforts to restrict any closure or
interruption pursuant to this Section 9.02 to the hours of 1:00 a.m. to 5:00
a.m.. The closing of entrances, doors, common areas, parking areas, or other
facilities for the making of the repairs, alterations, or improvements described
herein shall, under no circumstances, constitute an eviction of the Lessee or be
grounds for termination of this Lease or the withholding of any rental payments
or other payments or performances required to be paid or made by Lessee under
the terms hereof, provided, Lessor shall use reasonable efforts to ensure that
any action taken in accordance with this paragraph shall not adversely affect
the rights of Lessee hereunder. Under no such circumstances shall Lessee be
entitled to terminate this Lease nor shall it be entitled to compensation for
any loss or damage it may sustain (including loss of use, loss of
advertising/sponsorship revenues, and consequential damages) by reason of such
changes or alterations.

       10.    ALTERATIONS BY LESSEE.

              10.01  ALTERATIONS.

                     (a)    Lessee shall have the right, at its own expense, to
make such changes and alterations in the Lessee's Property situated on the
Tower, subject to Paragraph 8.01 and Paragraph 11 hereof, as its operations may
require, including the renovation, replacement, or removal of its antenna;
provided, however, that such changes or alterations conform with recognized
engineering standards and, if necessary, have been approved by the FCC and any
other authority having jurisdiction over Lessee; and provided further, that
plans and specifications are first submitted to and approved in writing by
Lessor. Lessee shall make no changes in the equipment or equipment position
without such approval, and Lessor shall not unreasonably fail to give such
approval within ten (10) business days.

                     (b)    This Lease is based upon carefully computed tower
loading capacity. If any change proposed by Lessee in the type, location, or
positioning of Lessee's Property should, in Lessor's judgment, require a
computer or other type of feasibility study to determine Tower loading capacity,
such study shall be performed by an engineer chosen by Lessor, and approved by
Lessee (such approval not to be unreasonably withheld, delayed or conditioned)
whose decision shall be final and binding upon both parties. The cost of such
study or any other costs reasonably incurred by Lessor in determining the
feasibility of any proposed

                                       8
<PAGE>   65

change or alteration in the type, location, or positioning of Lessee's Property
shall be borne entirely by Lessee.

       11.    INTERFERENCE.

              11.01  PRELIMINARY STEPS TO AVOID INTERFERENCE.

       Before Lessee shall make any new installation on the Leased Premises or
on the Tower after the date hereof, notification of the particulars of such
proposed installation shall be submitted to Lessor hereto and any other lessees
or users of space on the Tower whose names and addresses are supplied to Lessee
by Lessor in writing, and the Lessor and such other users will be requested to
advise, in writing, the Lessee and Lessor, as applicable, within ten (10) days
after receipt of such notification, whether they have any reasonable objections
thereto on the grounds that objectionable interference may result; provided,
this Section 11.01 shall not apply to any currently installed Lessee's Property
or its replacement, maintenance or repair. If the Lessor or any other user shall
reasonably object within this period to such plans and Lessee is unwilling to
alter its plans to meet the objections, the dispute shall be submitted to an
independent professional engineer chosen by Lessor, and such engineers decision
shall be final and binding upon all parties. The cost of any such studies shall
be borne by Lessee.

              11.02  INTERFERENCE WITH LESSOR, LESSEE, OR OTHERS.
Notwithstanding the provisions of Paragraph 11.01, should any change, after the
date hereof, in the facilities or mode of operation of Lessee or Lessee's
failure to comply with the Maintenance Standards, as defined in Paragraph 11.04,
cause any objectionable electrical or physical interference (including
interference from any other structure erected on the Tower Site) to the
television and/or radio broadcasting and/or receiving operations of any other
lessee, then, promptly after written notification of such interference, the
Lessee, at its sole expense, will take such steps as may be reasonably required
to correct such interference, including, but not limited to, changing frequency,
ceasing transmission, reducing power, and/or the installation of any filters or
other equipment, provided that, if such interference is caused, after the date
hereof, by the failure of the Lessor or any other lessee suffering the
interference to comply with the Maintenance Standards, as defined in Paragraph
11.04, then Lessor shall, or shall cause the other lessee suffering the
interference, at its sole expense, to comply with such Maintenance Standards.
Any dispute as to the cause of interference, or the steps reasonably required to
correct it, arising under this Paragraph 11.02, shall be submitted to an
independent professional engineer chosen by Lessor, and such engineer's decision
shall be final and binding upon the parties. If such interference is found to be
caused by such changed facilities or operation, the fees and charges of the
engineer to whom the dispute is referred shall be borne by the party whose
changed facilities or mode of operations gave rise to the claimed interference.
If such interference is found not to be caused by such changed facilities or
operations, the fees and charges of the engineer to whom the dispute is referred
shall be borne by the objecting party. All other leases and/or agreements to
lease space at the Tower Site shall contain this language.

              11.03  INTERFERENCE BY OTHER USER. Any subsequent agreement under
which Lessor allows any other person to occupy any portion of the Tower, Tower
Site, Transmitter Building or any building on the Tower Site shall provide that,
should the installation,

                                       9
<PAGE>   66

operation, or maintenance of the equipment or the activities of such other
person cause any objectionable interference with the operations of Lessor or
Lessee, then, promptly after written notification of such, such other tenant or
user, at its sole expense, will take such steps as may be reasonably necessary
to correct such interference, including, but not limited to, changing frequency,
ceasing transmission, reducing power, and/or the installation of any filter or
other equipment, provided that if such interference is caused by the failure of
any other lessee to comply with the Maintenance Standards, as defined in
Paragraph 11.04, such other lessee will, at its sole expense, comply with such
Maintenance Standards. To the best of its ability, Lessor shall not permit any
operations by other tenants, the effect of which would be to prohibit Lessee
from operating in the manner contemplated herein, without the prior written
consent of Lessee. Lessor shall have no liability for any action or omission
taken upon reasonable reliance on the recommendation of qualified engineering
personnel. Lessor agrees that it will take commercially reasonable efforts to
ensure that the installation, operation or maintenance of its equipment which is
installed after the commencement date of this Lease on, in or around the Tower,
Tower Site or any buildings on the Tower Site shall not cause any objectionable
interference with the operations of Lessee. Immediately upon notification of
such interference by Lessee, Lessor shall at its sole expense take such steps as
may be reasonably necessary to correct such interference, including, but not
limited to, changing frequency, ceasing transmission, reducing power, and/or the
installation of any filter or other equipment.

              11.04  DEFINITION OF "MAINTENANCE STANDARDS". For the purposes of
this Lease, compliance with "Maintenance Standards" shall mean that a tenant or
user of the Tower shall (a) maintain and operate its equipment in accordance
with the requirements, rules, regulations, and guidelines of the FCC, and the
standards of manufacturers of the equipment; and (b) maintain and operate its
equipment in accordance with good engineering practice.

       12.    UTILITIES.

              12.01  UTILITIES. Subject to the required approvals and
cooperation of any governmental authority or public utilities, Lessee shall
arrange and be responsible for the installation and provision of electrical and
telephone lines serving Lessee's Property at any building on the Tower Site
owned by Lessor. Lessee shall be responsible for procurement of and payment for
all telephone services as described in Paragraph 5.03 and used by Lessee.

       13.    TAXES.

              13.01  PAYMENT OF TAXES. Lessee shall pay all real estate taxes,
assessments, or levies assessed or imposed against the Leased Premises.
[Foregoing obligation is subject to $200,000 12-month limit when aggregated with
other borrowers under Credit Agreement per 1.5D of First Amendment to Credit
Agreement]. Lessee shall pay all personal property or other taxes assessed or
imposed on Lessee's Property, and shall cooperate with Lessor to ensure that
such property is properly separated from that of Lessor or other tenants for
assessment purposes.

                                       10
<PAGE>   67

       14.    INSURANCE.

              14.01  PUBLIC LIABILITY. Lessee shall procure and maintain
comprehensive public liability insurance, naming Lessor as an additional insured
as its interests shall appear, covering all of the Lessee's operations and
activities on the Leased Premises, including but not limited to, the operations
of contractors and subcontractors and the operation of vehicles and equipment
(including the Tower elevator), with limits of liability for the term of this
Lease of not less than Five Million Dollars ($5,000,000.00) in the aggregate for
personal injury or death in any occurrence and not less than Five Million
Dollars ($5,000,000.00) to cover property damage, with a liability umbrella of
not less than One Million Dollars ($1,000,000.00). Certificates evidencing such
insurance shall be furnished to Lessor upon its request. The amounts specified
hereunder shall be revised every five (5) years to such amounts as Lessor may
reasonably require upon the advice of its insurance consultants. [Foregoing
obligation is subject to $200,000 12-month limit when aggregated with other
borrowers under Credit Agreement per 1.5D of First Amendment to Credit
Agreement].

              14.02  CONTRACTOR LIABILITY. Lessee shall also cause the
contractors erecting, installing, or maintaining Lessee's Property or performing
any other work for Lessee on the Tower Site to procure reasonable public
liability insurance acceptable to Lessor and naming the Lessee and Lessor as
named insureds. Certificates evidencing such insurance shall be furnished to
Lessor in advance of any work being performed.

              14.03  TOWER AND BUILDING INSURANCE. Lessee shall procure and
maintain physical damage insurance on the Tower and any building on the Tower
Site used or leased by Lessee pursuant to this Lease in an amount sufficient to
repair or replace the Tower and any such building with such coverage to be on an
"All Risks" basis, including, without limitation, coverage for the perils of
fire, lightning, windstorm, hall, flood, earthquake, collapse, explosion,
aircraft and vehicle damage, vandalism, and malicious mischief. [Foregoing
obligation is subject to $200,000 12-month limit when aggregated with other
borrowers under Credit Agreement per 1.5D of First Amendment to Credit
Agreement]. Lessee shall be solely responsible for its insurance on Lessee's
Property, together with business interruption insurance.

              14.04  TOWER AND/OR BUILDING DAMAGE. In the event that the Tower
and/or the Transmitter Building is destroyed or damaged by fire, lightning,
windstorm, flood, earthquake, explosion, collapse, aircraft, or other vehicle
damage or other casualty covered by insurance, Lessor shall promptly reconstruct
or repair the Tower and/or the Transmitter Building to such good condition as
existed before the destruction or damage, and give possession to Lessee of
substantially the same space leased hereunder. Lessee shall promptly pay over to
Lessor any insurance proceeds it receives from insurance policies Lessee is
required to procure under Section 14.03 hereof for the purpose of use by Lessor
to fund reconstruction of the Towers and/or Transmitter Buildings as required of
Lessor under this Section 14.04. If the Tower and/or the Transmitter Building is
in need of such repair or is so damaged by fire, lightning, windstorm, flood,
earthquake, explosion, aircraft or other vehicle damage, collapse, or other
casualty that reconstruction or repair cannot reasonably be undertaken without
dismantling Lessee's antenna, then upon written notice to Lessee, Lessor may
remove any such antenna and interrupt the signal activity of Lessee, but will
use its best efforts to have the antenna replaced as soon as reasonably

                                       11
<PAGE>   68

possible. Lessor agrees to provide Lessee alternative space, if available, on
the Tower and/or in such building during such reconstruction/repair period. If
such space is not available, then Lessee shall be responsible for procuring its
own alternative space. No monetary or other rental shall be due pursuant to the
terms of this Lease for such time as Lessee is unable to conduct its
broadcasting activities on the Tower without significant diminution of signal
quality as a result of such total or partial destruction or damage or need of
repair, and Lessor shall refund to Lessee any rent paid in advance for such
time. Should Lessor not either (a) inform Lessee in writing within ninety (90)
days of the date of destruction of Lessor's intent to replace the Tower and/or
the Transmitter Building or (b) replace the Tower and/or the Transmitter
Building within one (1) year if Lessor has provided the notice described in
clause (a) above, of the date of destruction, or repair the same within such
shorter time period after the casualty as may be reasonable, then Lessee, upon
thirty (30) days' written notice to Lessor, may terminate this Lease, provided
if Lessor has provided the notice described in clause (a) above, Lessee must
make such election within one hundred twenty (120) days prior to the expiration
of said repair or replacement period. Lessee agrees that it shall maintain
adequate business interruption insurance at all times during the term of this
Lease to adequately protect it from any interruption of signal activities due to
Tower damage and/or damage to the Transmitter Building (including costs of
reinstallation of its equipment and lines), and Lessor shall have no liability
on account of such business interruption or reinstallation costs due to damage
or destruction under this paragraph.

       15.    EMINENT DOMAIN.

                     (a)    In the event that all of the Tower Site (or any
portion of the Tower Site necessary for the Tower, Transmitter Building guy
wires, or other appurtenances necessary to Lessee's broadcasting operations) is
acquired or transferred or condemned pursuant to eminent domain proceedings (or
the threat thereof), the obligation of the parties under this Lease shall be
terminated as of the date of acquisition or transfer. Lessor shall be entitled
to the entire condemnation award. If Lessor determines to build a new tower as a
replacement for the Tower on the condemned property, Lessor agrees to lease
space to Lessee on the new tower and space in the new transmitter building and
the generator building (if any) reasonably comparable to the space leased to
Lessee pursuant to this Lease and on terms reasonably equivalent to the terms of
this Lease.

                     (b)    In the event that this Lease is terminated due to
eminent domain proceedings, then Lessee shall be relieved of any further
obligations to make any rental payments or performances for any period after the
date of such termination of this Lease; and subject to offset or withholding by
Lessor to cover any unpaid additional rent or other authorized charges which may
be owed through the date of termination, Lessee shall be entitled to a refund of
any advance rental sums which it has paid in proportion to the period of the
Lease through such date of termination.

       16.    SUCCESSORS AND ASSIGNMENT.

              16.01  SUCCESSORS. All rights and liabilities herein given to or
imposed upon the respective parties hereto shall, to the extent that such are
assignable, extend to and bind the several and respective successors and assigns
of the parties hereto.

                                       12
<PAGE>   69

              16.02  ASSIGNMENT. Lessee shall not assign, sublet, or transfer
this Lease or any interest therein, or permit or allow through any act or
default of itself, or of any other person, any transfer thereof by operations of
law or otherwise without the prior written consent of Lessor except:

                     (a)    Lessee may assign this Lease to any bona fide third
party purchaser of substantially all the assets comprising of Lessee's radio
station broadcasting from the Tower Site, who shall execute an assignment and
assumption agreement in form reasonably acceptable to Lessor; and

                     (b)    Lessee may assign or transfer all or a portion of
the assets of Lessee, including this Lease, to any corporation controlling,
controlled by, or under common control with, Lessee.

                     (c)    Any assignment or subletting by Lessee except as
permitted herein shall be void and of no effect. Any permitted assignment shall
not relieve Lessee of any of its liabilities hereunder. A change in control of
Lessee, but not the mortgaging by Lessee of its rights hereunder, shall
constitute an assignment of this Lease. Lessor agrees to enter into
documentation reasonably requested by any lender to Lessee in connection with
Lessee's mortgaging of its rights hereunder.

                     (d)    Lessor may assign or transfer this Lease without the
consent of Lessee, but shall notify Lessee following any transfer or assignment.

       17.    RIGHT TO REMOVE LESSEE'S PROPERTY IN EVENT OF TERMINATION. In the
event either party elects to terminate this Lease in accordance with the
provisions herein or at the expiration of the term hereof, Lessee or its
mortgagee shall have the right to remove Lessee's Property, except any fixtures
(it being specifically understood and agreed that Lessee's antenna,
transmitters, transmission line, and similar broadcasting equipment shall not be
deemed fixtures) on the Leased Premises within thirty (30) days of such
termination. Such removal shall be conducted in accordance with Paragraph 8.01
hereof Lessee shall promptly repair any and all damage caused by such removal.
Any of Lessee's Property remaining on the Leased Premises after the expiration
of the thirty (30) day period shall be deemed to be the property of Lessor,
which Lessor may have removed at Lessee's expense.

       18.    LESSOR'S PROTECTION.

              18.01  DEFAULT BY LESSEE.

                     (a)    If Lessee shall make default in making any payment
herein provided for and any such default shall continue for a period of ten (10)
business days after written notice to Lessee, or if Lessee shall make default in
the performance of any obligation of Lessee herein (other than as to payment of
money) and any such default shall continue for a period of thirty (30) days
after written notice to Lessee, or if Lessee shall file a voluntary petition in
bankruptcy, or if Lessee shall file any petition or institute any proceedings
under any Insolvency or Bankruptcy Act or any amendment thereto hereafter made,
seeking to effect its

                                       13
<PAGE>   70

reorganization or a composition with its creditors, or if, in any proceedings
based on the insolvency of Lessee or relating to bankruptcy proceedings, a
receiver or trustee shall be appointed for Lessee or the Leased Premises, or if
any proceedings shall be commenced for the reorganization of Lessee (which, in
the case of involuntary proceedings, are not dismissed or stayed within 30 days
of the commencement thereof), or if the leasehold estate created hereby shall be
taken on execution or by any process of law, or if Lessee shall admit in writing
its inability to pay its obligations generally as they become due, then Lessor
may, at its option, terminate this Lease without notice, and declare all amounts
due or to become due hereunder immediately due and payable, and Lessor's agents
and servants may immediately, or any time thereafter, reenter the Leased
Premises by reasonably necessary force, summary proceedings, or otherwise, and
remove all persons and properly therein, without being liable to indictment,
prosecution, or damage therefor, and Lessee hereby expressly waives the service
of any notice in writing of intention to reenter said Leased Premises. Lessor
may, in addition to any other remedy provided by law or permitted herein, at its
option, relet the Leased Premises (or any part thereof) on behalf of Lessee,
applying any monies collected first to the payment of expenses of resuming or
obtaining possession, and, second, to the payment of the costs of placing the
premises in rentable condition, including any leasing commission, and, third, to
the payment of rent due hereunder, and any other damages due to the Lessor. Any
surplus remaining thereafter shall be paid to Lessee, and Lessee shall remain
liable for any deficiency in rental, the amount of which deficiency shall be
paid upon demand therefor to Lessor.

                     (b)    Should Lessor re-enter and terminate according to
the provisions of this subparagraph, Lessor may remove and store the Lessee's
Property at the expense and for the account of Lessee. Alternatively, Lessor may
sell, or cause to be sold, Lessee's Property at public sale to the highest
bidder for cash, and remove from the proceeds of such sale any rent or other
payment then due Lessor under this Lease. Any disposition of the Lessee's
Property pursuant thereto shall be subject to the rights of any lender to Lessee
holding a mortgage on Lessee's Property and shall be made in a manner that is
commercially reasonable within the meaning of the Uniform Commercial Code as in
effect in the State of North Carolina at the time of such disposition.

       19.    INDEMNIFICATION.

                     (a)    Each party warrants and represents that it has the
authority to enter into this Lease and to grant the rights it grants hereunder,
and that performance of its obligations pursuant to this Lease will not violate
the rights of any third party whatsoever. Lessee agrees to indemnify and defend
Lessor against any claim for damages, losses, liabilities, costs, or expenses,
including reasonable attorney's fees, arising (a) out of any breach by Lessee of
its warranties, representations, or covenants under this Lease; (b) out of the
use, management, or occupancy of the Leased Premises by Lessee, its agents, or
invitees; (c) out of any omissions, negligence or willful misconduct of Lessee,
its agents, servants, employees, licensees, or invitees; (d) out of failure of
Lessee to comply with any laws, statutes, ordinances, or regulations; (e) out of
Lessee's failure to maintain equipment in proper working order; and (f) out of
Lessee's failure to comply with any of its other obligations under the terms of
this Lease.

                                       14
<PAGE>   71

                     (b)    Lessor agrees to indemnify and defend Lessee against
any claim for damages, losses, liabilities, costs, or expenses, including
reasonable attorney's fees, arising (a) out of any breach by Lessor of its
warranties, representations, or covenants under this Lease; (b) out of the use,
management, or occupancy of the Leased Premises by Lessor, its agents, or
invitees; (c) out of any omissions, negligence or willful misconduct of Lessor,
its agents, servants, employees, licensees, or invitees; (d) out of failure of
Lessor to comply with any laws, statutes, ordinances, or regulations; (e) out of
Lessor's failure to maintain equipment in proper working order; and (f) out of
Lessor's failure to comply with any of its other obligations under the terms of
this Lease.

                     (c)    Any party seeking indemnification hereunder
("Indemnified Party") shall provide the other party ("Indemnifying Party")
reasonably prompt notice of known claims giving rise to any claim for indemnity,
and the Indemnifying Party shall have the right and opportunity to undertake the
legal defense of such claims. The Indemnified Party and its counsel may
nevertheless participate in (but not control) such proceedings, negotiations, or
defense at its own expense. In all such cases, the Indemnified Party will give
all reasonable assistance to the Indemnifying Party, including making the
Indemnified Party's employees and documents available as reasonably requested
without charge.

       20.    ESTOPPEL CERTIFICATE AND ATTORNMENT.

              20.01  ESTOPPEL CERTIFICATE. Within ten (10) days after either
party's request, the other party shall deliver, executed in recordable form, a
declaration to any person designated by the requesting party (a) ratifying this
Lease; (b) stating the commencement and termination dates; and (c) certifying
(i) that this Lease is in full force and effect, and has not been assigned,
modified, supplemented, or amended (except by such writings as shall be stated);
(ii) that all conditions under this Lease to be performed have been satisfied
(stating exceptions, if any); (iii) that no defenses or offsets against the
enforcement of this Lease by the requesting party exist (or stating those
claimed); (iv) advance rent, if any, paid by Lessee; (v) the date to which rent
has been paid; (vi) the amount of security deposited with Lessor (if hereafter
applicable for any reason); and (vii) such other information as the requesting
party reasonably requires. Persons receiving such statements shall be entitled
to rely upon them.

              20.02  ATTORNMENT. Lessee shall, in the event of a sale or
assignment of Lessor's interest in any of the Leased Premises, or, if any of the
Leased Premises or any building thereon comes into the hands of any Trustee
under a Deed of Trust or a mortgagee or any other person, whether because of a
foreclosure, exercise of a power of sale under a mortgage or Deed of Trust, or
otherwise, attorn to the purchaser or such mortgagee, Trustee, or other person,
and recognize the same as Landlord hereunder. Lessee shall execute at Lessor's
request any attornment agreement reasonably required by any mortgagee, Trustee,
or other such person to be executed containing such provisions as such
mortgagee, Trustee, or other person reasonably requires, provided, however, that
such attornment shall not modify the terms of this Lease.

              20.03  FAILURE TO EXECUTE INSTRUMENTS. Either party's failure,
without good and reasonable cause, to execute instruments or certificates
provided for in this Paragraph

                                       15
<PAGE>   72

20, within fifteen (15) days after the receipt by such party of a written
request, shall be a default under his Lease.

       21.    MISCELLANEOUS.

              21.01  RELATIONSHIP OF PARTIES. Nothing contained herein and no
acts of the parties herein shall be deemed or construed as creating any
relationship between the parties hereto other than the relationship of Lessor
and Lessee or Landlord and Tenant.

              21.02  GOVERNING LAW. This Lease shall be governed and construed
and enforced in accordance with the laws of the State of North Carolina.

              21.03  CAPTIONS. The captions contained in this Lease are included
solely for convenience and shall in no event affect or be used in connection
with the interpretation of this Lease.

              21.04  AMENDMENTS. This Lease only may be amended or modified as
may be agreed upon by written instrument executed by the parties hereto.

              21.05  INTEREST AND ATTORNEY'S FEES. All sums becoming due or
payable under this Lease, including all money expended pursuant to the
provisions hereof or on account of any default in the performance and observance
of any agreements or covenants herein, shall bear interest at the rate of eight
and one-half percent (8.5%) per annum (or at such lesser rate which is the
maximum permitted by applicable law) from thirty (30) days after the date such
sums become due or payable, or, in the event one of the parties expends money
because of a default by the other, from thirty (30) days after the date the
defaulting party received written notice that such money was expended.

              The prevailing party shall be entitled to its reasonable
attorney's fees to collect any payment or to compel any performance ultimately
held to be due under the provisions of this Lease.

              21.06  BROKERS AND THIRD PARTIES. Each party represents that it
has not had dealings with any real estate broker or other person who may claim a
commission or finder's fee with respect to this Lease in any manner. Each party
shall hold harmless the other party from all damages resulting from any claims
that may be asserted against the Indemnified Party by any broker, finder, or
other person with whom the Indemnifying Party has or purportedly has dealt.

              21.07  NOTICES. Notices given pursuant to this Lease shall be in
writing and shall be given by actual delivery or by mailing the same to the
party entitled thereto at the addresses set forth below or at any such other
address as any Party may designate in writing to any other Party pursuant to the
provisions of this paragraph. Notice given by mail shall be sent by United
States mail, certified or registered, return receipt requested or by nationally
recognized courier serviced providing receipt of delivery. Notices shall be
deemed to be received on the date of actual receipt, in the case of personal
delivery, or on the date of mailing, in the case of mailing. Notices shall be
served or mailed to the following addresses, subject to change as provided
above:

                                       16
<PAGE>   73

       If to the Lessor:    Beasley Family Towers, Inc.
                            3033 Riviera Drive, Suite 200
                            Naples, FL 34103
                            Attn:  Ms. B. Caroline Beasley
                            Secretary
                            Phone: (941) 263-5000
                            Fax:   (941) 434-8950

       With a copy (which shall not constitute notice) to:

                            Joseph D. Sullivan, Esq.
                            Latham & Watkins
                            1001 Pennsylvania Ave., N.W.
                            Washington, DC 20004-2505
                            Phone: (202) 637-2200
                            Fax:   (202) 637-2201

       If to the Lessee:    Beasley FM Acquisition Corp.
                            3033 Riviera Drive, Suite 200
                            Naples, FL 34103
                            Attn: Mr. George G. Beasley
                            Chief Executive Officer
                            Phone: (941) 263-5000
                            Fax:   (941) 434-8950

              21.08  WAIVER. It is agreed that the waiving of any of the
covenants of this Lease by either party shall be limited to the particular
instance, and shall not be deemed to waive any other breaches of such covenant
or any provision herein contained.

              21.09  ACCORD AND SATISFACTION. No receipt of money by Lessor
after the termination of this Lease or after the service of any notice or after
the commencement of any suit reinstates, continues, or extends the term of this
Lease or affects any such notice or suit.

              21.10  LIMITATION OF LIABILITY. Except as otherwise expressly
stated herein, Lessor shall not be liable or responsible to the Lessee or to
anyone claiming under or through the Lessee for any loss or damage caused by the
acts or omissions of any other tenants or any other users of the Tower,
Transmitter Building, or Tower Site, or for any loss or damage to Lessee's
Property caused by fire, water, bursting pipes, leaking gas, sewage, steam
pipes, drains, ice, or materials falling from the Tower or the Transmitter
Building, or the malfunction of any utility, facility, or installation, or by
reason of any other existing condition or defect in the Leased Premises; nor
shall Lessor be liable or responsible to the Lessee for any injury or damage
suffered by the Lessee and allegedly caused by technical interference with the
Lessee's

                                       17
<PAGE>   74

operations, by the activities of any other tenants or users of the Tower,
Transmitter Building, and Tower Site, or any other broadcasters. Except for
Lessor's own negligent acts, willful misconduct or for breaches of its
obligations under this Agreement, Lessor shall not be liable to Lessee, or to
any other person for property damage or personal injury, including death. Lessor
shall not be liable under any circumstances for loss of use, loss of sponsorship
or advertising revenue, or any other consequential damages sustained by Lessee.

              21.11  PARTIAL INVALIDITY. The invalidity of any provision,
clause, or phrase contained in this Lease shall not serve to render the balance
of this Lease ineffective or void; and the same shall be construed as if such
had not been herein set forth.

              21.12  DOCUMENTARY STAMPS. Lessee shall bear the cost of any
documentary stamps occasioned by this Lease should it wish to record this Lease.

              21.13  RULES AND REGULATIONS. Lessor may from time to time issue
such rules and regulations in writing which it may consider necessary and
desirable. Lessee agrees to abide by such rules and regulations so long as they
do not unreasonably interfere with Lessee's use and occupancy of the Leased
Premises or conflict with this Lease.

              21.14  FORCE MAJEURE. Lessor assumes no responsibility for any
losses or damages to Lessee's Property caused by acts of God, including, but not
limited to, wind, lightning, rain, ice, earthquake, floods, or rising water, or
by aircraft or vehicle damage. Lessor furthermore assumes no responsibility for
losses or damages to Lessee's Property caused by any person other than employees
and agents of Lessor. In the event that Lessor shall be delayed, hindered in or
prevented from the performance of any act required hereunder by reason of acts
of God (including, but not limited to, wind, lightning, rain, ice, earthquake,
flood, or rising water), aircraft or vehicle damage or other casualty,
unforeseen soil conditions, acts of third parties who are not employees of
Lessor, strikes, lock-outs, labor troubles, inability to procure material,
failure of power, governmental actions, laws or regulations, riots,
insurrection, war, or other reasons beyond its control, then the performance of
such act shall be excused for the period of delay and the period for performance
of any such act shall be extended for a period equivalent to the period of such
delay.

              21.15  ENTIRE AGREEMENT. This Lease, together with its Exhibits,
constitutes and sets forth the entire agreement and understanding of the parties
with respect to the subject matter hereof, and supersedes all prior or
contemporaneous offers, negotiations, and agreements (whether oral or written)
between the parties (or any of their related entities) concerning the subject
matter of this Lease.

              21.16  COUNTERPARTS AND DUPLICATES. This Lease may be executed in
counterparts, which, when combined, shall constitute a single instrument. The
Lease may also be executed in duplicate editions, each of which shall be
effective as an original.

                                       18
<PAGE>   75

       IN WITNESS WHEREOF, the parties have hereunto set their respective hands
and seals, as of the day and year first above written.

ATTEST:                    `         LESSOR:

                                     BEASLEY FAMILY TOWERS, INC.

                                     By:                                  (SEAL)
----------------------------            ----------------------------------
Witness                                 Name:  B. Caroline Beasley
                                        Title: Secretary

                                     LESSEE:

                                     BEASLEY FM ACQUISITION CORP.

                                     By:                                  (SEAL)
----------------------------            ----------------------------------
Witness                                 Name:  George G. Beasley
                                        Title: Chief Executive Officer

                                       19
<PAGE>   76

                                    EXHIBIT A

                        DESCRIPTION OF WUKS-FM TOWER SITE

That certain single parcel of land as more particularly described as follows:

Lying and being in Shannon, Robeson County, State of North Carolina, identified
with the Robeson County tax collector's office as 66862-300 and being 1.5 miles
north on Road 1001.

                                       20
<PAGE>   77

                                    EXHIBIT B

                              DESCRIPTION OF TOWER

That certain six hundred fifty (650) foot uniform cross-section guyed
communications tower situated on that certain single parcel of land as more
particularly described as follows:

Lying and being in Shannon, Robeson County, State of North Carolina, identified
with the Robeson County tax collector's office as 66862-300 and being 1.5 miles
north on Road 1001.

                                       21
<PAGE>   78

                                    EXHIBIT C

                      [TOWER SPACE DIAGRAM OR DESCRIPTION]

                                       22
<PAGE>   79

                                    EXHIBIT D

               [TRANSMITTER BUILDING SPACE DIAGRAM OR DESCRIPTION]

                                       23
<PAGE>   80
                         LEASE AGREEMENT (O&O - WAZZ-AM)

       THIS LEASE AGREEMENT ("Lease"), made this ____ day of February, 2000 by
and between BEASLEY FAMILY TOWERS, INC., a Delaware corporation ("Lessor"), and
BEASLEY FM ACQUISITION CORP., a Delaware corporation ("Lessee").

                                   WITNESSETH:

       WHEREAS, Lessor owns a communications tower as such tower is described on
Exhibit C hereto ("Tower"), on a certain tract of real estate located at
Fayetteville, North Carolina, as such land is more fully described in Exhibit A
attached hereto (hereinafter referred to as the "Tower Site"; the term "Tower
Site" shall also include any appurtenant easements or improvements on such land
except for the WAZZ/WFLB studio building on the Tower Site owned by Lessee);

       WHEREAS, Lessor desires to lease the Tower for the purpose of Lessee's
radio broadcast transmission activities; and

       WHEREAS, Lessee wishes to lease such Tower from Lessor.

       NOW, THEREFORE, IN CONSIDERATION OF the foregoing and the mutual
covenants herein contained, the parties hereto agree as follows:

       1.     LEASE COMMENCEMENT.

              1.01   COMMENCEMENT OF TERM. The term of this Lease and the
payment of rent and other performances in accordance with the terms of this
Lease shall commence on the date hereof.

              1.02   EXHIBITS. All Exhibits referred to in this Lease are
incorporated herein by reference.

       2.     DESCRIPTION OF THE LEASEHOLD.

              2.01   LEASED PREMISES. Lessor hereby leases to Lessee, and Lessee
leases from Lessor, with a right of access thereto and parking therefor in
accordance with Section 9:

                     (a)    The Tower [subject to any rights under that certain
Lease Agreement, dated __________, by and between Beasley FM Acquisition Corp.
and Beasley FM Acquisition Corp., for tower space for the antenna of radio
broadcast station WFLB-FM];

                     (b)    Space in the transmitter building on the Tower Site
as more fully described in Exhibit C hereto (the "Transmitter Building"), for
the purposes of the housing, operation and maintenance of Lessee's transmitter
and related equipment, (such space "Lessee's Building Space"); and

<PAGE>   81

                     (c)    The Tower Site.

                     (d)    All of the property leased under this Paragraph 2.01
shall hereinafter be called the "Leased Premises."

              2.02   OWNERSHIP OF PROPERTY; ACCESS.

                     (a)    Except for "Lessee's Property" (as defined below);
all tenant improvements including all fixtures and trade fixtures shall become
the property of the Lessor, and shall remain with the Tower after the Lessee
vacates same.

                     (b)    The Lessee's antenna, transmission line, and other
equipment, together with any replacements thereof and modifications and
additions thereto, which are permitted hereunder, shall be and remain Lessee's
Property, and are hereinafter referred to as "Lessee's Property". Lessee will be
solely responsible for the maintenance of Lessee's Property, including all
expenses associated with such repair.

                     (c)    Lessee shall have reasonable right of access to the
Tower at all times in emergency situations and whenever reasonably necessary for
equipment maintenance and repair. Lessee shall also have reasonable rights of
access at any time to the Tower for ingress, egress, utilities, the locating and
usage of cabling and related equipment, operations, maintenance, repair or
remodeling, or other engineering purposes.

       3.     PERMITTED USES.

              3.01   BY LESSEE.

                     (a)    Subject to all appropriate government approvals,
including the Federal Communications Commission ("FCC"), the Tower may be used
only for activities related to the operation of radio broadcast stations. Such
operations, shall be conducted in accordance with the standards imposed by the
FCC and any other governmental body with authority over such transmission and
operations.

                     (b)    Except as expressly permitted by this Lease and
unless prior written approval of Lessor has been given, Lessee shall not
construct or make any improvements or install any equipment on the Tower. Lessee
may repair and maintain equipment as it deems necessary to its operations within
Lessee's space in all respects in compliance with the terms hereof. The Tower,
Lessee's interior and exterior equipment, and all other improvements shall be
maintained in an orderly and professional manner.

              3.02   BY LESSOR.

                     (a)    Subject to the rights elsewhere granted to Lessee in
this Lease and with prior notice to Lessee and no loss of service or
interruption (beyond a temporary, non-recurring and de minimis amount), Lessor
reserves the right to use the Tower, at its own expense, as it sees fit and to
fasten additional equipment to the Tower for any purpose, including the right to
install transmitting and/or receiving antennas of others; provided that Lessor
shall use

                                       2
<PAGE>   82

reasonable efforts to restrict any loss of Lessee's service or interruption
pursuant to this Section 3.02(a) to the hours of 1:00 a.m. to 5:00 a.m.

                     (b)    Subject to the rights elsewhere granted to Lessee in
this Lease, Lessor shall have the right to use for itself or lease to others the
remainder of the Tower Site or use of any of the improvements thereon, space in
any building constructed by Lessor for any purpose, including, but not limited
to, any kind of broadcasting or communication, simultaneous transmissions on AM,
FM, SSB, VBIF, UHF, and/or microwave frequencies, and all rental revenues
received therefrom shall belong exclusively to Lessor. Prior to permitting the
fastening of a material amount of additional equipment, Lessor shall cause a
structural analysis of the Tower to be conducted by a reputable mechanical
consultant chosen by Lessor in order to ensure that any such additions conform
to recognized engineering standards.

                     (c)    Except as expressly provided for herein, Lessor
shall have no liability for any action or omission taken in exercise of its
rights hereunder upon reasonable reliance on recommendation of its engineering
personnel.

                     (d)    Subject to the terms of this Lease, Lessor also
reserves the right to erect one (1) or more additional towers on the Tower Site.

       4.     TERM.

              4.01   TERM. This Lease shall have a term of twenty (20) years
from the Commencement Date established in Paragraph 1.01 hereof.

       5.     RENT.

              5.01   RENTAL. Lessee shall pay rent for each consecutive
twelve-month period beginning on the Commencement Date (each a "Lease Year")
during the term of this Lease. Such rental payment shall be payable in equal and
successive monthly installments in advance beginning with the Commencement Date
and continuing thereafter on the first day of each month during the term of this
Lease, such rental payments to be made according to the following schedule:

                                       3
<PAGE>   83

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
   Lease Year          Rent Per Lease Year                Monthly Rent
--------------------------------------------------------------------------------
   <S>                 <C>                                <C>
        1                    $4,421.76                       $368.48
--------------------------------------------------------------------------------
        2                    $4,421.76                       $368.48
--------------------------------------------------------------------------------
        3                    $4,421.76                       $368.48
--------------------------------------------------------------------------------
        4                    $4,421.76                       $368.48
--------------------------------------------------------------------------------
        5                    $4,421.76                       $368.48
--------------------------------------------------------------------------------
        6                    $4,421.76                       $368.48
--------------------------------------------------------------------------------
        7                    $4,421.76                       $368.48
--------------------------------------------------------------------------------
        8                    $4,421.76                       $368.48
--------------------------------------------------------------------------------
        9                    $4,421.76                       $368.48
--------------------------------------------------------------------------------
       10                    $4,421.76                       $368.48
--------------------------------------------------------------------------------
       11                    $4,421.76                       $368.48
--------------------------------------------------------------------------------
       12                    $4,421.76                       $368.48
--------------------------------------------------------------------------------
       13                    $4,421.76                       $368.48
--------------------------------------------------------------------------------
       14                    $4,421.76                       $368.48
--------------------------------------------------------------------------------
       15                    $4,421.76                       $368.48
--------------------------------------------------------------------------------
       16                    $4,421.76                       $368.48
--------------------------------------------------------------------------------
       17                    $4,421.76                       $368.48
--------------------------------------------------------------------------------
       18                    $4,421.76                       $368.48
--------------------------------------------------------------------------------
       19                    $4,421.76                       $368.48
--------------------------------------------------------------------------------
       20                    $4,421.76                       $368.48
--------------------------------------------------------------------------------
</TABLE>

              5.02   PAYMENT OF RENTALS. Rentals to be paid hereunder shall be
paid monthly in lawful money of the United States of America and shall be paid
in advance on the first day of each month during the term of this Lease by
crediting the payment owed to Lessee by Lessor, under that certain Promissory
Note made by Lessor in favor of Lessee, dated ________, 2000, on the first day
of each month during the term of this Lease. In the event of prepayment of the
Promissory Note by Lessor or other action resulting in amounts equal to any
monthly rental payment not being concurrently due from Lessor under the
Promissory Note, then Lessee shall pay the monthly rental amount in advance on
the first day of the month in question by mailing payment to the Lessor c/o
Beasley Family Tower, Inc., 3303 Riviera Drive, Suite 200, Naples, FL 34103,
Attn: Ms. Caroline Beasley, or to such other person or address as Lessor may in
writing direct. The payment of the monthly rental for the first month of the
term of this Lease shall be prorated based on the number of days remaining in
such month, including the first day on which this Lease become effective.

              5.03   ELECTRICITY AND OTHER UTILITIES. In addition to the
payments prescribed under Section 5.01 of this Lease, Lessee shall pay for its
own telephone lines and service, electrical service (including electrical
service to the Tower used by Lessee as measured by a separate electrical meter
at Lessee's expense). Lessor shall pay for the electrical service to the Tower
for the Tower lighting.

       6.     AUTHORITY.

              6.01   QUIET ENJOYMENT. Lessor represents and warrants that it has
the full power and authority to enter into this Lease, and covenants and agrees
that Lessee, upon paying the rents described herein and observing and keeping
the covenants, agreements, and

                                       4
<PAGE>   84

stipulations of this Lease on Lessee's part to be observed and kept, shall
lawfully, peaceably, and quietly hold, occupy, and enjoy the Tower, and all
other rights and privileges granted herein, without hindrance, eviction, or
molestation by Lessor or any party claiming by or through Lessor.

              6.02   LESSEE'S APPROVAL. Lessee represents and warrants that it
has the full power and authority to enter into and perform this Lease. Any and
all necessary corporate resolutions, encumbrance certificates, etc., shall be
supplied by Lessee upon the request of Lessor.

       7.     PERMITS.

              7.01   PERMITS. Lessor shall obtain all necessary licenses or
permits in connection with the Tower except that Lessee shall obtain, at its own
expense, any and all necessary licenses or permits from such governmental
authorities as shall have jurisdiction in connection with the (b) the
operations, installation, repair, alteration, or replacement of Lessee's
equipment (including, without limitation, Lessee's antenna and transmission
and/or receiving equipment); or (c) with any of Lessee's activities thereon or
contemplated by this Lease. At Lessor's request, Lessee shall furnish Lessor
with copies of same, and shall abide by the terms and provisions of such
licenses and permits.

       8.     MAINTENANCE OF LEASED PREMISES AND LESSEE'S PROPERTY.

              8.01   DURING TERM OF LEASE.

                     (a)    Lessee, at its own cost and expense, shall maintain
and repair Lessee's Property, including specifically its antenna, related
equipment, transmission lines, transmitters, and other equipment. Lessor shall
perform the same tasks with respect to the Tower and the Transmitter Building.
All such maintenance shall be conducted by the parties in accordance with good
engineering standards and in conformity with the requirements of the FCC or any
other body having jurisdiction over the Lessee and its property, including,
without limitation, any rules, regulations, or guidelines of the FCC
implementing the National Environmental Policy Act of 1969 pertaining to
electromagnetic or radio frequency radiation. Each of Lessor and Lessee shall
take all reasonable precautions to avoid interference or hindrance to and with
the operations of the other party hereto. In this regard, each party hereto
agrees to eliminate, without cost to the other party hereto, any interference or
hindrance to such other party's operation. Maintenance and repair of Lessee's
Property shall be performed only by a reputable contractor and in accordance
with the provisions of subsections (d), (e), and (f) hereof.

                     (b)    Lessor retains the right to inspect Lessee's
Property during normal business hours upon reasonable notice to Lessee, except
that, in the event of an emergency, as determined by Lessor, Lessor may enter at
any time, giving notice of such emergency to Lessee as soon as is practical. In
the event that Lessor reasonably determines that Lessee has not maintained
Lessee's Property and equipment in good order and repair according to industry
standards, and that such repairs are necessary for the safety of the Tower, the
Transmitter Building or the Tower Site, or the prevention of interference with
Lessor or any other user of the Tower or any other broadcaster, Lessor may, at
its option, make such emergency

                                       5
<PAGE>   85

repairs to the property as it deems reasonably necessary, and any amount
expended by Lessor therefor shall be reimbursed to it by Lessee immediately upon
presentation of a statement and shall be deemed additional rent. Lessor shall
not be liable for inconvenience, disturbance, loss of business, or other damage
to Lessee by reason of repairing any of Lessee's Property which Lessee has
failed to properly maintain.

                     (c)    With respect to the non-emergency repairs which
Lessor, in its reasonable discretion, determines that Lessee should make to
maintain Lessee's Property and equipment in good order, and that such repairs
are necessary for the safety of the Tower, the Transmitter Building or Tower
Site, or the prevention of interference with Lessor, in violation of the terms
of this Agreement, Lessor shall so notify Lessee in writing, specifying the
maintenance and repairs required to be performed by Lessee. In the event that,
within ten (10) business days following such written notice (or such longer
period as may be reasonably necessary taking into account all facts and
circumstances), Lessee shall not have performed such maintenance and repairs,
Lessor may, at its sole option, make such repairs as it deems reasonably
necessary, and any amount expended by Lessor therefor shall be deemed additional
rent. Lessor shall not be liable for inconvenience, disturbance, loss of
business, or other damage to Lessee by reason of repairing the property and
equipment of Lessee which Lessee has failed to properly maintain.

                     (d)    No work (including electrical work), except for
emergency repairs that Lessee shall perform to return to, or maintain the
station on air in the event of a failure, will be performed by the Lessee in
connection with the installation, alteration, maintenance, repair, or removal of
any of Lessee's transmission lines, antenna, and other equipment on the Tower
unless the Lessee submits to Lessor a copy of the proposed contract and also
detailed plans and specifications of the work to be done, and both the contract
and the plans and specifications have been approved in writing by Lessor not to
be unreasonably withheld, delayed or conditioned. Lessee, upon demand therefor
by Lessor, agrees to pay Lessor as additional rent all amounts reasonably
expended by Lessor in connection with review of any such contract, plans, and
specifications.

                     (e)    With respect to any work to be performed by or on
behalf of Lessee in connection with the installation, alteration, maintenance,
repair, or removal of any equipment on the Tower (including any ascension of the
Tower), in the Transmitter Building, or in or about the Tower Site. Lessee may
only employ a contractor who has been approved in writing and in advance by
Lessor. Lessor agrees that it will not unreasonably withhold its approval of any
contractor who has the requisite experience and industry standard insurance
coverage and who will, at the sole option of Lessor, provide a bond to cover any
work which it has been retained to perform. Lessor agrees to consult on call in
any emergency situation and immediately give its approval or disapproval.

                     (f)    All work by or on behalf of the Lessee or Lessor
shall be carried out (i) in a good and workmanlike manner; (ii) in accordance
with established engineering standards and public ordinances, rules, and
regulations applicable to such work, including, without limitation, any rules,
regulations, or guidelines of the FCC implementing the National Environmental
Policy Act of 1969, pertaining to electromagnetic or radio frequency radiation;
(iii) in accordance with plans and specifications, including mechanical and
electrical

                                       6
<PAGE>   86

drawings, which have been submitted to and approved in writing and in advance by
Lessor; and (iv) in accordance with Lessor's security procedures with respect to
protection of the Tower Site.

                     (g)    Notwithstanding the receipt of the approvals by
Lessor as required in this paragraph, Lessee shall not be relieved of its
responsibilities and liabilities for interference or otherwise as herein
provided, nor shall said approval be deemed a waiver of any other rights of
Lessor under this Lease.

                     (h)    In the event that any notice of lien or lien shall
be filed against any part of the Tower Site for work claimed to have been done
or materials claimed to have been furnished to Lessee, the same shall be
dismissed, withdrawn, discharged or bonded (to Lessor's reasonable satisfaction)
by Lessee within thirty (30) days thereafter at Lessee's expense; and if Lessee
shall fail to take such action as shall cause such lien to be discharged within
thirty (30) days, Lessor may, at its option, discharge the same by deposit or by
bonding proceedings. Lessor may require the lienor to prosecute the appropriate
action to enforce the lienor's claim. In such case, Lessor shall give immediate
notice to Lessee of such pending action or proceeding so that Lessee may have an
opportunity to legally contest or defend the action or proceeding. If, after
such notice to Lessee, a judgment is recovered on the claim, Lessor, at its sole
option, may pay the judgment. Any reasonable amount paid or expense incurred or
sum of money paid by Lessor (including reasonable attorney's fees) by reason of
the failure of Lessee to comply with the foregoing provisions of this paragraph,
or in defending any such action, shall be paid to Lessor by Lessee, and shall be
treated as additional rent hereunder.

              8.02   AT EXPIRATION OR TERMINATION. At the expiration or
termination of this Lease, Lessee shall promptly surrender possession of the
Leased Premises to Lessor in as good a condition as the same were received at
the commencement of the term, reasonable wear and tear and damage by fire or
other casualty beyond Lessee's reasonable control excepted.

       9.     USE AND MAINTENANCE OF COMMON PREMISES.

              9.01   USE OF COMMON PREMISES. Lessee, at its own risk, shall have
the right to use in common with Lessor and its licensees, invitees, and other
tenants, and in connection with Lessee's permissible activities and operations
(a) any access road from any public highway to the Tower Site or to the
Transmitter Building or any other building on the Tower Site; (b) any parking
lot on the Tower Site; and (c) all common areas in the Transmitter Building
(such items (a), (b) and (c) called collectively herein the "Common Premises").

              9.02   MAINTENANCE OF COMMON PREMISES.

                     (a)    Lessor shall maintain the Common Premises and any
fence around the Tower in good repair. Lessee shall comply with any security
policies reasonably established from time to time by Lessor.

                     (b)    Lessor assumes the obligation and responsibility for
complying with the requirements of the FCC regarding obstruction, marking and
lighting of the

                                       7
<PAGE>   87

Tower. Lessor shall maintain the Tower and support systems in good repair and in
good operating condition in accordance with the requirements of governmental
authorities.

                     (c)    In the event that Lessor determines that repairs,
alterations, or improvements are necessary or desirable to the Tower, the
Transmitter Building or the leased spaces of other tenants, Lessor may, upon
reasonable notice and for the shortest practical period of time (except for
emergency situations), close entrance doors, common areas, drive-ways,
rights-of-way, service areas, parking areas, or any other facilities at its
discretion without being liable to Lessee; provided that if any of the above
would restrict Lessee's ability to broadcast, Lessor shall use reasonable
efforts to restrict any closure or interruption pursuant to this Section 9.02 to
the hours of 1:00 a.m. to 5:00 a.m.. The closing of entrances, doors, common
areas, parking areas, or other facilities for the making of the repairs,
alterations, or improvements described herein shall, under no circumstances,
constitute an eviction of the Lessee or be grounds for termination of this Lease
or the withholding of any rental payments or other payments or performances
required to be paid or made by Lessee under the terms hereof, provided, Lessor
shall use reasonable efforts to ensure that any action taken in accordance with
this paragraph shall not adversely affect the rights of Lessee hereunder. Under
no such circumstances shall Lessee be entitled to terminate this Lease nor shall
it be entitled to compensation for any loss or damage it may sustain (including
loss of use, loss of advertising/sponsorship revenues, and consequential
damages) by reason of such changes or alterations.

       10.    ALTERATIONS BY LESSEE.

              10.01  ALTERATIONS.

                     (a)    Lessee shall have the right, at its own expense, to
make such changes and alterations in the Lessee's Property situated on the
Tower, subject to Paragraph 8.01 and Paragraph 11 hereof, as its operations may
require, including the renovation, replacement, or removal of its antenna;
provided, however, that such changes or alterations conform with recognized
engineering standards and, if necessary, have been approved by the FCC and any
other authority having jurisdiction over Lessee; and provided further, that
plans and specifications are first submitted to and approved in writing by
Lessor. Lessee shall make no changes in the equipment or equipment position
without such approval, and Lessor shall not unreasonably fail to give such
approval within ten (10) business days.

              (b)    This Lease is based upon carefully computed tower loading
capacity. If any change proposed by Lessee in the type, location, or positioning
of Lessee's Property should, in Lessor's judgment, require a computer or other
type of feasibility study to determine Tower loading capacity, such study shall
be performed by an engineer chosen by Lessor, and approved by Lessee (such
approval not to be unreasonably withheld, delayed or conditioned) whose decision
shall be final and binding upon both parties. The cost of such study or any
other costs reasonably incurred by Lessor in determining the feasibility of any
proposed change or alteration in the type, location, or positioning of Lessee's
Property shall be borne entirely by Lessee.

                                       8
<PAGE>   88

       11.    INTERFERENCE.

              11.01  PRELIMINARY STEPS TO AVOID INTERFERENCE.

       Before Lessee shall make any new installation on the Tower after the date
hereof, notification of the particulars of such proposed installation shall be
submitted to Lessor hereto and any other lessees or users of space on the Tower
whose names and addresses are supplied to Lessee by Lessor in writing, and the
Lessor and such other users will be requested to advise, in writing, the Lessee
and Lessor, as applicable, within ten (10) days after receipt of such
notification, whether they have any reasonable objections thereto on the grounds
that objectionable interference may result; provided, this Section 11.01 shall
not apply to any currently installed Lessee's Property or its replacement,
maintenance or repair. If the Lessor or any other user shall reasonably object
within this period to such plans and Lessee is unwilling to alter its plans to
meet the objections, the dispute shall be submitted to an independent
professional engineer chosen by Lessor, and such engineers decision shall be
final and binding upon all parties. The cost of any such studies shall be borne
by Lessee.

              11.02  INTERFERENCE WITH LESSOR, LESSEE, OR OTHERS.
Notwithstanding the provisions of Paragraph 11.01, should any change, after the
date hereof, in the facilities or mode of operation of Lessee or Lessee's
failure to comply with the Maintenance Standards, as defined in Paragraph 11.04,
cause any objectionable electrical or physical interference (including
interference from any other structure erected on the Tower Site) to the
television and/or radio broadcasting and/or receiving operations of any other
lessee, then, promptly after written notification of such interference, the
Lessee, at its sole expense, will take such steps as may be reasonably required
to correct such interference, including, but not limited to, changing frequency,
ceasing transmission, reducing power, and/or the installation of any filters or
other equipment, provided that, if such interference is caused, after the date
hereof, by the failure of the Lessor or any other lessee suffering the
interference to comply with the Maintenance Standards, as defined in Paragraph
11.04, then Lessor shall, or shall cause the other lessee suffering the
interference, at its sole expense, to comply with such Maintenance Standards.
Any dispute as to the cause of interference, or the steps reasonably required to
correct it, arising under this Paragraph 11.02, shall be submitted to an
independent professional engineer chosen by Lessor, and such engineer's decision
shall be final and binding upon the parties. If such interference is found to be
caused by such changed facilities or operation, the fees and charges of the
engineer to whom the dispute is referred shall be borne by the party whose
changed facilities or mode of operations gave rise to the claimed interference.
If such interference is found not to be caused by such changed facilities or
operations, the fees and charges of the engineer to whom the dispute is referred
shall be borne by the objecting party. All other leases and/or agreements to
lease space at the Tower Site shall contain this language.

              11.03  INTERFERENCE BY OTHER USER. Any subsequent agreement under
which Lessor allows any other person to occupy any portion of the Tower shall
provide that, should the installation, operation, or maintenance of the
equipment or the activities of such other person cause any objectionable
interference with the operations of Lessor or Lessee, then, promptly after
written notification of such, such other tenant or user, at its sole expense,
will take such steps as may be reasonably necessary to correct such
interference, including, but not limited

                                       9
<PAGE>   89

to, changing frequency, ceasing transmission, reducing power, and/or the
installation of any filter or other equipment, provided that if such
interference is caused by the failure of any other lessee to comply with the
Maintenance Standards, as defined in Paragraph 11.04, such other lessee will, at
its sole expense, comply with such Maintenance Standards. To the best of its
ability, Lessor shall not permit any operations by other tenants, the effect of
which would be to prohibit Lessee from operating in the manner contemplated
herein, without the prior written consent of Lessee. Lessor shall have no
liability for any action or omission taken upon reasonable reliance on the
recommendation of qualified engineering personnel. Lessor agrees that it will
take commercially reasonable efforts to ensure that the installation, operation
or maintenance of its equipment which is installed after the commencement date
of this Lease on, in or around the Tower shall not cause any objectionable
interference with the operations of Lessee. Immediately upon notification of
such interference by Lessee, Lessor shall at its sole expense take such steps as
may be reasonably necessary to correct such interference, including, but not
limited to, changing frequency, ceasing transmission, reducing power, and/or the
installation of any filter or other equipment.

              11.04  DEFINITION OF "MAINTENANCE STANDARDS". For the purposes of
this Lease, compliance with "Maintenance Standards" shall mean that a tenant or
user of the Tower shall (a) maintain and operate its equipment in accordance
with the requirements, rules, regulations, and guidelines of the FCC, and the
standards of manufacturers of the equipment; and (b) maintain and operate its
equipment in accordance with good engineering practice.

       12.    UTILITIES.

              12.01  UTILITIES. Subject to the required approvals and
cooperation of any governmental authority or public utilities, Lessee shall
arrange and be responsible for the installation and provision of electrical and
telephone lines serving Lessee's Property at any building on the Tower Site
owned by Lessor. Lessee shall be responsible for procurement of and payment for
all telephone services as described in Paragraph 5.03 and used by Lessee.

       13.    TAXES.

              13.01  PAYMENT OF TAXES. Lessee shall pay all real estate taxes,
assessments, or levies assessed or imposed against the Tower Site (including the
Tower), and all taxes which may be assessed against the Tower and any buildings
thereon. [Foregoing obligation is subject to $200,000 12-month limit when
aggregated with other borrowers under Credit Agreement per 1.5D of First
Amendment to Credit Agreement]. Lessee shall pay all personal property or other
taxes assessed or imposed on Lessee's Property, and shall cooperate with Lessor
to ensure that such property is properly separated from that of Lessor or other
tenants for assessment purposes.

       14.    INSURANCE.

              14.01  PUBLIC LIABILITY. Lessee shall procure and maintain
comprehensive public liability insurance, naming Lessor as an additional insured
as its interests shall appear, covering all of the Lessee's operations and
activities on the Tower, including but not limited to, the operations of
contractors and subcontractors and the operation of vehicles and

                                       10
<PAGE>   90

equipment (including the Tower elevator), with limits of liability for the term
of this Lease of not less than Five Million Dollars ($5,000,000.00) in the
aggregate for personal injury or death in any occurrence and not less than Five
Million Dollars ($5,000,000.00) to cover property damage, with a liability
umbrella of not less than One Million Dollars ($1,000,000.00). Certificates
evidencing such insurance shall be furnished to Lessor upon its request. The
amounts specified hereunder shall be revised every five (5) years to such
amounts as Lessor may reasonably require upon the advice of its insurance
consultants. [Foregoing obligation is subject to $200,000 12-month limit when
aggregated with other borrowers under Credit Agreement per 1.5D of First
Amendment to Credit Agreement].

              14.02  CONTRACTOR LIABILITY. Lessee shall also cause the
contractors erecting, installing, or maintaining Lessee's Property or performing
any other work for Lessee on the Tower Site to procure reasonable public
liability insurance acceptable to Lessor and naming the Lessee and Lessor as
named insureds. Certificates evidencing such insurance shall be furnished to
Lessor in advance of any work being performed.

              14.03  INSURANCE ON THE LEASED PREMISES. Lessee shall procure and
maintain physical damage insurance on the Leased Premises in an amount
sufficient to repair or replace any of the Leased Premises with such coverage to
be on an "All Risks" basis, including, without limitation, coverage for the
perils of fire, lightning, windstorm, hall, flood, earthquake, collapse,
explosion, aircraft and vehicle damage, vandalism, and malicious mischief.
[Foregoing obligation is subject to $200,000 12-month limit when aggregated with
other borrowers under Credit Agreement per 1.5D of First Amendment to Credit
Agreement]. Lessee shall be solely responsible for its insurance on Lessee's
Property, together with business interruption insurance.

              14.04  TOWER AND/OR BUILDING DAMAGE. In the event that the Tower
and/or the Transmitter Building is destroyed or damaged by fire, lightning,
windstorm, flood, earthquake, explosion, collapse, aircraft, or other vehicle
damage or other casualty covered by insurance, Lessor shall promptly reconstruct
or repair the Tower and/or the Transmitter Building to such good condition as
existed before the destruction or damage, and give possession to Lessee of
substantially the same space leased hereunder. Lessee shall promptly pay over to
Lessor any insurance proceeds it receives from insurance policies Lessee is
required to procure under Section 14.03 hereof for the purpose of use by Lessor
to fund reconstruction of the Towers and/or Transmitter Buildings as required of
Lessor under this Section 14.04. If the Tower and/or the Transmitter Building is
in need of such repair or is so damaged by fire, lightning, windstorm, flood,
earthquake, explosion, aircraft or other vehicle damage, collapse, or other
casualty that reconstruction or repair cannot reasonably be undertaken without
dismantling Lessee's antenna, then upon written notice to Lessee, Lessor may
remove any such antenna and interrupt the signal activity of Lessee, but will
use its best efforts to have the antenna replaced as soon as reasonably
possible. Lessor agrees to provide Lessee an alternative tower or transmitter
building, if available, during such reconstruction/repair period. If such tower
or transmitter building is not available, then Lessee shall be responsible for
procuring its own alternative tower. No monetary or other rental shall be due
pursuant to the terms of this Lease for such time as Lessee is unable to conduct
its broadcasting activities on the Tower without significant diminution of
signal quality as a result of such total or partial destruction or damage or
need of repair, and Lessor shall refund to Lessee any rent paid in advance for
such time. Should Lessor not either (a) inform

                                       11
<PAGE>   91

Lessee in writing within ninety (90) days of the date of destruction of Lessor's
intent to replace the Tower and/or the Transmitter Building or (b) replace the
Tower and/or the Transmitter Building within one (1) year if Lessor has provided
the notice described in clause (a) above, of the date of destruction, or repair
the same within such shorter time period after the casualty as may be
reasonable, then Lessee, upon thirty (30) days' written notice to Lessor, may
terminate this Lease, provided if Lessor has provided the notice described in
clause (a) above, Lessee must make such election within one hundred twenty (120)
days prior to the expiration of said repair or replacement period. Lessee agrees
that it shall maintain adequate business interruption insurance at all times
during the term of this Lease to adequately protect it from any interruption of
signal activities due to Tower or Transmitter Building damage (including costs
of reinstallation of its equipment and lines), and Lessor shall have no
liability on account of such business interruption or reinstallation costs due
to damage or destruction under this paragraph.

       15.    EMINENT DOMAIN.

                     (a)    In the event that all of the Tower Site (or any
portion of the Tower Site necessary for the guy wires, or other appurtenances
necessary to Lessee's broadcasting operations) is acquired or transferred or
condemned pursuant to eminent domain proceedings (or the threat thereof), the
obligation of the parties under this Lease shall be terminated as of the date of
acquisition or transfer. Lessor shall be entitled to the entire condemnation
award. If Lessor determines to build a new tower as a replacement for the Tower
and/or Transmitter Building on the condemned property, Lessor agrees to lease
the new tower and/or transmitter building on terms reasonably equivalent to the
terms of this Lease.

                     (b)    In the event that this Lease is terminated due to
eminent domain proceedings, then Lessee shall be relieved of any further
obligations to make any rental payments or performances for any period after the
date of such termination of this Lease; and subject to offset or withholding by
Lessor to cover any unpaid additional rent or other authorized charges which may
be owed through the date of termination, Lessee shall be entitled to a refund of
any advance rental sums which it has paid in proportion to the period of the
Lease through such date of termination.

       16.    SUCCESSORS AND ASSIGNMENT.

              16.01  SUCCESSORS. All rights and liabilities herein given to or
imposed upon the respective parties hereto shall, to the extent that such are
assignable, extend to and bind the several and respective successors and assigns
of the parties hereto.

              16.02  ASSIGNMENT. Lessee shall not assign, sublet, or transfer
this Lease or any interest therein, or permit or allow through any act or
default of itself, or of any other person, any transfer thereof by operations of
law or otherwise without the prior written consent of Lessor except:

                     (a)    Lessee may assign this Lease to any bona fide third
party purchaser of substantially all the assets comprising of Lessee's radio
station broadcasting from

                                       12
<PAGE>   92

the Tower Site, who shall execute an assignment and assumption agreement in form
reasonably acceptable to Lessor; and

                     (b)    Lessee may assign or transfer all or a portion of
the assets of Lessee, including this Lease, to any corporation controlling,
controlled by, or under common control with, Lessee.

                     (c)    Any assignment or subletting by Lessee except as
permitted herein shall be void and of no effect. Any permitted assignment shall
not relieve Lessee of any of its liabilities hereunder. A change in control of
Lessee, but not the mortgaging by Lessee of its rights hereunder, shall
constitute an assignment of this Lease. Lessor agrees to enter into
documentation reasonably requested by any lender to Lessee in connection with
Lessee's mortgaging of its rights hereunder.

                     (d)    Lessor may assign or transfer this Lease without the
consent of Lessee, but shall notify Lessee following any transfer or assignment.

       17.    RIGHT TO REMOVE LESSEE'S PROPERTY IN EVENT OF TERMINATION. In the
event either party elects to terminate this Lease in accordance with the
provisions herein or at the expiration of the term hereof, Lessee or its
mortgagee shall have the right to remove Lessee's Property, except any fixtures
(it being specifically understood and agreed that Lessee's antenna,
transmitters, transmission line, and similar broadcasting equipment shall not be
deemed fixtures) on the Leased Premises within thirty (30) days of such
termination. Such removal shall be conducted in accordance with Paragraph 8.01
hereof Lessee shall promptly repair any and all damage caused by such removal.
Any of Lessee's Property remaining on the Leased Premises after the expiration
of the thirty (30) day period shall be deemed to be the property of Lessor,
which Lessor may have removed at Lessee's expense.

       18.    LESSOR'S PROTECTION.

              18.01  DEFAULT BY LESSEE.

                     (a)    If Lessee shall make default in making any payment
herein provided for and any such default shall continue for a period of ten (10)
business days after written notice to Lessee, or if Lessee shall make default in
the performance of any obligation of Lessee herein (other than as to payment of
money) and any such default shall continue for a period of thirty (30) days
after written notice to Lessee, or if Lessee shall file a voluntary petition in
bankruptcy, or if Lessee shall file any petition or institute any proceedings
under any Insolvency or Bankruptcy Act or any amendment thereto hereafter made,
seeking to effect its reorganization or a composition with its creditors, or if,
in any proceedings based on the insolvency of Lessee or relating to bankruptcy
proceedings, a receiver or trustee shall be appointed for Lessee or the Leased
Premises, or if any proceedings shall be commenced for the reorganization of
Lessee (which, in the case of involuntary proceedings, are not dismissed or
stayed within 30 days of the commencement thereof), or if the leasehold estate
created hereby shall be taken on execution or by any process of law, or if
Lessee shall admit in writing its inability to pay its obligations generally as
they become due, then Lessor may, at its option,

                                       13
<PAGE>   93

terminate this Lease without notice, and declare all amounts due or to become
due hereunder immediately due and payable, and Lessor's agents and servants may
immediately, or any time thereafter, reenter the Leased Premises by reasonably
necessary force, summary proceedings, or otherwise, and remove all persons and
properly therein, without being liable to indictment, prosecution, or damage
therefor, and Lessee hereby expressly waives the service of any notice in
writing of intention to reenter said Leased Premises. Lessor may, in addition to
any other remedy provided by law or permitted herein, at its option, relet the
Leased Premises (or any part thereof) on behalf of Lessee, applying any monies
collected first to the payment of expenses of resuming or obtaining possession,
and, second, to the payment of the costs of placing the premises in rentable
condition, including any leasing commission, and, third, to the payment of rent
due hereunder, and any other damages due to the Lessor. Any surplus remaining
thereafter shall be paid to Lessee, and Lessee shall remain liable for any
deficiency in rental, the amount of which deficiency shall be paid upon demand
therefor to Lessor.

                     (b)    Should Lessor re-enter and terminate according to
the provisions of this subparagraph, Lessor may remove and store the Lessee's
Property at the expense and for the account of Lessee. Alternatively, Lessor may
sell, or cause to be sold, Lessee's Property at public sale to the highest
bidder for cash, and remove from the proceeds of such sale any rent or other
payment then due Lessor under this Lease. Any disposition of the Lessee's
Property pursuant thereto shall be subject to the rights of any lender to Lessee
holding a mortgage on Lessee's Property and shall be made in a manner that is
commercially reasonable within the meaning of the Uniform Commercial Code as in
effect in the State of North Carolina at the time of such disposition.

       19.    INDEMNIFICATION.

                     (a)    Each party warrants and represents that it has the
authority to enter into this Lease and to grant the rights it grants hereunder,
and that performance of its obligations pursuant to this Lease will not violate
the rights of any third party whatsoever. Lessee agrees to indemnify and defend
Lessor against any claim for damages, losses, liabilities, costs, or expenses,
including reasonable attorney's fees, arising (a) out of any breach by Lessee of
its warranties, representations, or covenants under this Lease; (b) out of the
use, management, or occupancy of the Leased Premises by Lessee, its agents, or
invitees; (c) out of any omissions, negligence or willful misconduct of Lessee,
its agents, servants, employees, licensees, or invitees; (d) out of failure of
Lessee to comply with any laws, statutes, ordinances, or regulations; (e) out of
Lessee's failure to maintain equipment in proper working order; and (f) out of
Lessee's failure to comply with any of its other obligations under the terms of
this Lease.

                     (b)    Lessor agrees to indemnify and defend Lessee against
any claim for damages, losses, liabilities, costs, or expenses, including
reasonable attorney's fees, arising (a) out of any breach by Lessor of its
warranties, representations, or covenants under this Lease; (b) out of the use,
management, or occupancy of the Leased Premises by Lessor, its agents, or
invitees; (c) out of any omissions, negligence or willful misconduct of Lessor,
its agents, servants, employees, licensees, or invitees; (d) out of failure of
Lessor to comply with any laws, statutes, ordinances, or regulations; (e) out of
Lessor's failure to maintain equipment in

                                       14
<PAGE>   94

proper working order; and (f) out of Lessor's failure to comply with any of its
other obligations under the terms of this Lease.

                     (c)    Any party seeking indemnification hereunder
("Indemnified Party") shall provide the other party ("Indemnifying Party")
reasonably prompt notice of known claims giving rise to any claim for indemnity,
and the Indemnifying Party shall have the right and opportunity to undertake the
legal defense of such claims. The Indemnified Party and its counsel may
nevertheless participate in (but not control) such proceedings, negotiations, or
defense at its own expense. In all such cases, the Indemnified Party will give
all reasonable assistance to the Indemnifying Party, including making the
Indemnified Party's employees and documents available as reasonably requested
without charge.

       20.    ESTOPPEL CERTIFICATE AND ATTORNMENT.

              20.01  ESTOPPEL CERTIFICATE. Within ten (10) days after either
party's request, the other party shall deliver, executed in recordable form, a
declaration to any person designated by the requesting party (a) ratifying this
Lease; (b) stating the commencement and termination dates; and (c) certifying
(i) that this Lease is in full force and effect, and has not been assigned,
modified, supplemented, or amended (except by such writings as shall be stated);
(ii) that all conditions under this Lease to be performed have been satisfied
(stating exceptions, if any); (iii) that no defenses or offsets against the
enforcement of this Lease by the requesting party exist (or stating those
claimed); (iv) advance rent, if any, paid by Lessee; (v) the date to which rent
has been paid; (vi) the amount of security deposited with Lessor (if hereafter
applicable for any reason); and (vii) such other information as the requesting
party reasonably requires. Persons receiving such statements shall be entitled
to rely upon them.

              20.02  ATTORNMENT. Lessee shall, in the event of a sale or
assignment of Lessor's interest in any of the Leased Premises, or, if any of the
Leased Premises comes into the hands of any Trustee under a Deed of Trust or a
mortgagee or any other person, whether because of a foreclosure, exercise of a
power of sale under a mortgage or Deed of Trust, or otherwise, attorn to the
purchaser or such mortgagee, Trustee, or other person, and recognize the same as
Landlord hereunder. Lessee shall execute at Lessor's request any attornment
agreement reasonably required by any mortgagee, Trustee, or other such person to
be executed containing such provisions as such mortgagee, Trustee, or other
person reasonably requires, provided, however, that such attornment shall not
modify the terms of this Lease.

              20.03  FAILURE TO EXECUTE INSTRUMENTS. Either party's failure,
without good and reasonable cause, to execute instruments or certificates
provided for in this Paragraph 20, within fifteen (15) days after the receipt by
such party of a written request, shall be a default under his Lease.

       21.    MISCELLANEOUS.

              21.01  RELATIONSHIP OF PARTIES. Nothing contained herein and no
acts of the parties herein shall be deemed or construed as creating any
relationship between the parties hereto other than the relationship of Lessor
and Lessee or Landlord and Tenant.

                                       15
<PAGE>   95

              21.02  GOVERNING LAW. This Lease shall be governed and construed
and enforced in accordance with the laws of the State of North Carolina.

              21.03  CAPTIONS. The captions contained in this Lease are included
solely for convenience and shall in no event affect or be used in connection
with the interpretation of this Lease.

              21.04  AMENDMENTS. This Lease only may be amended or modified as
may be agreed upon by written instrument executed by the parties hereto.

              21.05  INTEREST AND ATTORNEY'S FEES. All sums becoming due or
payable under this Lease, including all money expended pursuant to the
provisions hereof or on account of any default in the performance and observance
of any agreements or covenants herein, shall bear interest at the rate of eight
and one-half percent (8.5%) per annum (or at such lesser rate which is the
maximum permitted by applicable law) from thirty (30) days after the date such
sums become due or payable, or, in the event one of the parties expends money
because of a default by the other, from thirty (30) days after the date the
defaulting party received written notice that such money was expended.

              The prevailing party shall be entitled to its reasonable
attorney's fees to collect any payment or to compel any performance ultimately
held to be due under the provisions of this Lease.

              21.06  BROKERS AND THIRD PARTIES. Each party represents that it
has not had dealings with any real estate broker or other person who may claim a
commission or finder's fee with respect to this Lease in any manner. Each party
shall hold harmless the other party from all damages resulting from any claims
that may be asserted against the Indemnified Party by any broker, finder, or
other person with whom the Indemnifying Party has or purportedly has dealt.

              21.07  NOTICES. Notices given pursuant to this Lease shall be in
writing and shall be given by actual delivery or by mailing the same to the
party entitled thereto at the addresses set forth below or at any such other
address as any Party may designate in writing to any other Party pursuant to the
provisions of this paragraph. Notice given by mail shall be sent by United
States mail, certified or registered, return receipt requested or by nationally
recognized courier serviced providing receipt of delivery. Notices shall be
deemed to be received on the date of actual receipt, in the case of personal
delivery, or on the date of mailing, in the case of mailing. Notices shall be
served or mailed to the following addresses, subject to change as provided
above:

       If to the Lessor:    Beasley Family Towers, Inc.
                            3033 Riviera Drive, Suite 200
                            Naples, FL 34103
                            Attn:  Ms. B. Caroline Beasley
                            Secretary
                            Phone: (941) 263-5000

                                       16
<PAGE>   96

                            Fax:   (941) 434-8950

       With a copy (which shall not constitute notice) to:

                            Joseph D. Sullivan, Esq.
                            Latham & Watkins
                            1001 Pennsylvania Ave., N.W.
                            Washington, DC 20004-2505
                            Phone: (202) 637-2200
                            Fax:   (202) 637-2201

       If to the Lessee:    Beasley FM Acquisition Corp.
                            3033 Riviera Drive, Suite 200
                            Naples, FL 34103
                            Attn:  Mr. George G. Beasley
                            Chief Executive Officer
                            Phone: (941) 263-5000
                            Fax:   (941) 434-8950

              21.08  WAIVER. It is agreed that the waiving of any of the
covenants of this Lease by either party shall be limited to the particular
instance, and shall not be deemed to waive any other breaches of such covenant
or any provision herein contained.

              21.09  ACCORD AND SATISFACTION. No receipt of money by Lessor
after the termination of this Lease or after the service of any notice or after
the commencement of any suit reinstates, continues, or extends the term of this
Lease or affects any such notice or suit.

              21.10  LIMITATION OF LIABILITY. Except as otherwise expressly
stated herein, Lessor shall not be liable or responsible to the Lessee or to
anyone claiming under or through the Lessee for any loss or damage caused by the
acts or omissions of any other tenants or any other users of the Leased
Premises, or for any loss or damage to Lessee's Property caused by fire, water,
bursting pipes, leaking gas, sewage, steam pipes, drains, ice, or materials
falling from the Tower or Transmitter Building, or the malfunction of any
utility, facility, or installation, or by reason of any other existing condition
or defect in the Leased Premises; nor shall Lessor be liable or responsible to
the Lessee for any injury or damage suffered by the Lessee and allegedly caused
by technical interference with the Lessee's operations, by the activities of any
other tenants or users of the Leased Premises, or any other broadcasters. Except
for Lessor's own negligent acts, willful misconduct or for breaches of its
obligations under this Agreement, Lessor shall not be liable to Lessee, or to
any other person for property damage or personal injury, including death. Lessor
shall not be liable under any circumstances for loss of use, loss of sponsorship
or advertising revenue, or any other consequential damages sustained by Lessee.

                                       17
<PAGE>   97

              21.11  PARTIAL INVALIDITY. The invalidity of any provision,
clause, or phrase contained in this Lease shall not serve to render the balance
of this Lease ineffective or void; and the same shall be construed as if such
had not been herein set forth.

              21.12  DOCUMENTARY STAMPS. Lessee shall bear the cost of any
documentary stamps occasioned by this Lease should it wish to record this Lease.

              21.13  RULES AND REGULATIONS. Lessor may from time to time issue
such rules and regulations in writing which it may consider necessary and
desirable. Lessee agrees to abide by such rules and regulations so long as they
do not unreasonably interfere with Lessee's use and occupancy of the Tower or
conflict with this Lease.

              21.14  FORCE MAJEURE. Lessor assumes no responsibility for any
losses or damages to Lessee's Property caused by acts of God, including, but not
limited to, wind, lightning, rain, ice, earthquake, floods, or rising water, or
by aircraft or vehicle damage. Lessor furthermore assumes no responsibility for
losses or damages to Lessee's Property caused by any person other than employees
and agents of Lessor. In the event that Lessor shall be delayed, hindered in or
prevented from the performance of any act required hereunder by reason of acts
of God (including, but not limited to, wind, lightning, rain, ice, earthquake,
flood, or rising water), aircraft or vehicle damage or other casualty,
unforeseen soil conditions, acts of third parties who are not employees of
Lessor, strikes, lock-outs, labor troubles, inability to procure material,
failure of power, governmental actions, laws or regulations, riots,
insurrection, war, or other reasons beyond its control, then the performance of
such act shall be excused for the period of delay and the period for performance
of any such act shall be extended for a period equivalent to the period of such
delay.

              21.15  ENTIRE AGREEMENT. This Lease, together with its Exhibits,
constitutes and sets forth the entire agreement and understanding of the parties
with respect to the subject matter hereof, and supersedes all prior or
contemporaneous offers, negotiations, and agreements (whether oral or written)
between the parties (or any of their related entities) concerning the subject
matter of this Lease.

              21.16  COUNTERPARTS AND DUPLICATES. This Lease may be executed in
counterparts, which, when combined, shall constitute a single instrument. The
Lease may also be executed in duplicate editions, each of which shall be
effective as an original.

                                       18
<PAGE>   98

       IN WITNESS WHEREOF, the parties have hereunto set their respective hands
and seals, as of the day and year first above written.

ATTEST:                                 LESSOR:

                                        BEASLEY FAMILY TOWERS, INC.

                                        By:                               (SEAL)
----------------------------                  ----------------------------
Witness                                       Name:  B. Caroline Beasley
                                              Title: Secretary

                                        LESSEE:

                                        BEASLEY FM ACQUISITION CORP.

                                        By:                               (SEAL)
----------------------------                  ----------------------------
Witness                                       Name:  George G. Beasley
                                              Title: Chief Executive Officer

                                       19
<PAGE>   99

                                    EXHIBIT A

                        DESCRIPTION OF WAZZ-AM TOWER SITE

That certain tract of land (exclusive of the building used as a studio for radio
broadcast stations WAZZ and WFLB-FM, and inclusive of the transmitter building
situated near the base of the WAZZ-AM Tower on the Tower Site) more particularly
described as follows:

BEGINNING at a point in the eastern margin of Lot 6 as shown in Section II and
Section III of Huske Heights as recorded in Plat Book 11, Page 4, Cumberland
County Registry, said point being located North 34 degrees 34 minutes West 71.02
feet from the northeast corner of said Lot 6; thence South 31 degrees 59 minutes
West 300.75 feet to a point in the eastern margin of Bragg Boulevard; thence
running with the eastern margin of said Bragg Boulevard North 58 degrees 21
minutes West 10.00 feet to a point; thence running along the northwest line of
said Lot 6 North 31 degrees 59 minutes East 200.00 feet to a point; thence
running along a north east line of Franchise Realty Corporation property as
recorded in Deed Book 933, Page 1, North 58 degrees 01 minutes West 172.38 feet
to a point; thence North 31 degrees 55 minutes East 160.59 feet to an old iron
pipe; thence running along the eastern margin of a portion of Lot 9, Lot B, Lot
7 and a portion of Lot 6, South 34 degrees 34 minutes East 199.03 feet to the
point and place of BEGINNING, and containing .634 acres, more or less, and being
a portion of Lots 6, 7, 8, 9, of Section II and Section III, of Huske Heights,
as recorded in Plat Book 11, Page 4, Cumberland County Registry, North Carolina.
The above description as prepared by William Larry King, Registered Land
Surveyor L 13339, August 6, 1981.

Included within and as a part of the above described property is the following
described strip of land which is an easement and not a part of the property
owned in fee simple.

Being the northwestern most ten (10.0') feet of Lot Six (6) of the Huske Heights
Subdivision, Section III, per plat of same duly recorded in Plat Book 11, Page
4, and being described by metes and bounds as follows:

BEGINNING at a stake in the northern margin of Bragg Boulevard, the westernmost
corner of Lot Six (6) of the said Huske Heights Subdivision, Section III, and
runs thence with the northwestern line of said Lot Six (6) of the Huske Heights
Subdivision, Section III, North 31 degrees 35 minutes East 307.30 feet to an
iron stake, the northernmost corner of said Lot Six (6) of the Huske Heights
Subdivision, Section III; and runs thence along the northwestern line of said
Lot Six (6) of the Huske Heights Subdivision, Section III, South 34 degrees 34
minutes East 10.93 feet to a point in said line; and runs thence, a new line
that is located parallel to and 10.0 feet measured southeastwardly and
perpendicularly from the northwestern line of said Lot Six (6), South 31 degrees
35 minutes West 302.89 feet to a point in the northern margin of Bragg Boulevard
in the southwestern line of said Lot Six (6) of the Huske Heights Subdivision,
Section III; and runs thence along the northern margin of Bragg Boulevard in the
southwestern line of said Lot Six (6) of the Huske Heights Subdivision, Section
III; and runs thence along the northern margin of Bragg Boulevard, North 59
degrees 25 minutes West 10.0 feet to an iron stake, the point of BEGINNING.

                                       20
<PAGE>   100

BEGINNING at an existing iron pipe in the southwestern property line of the City
of Fayetteville property as recorded in Book 640, Page 227, and also being in
the northeastern line of Lot 9 as shown in a Plat of Section II and III of Huske
Heights as recorded in Plat Book II, Page 4, and also being the northernmost
corner of the property described in the deed from N. Hunter Wyche, Jr., Trustee,
to Chesapeake Holdings - Nottoway Limited as recorded in Book 4041, Page 192,
and also being a corner of the Mao Yun Lin property as recorded in Book 3673,
Page 673; and proceeding thence for a FIRST CALL along the dividing line between
the properties recorded in Book 4041 Page 192 and Book 3673, Page 673, South 31
degrees, 59 minutes West 180.11 feet to the westernmost corner of the property
described in Book 4041, Page 192; an thence a new line, an extension of the
southwestern line of the property described in Book 4041, Page 192, North 58
degrees, 01 minutes West 12.00 feet to a point; thence parallel with and 12.00
feet perpendicular to the first call herein, North 31 degrees, 59 minutes East
185.33 feet to a point in the aforesaid City of Fayetteville property said point
also being in the northeastern line of the aforementioned Lot 9; thence along
that line South 34 degrees, 30 minutes East 13.09 feet to THE POINT AND PLACE OF
BEGINNING containing 2,192.63 square feet and being a portion of the
aforementioned property conveyed to Mao Yun Lin as recorded in Book 3673, Page
673.

The property hereinabove described was acquired by Grantor by Deed dated
November 27, 1996, recorded March 6, 1997, in Book 4625 Page 0178 in the
Cumberland County, North Carolina Registry.

                                       21
<PAGE>   101

                                    EXHIBIT B

                            DESCRIPTION OF THE TOWER

That certain free-standing approximately three-hundred (300) foot communications
tower situated on that certain tract of land more particularly described as
follows:

BEGINNING at a point in the eastern margin of Lot 6 as shown in Section II and
Section III of Huske Heights as recorded in Plat Book 11, Page 4, Cumberland
County Registry, said point being located North 34 degrees 34 minutes West 71.02
feet from the northeast corner of said Lot 6; thence South 31 degrees 59 minutes
West 300.75 feet to a point in the eastern margin of Bragg Boulevard; thence
running with the eastern margin of said Bragg Boulevard North 58 degrees 21
minutes West 10.00 feet to a point; thence running along the northwest line of
said Lot 6 North 31 degrees 59 minutes East 200.00 feet to a point; thence
running along a north east line of Franchise Realty Corporation property as
recorded in Deed Book 933, Page 1, North 58 degrees 01 minutes West 172.38 feet
to a point; thence North 31 degrees 55 minutes East 160.59 feet to an old iron
pipe; thence running along the eastern margin of a portion of Lot 9, Lot B, Lot
7 and a portion of Lot 6, South 34 degrees 34 minutes East 199.03 feet to the
point and place of BEGINNING, and containing .634 acres, more or less, and being
a portion of Lots 6, 7, 8, 9, of Section II and Section III, of Huske Heights,
as recorded in Plat Book 11, Page 4, Cumberland County Registry, North Carolina.
The above description as prepared by William Larry King, Registered Land
Surveyor L 13339, August 6, 1981.

Included within and as a part of the above described property is the following
described strip of land which is an easement and not a part of the property
owned in fee simple.

Being the northwestern most ten (10.0') feet of Lot Six (6) of the Huske Heights
Subdivision, Section III, per plat of same duly recorded in Plat Book 11, Page
4, and being described by metes and bounds as follows:

BEGINNING at a stake in the northern margin of Bragg Boulevard, the westernmost
corner of Lot Six (6) of the said Huske Heights Subdivision, Section III, and
runs thence with the northwestern line of said Lot Six (6) of the Huske Heights
Subdivision, Section III, North 31 degrees 35 minutes East 307.30 feet to an
iron stake, the northernmost corner of said Lot Six (6) of the Huske Heights
Subdivision, Section III; and runs thence along the northwestern line of said
Lot Six (6) of the Huske Heights Subdivision, Section III, South 34 degrees 34
minutes East 10.93 feet to a point in said line; and runs thence, a new line
that is located parallel to and 10.0 feet measured southeastwardly and
perpendicularly from the northwestern line of said Lot Six (6), South 31 degrees
35 minutes West 302.89 feet to a point in the northern margin of Bragg Boulevard
in the southwestern line of said Lot Six (6) of the Huske Heights Subdivision,
Section III; and runs thence along the northern margin of Bragg Boulevard in the
southwestern line of said Lot Six (6) of the Huske Heights Subdivision, Section
III; and runs thence along the northern margin of Bragg Boulevard, North 59
degrees 25 minutes West 10.0 feet to an iron stake, the point of BEGINNING.

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<PAGE>   102

BEGINNING at an existing iron pipe in the southwestern property line of the City
of Fayetteville property as recorded in Book 640, Page 227, and also being in
the northeastern line of Lot 9 as shown in a Plat of Section II and III of Huske
Heights as recorded in Plat Book II, Page 4, and also being the northernmost
corner of the property described in the deed from N. Hunter Wyche, Jr., Trustee,
to Chesapeake Holdings - Nottoway Limited as recorded in Book 4041, Page 192,
and also being a corner of the Mao Yun Lin property as recorded in Book 3673,
Page 673; and proceeding thence for a FIRST CALL along the dividing line between
the properties recorded in Book 4041 Page 192 and Book 3673, Page 673, South 31
degrees, 59 minutes West 180.11 feet to the westernmost corner of the property
described in Book 4041, Page 192; an thence a new line, an extension of the
southwestern line of the property described in Book 4041, Page 192, North 58
degrees, 01 minutes West 12.00 feet to a point; thence parallel with and 12.00
feet perpendicular to the first call herein, North 31 degrees, 59 minutes East
185.33 feet to a point in the aforesaid City of Fayetteville property said point
also being in the northeastern line of the aforementioned Lot 9; thence along
that line South 34 degrees, 30 minutes East 13.09 feet to THE POINT AND PLACE OF
BEGINNING containing 2,192.63 square feet and being a portion of the
aforementioned property conveyed to Mao Yun Lin as recorded in Book 3673, Page
673.

The property hereinabove described was acquired by Grantor by Deed dated
November 27, 1996, recorded March 6, 1997, in Book 4625 Page 0178 in the
Cumberland County, North Carolina Registry.

                                       23
<PAGE>   103

                                    EXHIBIT C

               [TRANSMITTER BUILDING SPACE DIAGRAM OR DESCRIPTION]

                                       24<PAGE>   1
                * The confidential portion has been so omitted
                        and filed with the Commission.

                                                                   EXHIBIT 10.12

                                                                  EXECUTION COPY

                                  CONFIDENTIAL
                         INTERACTIVE MARKETING AGREEMENT

        This Interactive Marketing Agreement (the "Agreement"), dated as of
December 22 1999 (the "Effective Date"), is between ICQ, Inc. ("ICQ"), a
Delaware corporation, with offices at 22000 AOL Way, Dulles, Virginia 20166, and
Varsitybooks.com Inc. ("Marketing Partner" or "MP"), a Delaware corporation,
with offices at 2020 K Street, N.W. 6th Floor Washington, D.C. 20006. ICQ and MP
may be referred to individually as a "Party" and collectively as the "Parties."

                                  INTRODUCTION

        ICQ and MP each desires to enter into an interactive marketing
relationship whereby ICQ will promote and distribute an interactive site
referred to (and further defined) herein as the Affiliated MP Site and services
related thereto. This relationship is further described below and is subject to
the terms and conditions set forth in this Agreement. Defined terms used but not
defined in the body of the Agreement will be as defined on Exhibit B attached
hereto.

                                      TERMS

1.      PROMOTION, DISTRIBUTION AND MARKETING.

        1.1.   ICQ PROMOTION OF MP AREAS. ICQ will provide MP with the
               Promotions described herein in the areas specified in Exhibit A.
               Subject to MP's reasonable approval, ICQ will have the right to
               fulfill its promotional commitments with respect to any of the
               foregoing by providing MP comparable promotional placements in
               appropriate alternative areas of the ICQ Network so long as such
               alternative areas have demographic and audience reach comparable
               to the ICQ Service . In addition, if ICQ is unable to deliver any
               particular Promotion, ICQ will work with MP to provide MP, as its
               sole remedy, a comparable promotional placement. ICQ reserves the
               right to redesign or modify the organization, structure, Look and
               Feel navigation and other elements of any part of the ICQ Network
               at any time, including without limitation, by adding or deleting
               channels, subchannels and/or screens and/or making fundamental
               changes to the look and feel, navigation or other elements of the
               ICQ Service. In the event such modifications materially and
               adversely affect any specific Promotion, ICQ will work with MP to
               provide MP, as its sole remedy, a comparable promotional
               placement. Except to the extent expressly described herein
               (including but not limited to in Exhibit A), the exact form,
               placement, integration and nature of such Promotions shall be
               determined by ICQ in it's reasonable editorial discretion. As
               used throughout this Agreement, the phrases "comparable
               promotional placements" or "comparable promotions" shall mean
               placements which are of comparable overall value, to be
               determined based on a variety of factors, including size,
               quality, type (e.g., integrated or banner), location (i.e., page
               or screen and the subject matter thereof), demographically
               targeted relevance, and audience reach (taking into account the
               targeted nature of the placement). The Parties agree that
               comparable placements for integrated promotional placements shall
               be other integrated placements.

        1.2.   IMPRESSIONS COMMITMENT. During the Term, ICQ shall deliver *
               Impressions to MP through the Promotions, as described on Exhibit
               A (the "Impressions Commitment"). With respect to the Impressions
               targets specified on Exhibit A, ICQ will not be obligated to
               provide in excess of any Impressions target amounts in any year.
               In the event ICQ provides an excess of any annual Impressions
               target amounts in any year, the Impressions target for the
               subsequent year will be reduced by the amount of such windfall.
               Any shortfall in Impressions at the end of a year will not be
               deemed a breach of the Agreement by ICQ; instead such shortfall
               will be added to the Impressions target for the subsequent year.
               In the event there is (or will be in ICQ's reasonable judgment) a
               shortfall in Impressions as of the end of the Initial Term (a
               "Final Shortfall"), ICQ will

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               provide MP, with advertising placements through "run of service"
               advertising on the ICQ Network which have a total value, based on
               the advertising rate applicable to this Agreement, equal to the
               value of the Final Shortfall (determined by multiplying the
               percentage of Impressions that were not delivered by the
               guaranteed payment attributable for such promotions provided for
               below).

        1.3.   INTEGRATED PROMOTIONAL PLACEMENTS. In addition to the Impressions
               described above, MP shall receive integrated Promotions within
               the ICQ Service, as more fully described on Exhibit A attached
               hereto (the "Integrated Placements"). Except to the extent
               expressly described herein, such integration into the ICQ Service
               shall be subject to standard ICQ policies on partner integration.
               Except to the extent expressly described herein, the exact form,
               placement, integration and nature of such Promotions shall be
               determined by ICQ in it's reasonable editorial discretion.

        1.4.   CONTENT OF PROMOTIONS WITHIN THE ICQ NETWORK. Promotions for MP
               will link only to the MP Areas and will promote only the MP
               Services described on Exhibit D attached hereto (and shall not
               promote any third party or any Interactive Service). The specific
               MP Content to be contained within the Promotions (including,
               without limitation, text within the advertising banners and
               contextual promotions residing within the ICQ Network (the "Promo
               Content")) will be determined by MP, subject to ICQ's technical
               limitations, the terms of this Agreement and ICQ's
               then-applicable policies relating to advertising and promotions
               (and, in the case of the Integrated Placements, subject also to
               the terms of Sections 1.3 and 2.1). MP will submit in advance to
               ICQ for its review semiannually an online marketing plan with
               respect to the Integrated Placements. The Parties will meet in
               person or by telephone at least monthly to review operations and
               performance hereunder, including a review of the Promo Content to
               mutually agree if there are improvements that can be made to
               enhance performance. MP will consistently update the Promo
               Content on a regular basis. Except to the extent expressly
               described herein, the specific form, placement, duration and
               nature of the Promotions will be as determined by ICQ in its
               reasonable editorial discretion (consistent with the editorial
               composition of the applicable screens).

        1.5    MP PROMOTION OF MP AREAS AND ICQ. MP will provide ICQ with the
               promotions provided for on Exhibit C attached hereto. MP will not
               implement or authorize any promotion similar in any respect
               (including, without limitation, in scope, purpose, amount,
               prominence or regularity) to the promotion required or provided
               pursuant to Exhibit C for any other Interactive Service.

2.      MP AREAS.

        2.1    AFFILIATED MP SITE; CONTENT OF MP AREAS. MP will create a
               customized, cobranded version of MP's primary Interactive Site to
               be linked to the ICQ Network for the purpose of marketing and
               promoting the sale of Products (the "Affiliated MP Site"). Except
               as mutually agreed in writing by the Parties or as otherwise set
               forth in this Agreement, the only products or services offered on
               the Affiliated MP Sites or included within the Promo Content
               (collectively the "MP Areas") will be the MP Products described
               on Exhibit D. In addition, the Affiliated MP Sites shall comply
               with the ICQ cobranding requirements set forth on Exhibit D. The
               MP Areas will not in any respect, (i) except as expressly
               permitted under this Agreement, promote, advertise, market or
               distribute the products, services or content of any other
               Interactive Service, or (ii) otherwise provide promotions,
               advertisements, products or services which violate ICQ's
               then-standard advertising or other policies, any third party
               copyright, trademark, US patent, or any other third party right,
               including without limitation, any music performance or related
               music right, or any law, rule or regulation.

        2.2    PRODUCTION WORK. Except as agreed to in writing by the Parties
               pursuant to the "Production Work" section of the Standard Online
               Commerce Terms & Conditions

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               attached hereto as Exhibit F, MP will be responsible for all
               production work and maintenance associated with the MP Areas,
               including all related costs and expenses. ICQ will be responsible
               for all operations and other support necessary to display the
               Promo Content and otherwise meet its obligations under this
               Agreement at no additional charge to MP.

        2.3    HOSTING; COMMUNICATIONS. As described more fully in Exhibit E, MP
               will be responsible for all communications, hosting and
               connectivity costs and expenses associated with the Affiliated MP
               Sites. MP will bear responsibility for the implementation,
               management and cost of the Affiliated MP Site. MP will utilize a
               dedicated high speed connection to maintain transport of
               information to and from the MP data center and ICQ's designated
               data center.

        2.4    TECHNOLOGY. MP will take commercially reasonable steps necessary
               to conform its promotion and sale of Services through the MP
               Areas to the then-existing technologies identified by ICQ (with
               reasonable advance notice to MP) which are optimized for the ICQ
               Service. ICQ will be entitled to require reasonable changes to
               the Content (including, without limitation, the features or
               functionality) within any linked pages of the MP Areas to the
               extent such Content will, in ICQ's good faith judgment, adversely
               affect any operational aspect of the ICQ Network. ICQ reserves
               the right to review and test the MP Areas from time to time to
               determine whether the site is compatible with ICQ's
               then-available ICQ client and host software and the ICQ Network.

        2.5    SERVICE OFFERING. MP will include in the MP Areas substantially
               similar Services and other Content (including, without
               limitation, any features, offers, contests, functionality or
               technology) that are then made available by or on behalf of MP
               through any Additional MP Channel, except to the extent any such
               Services or other Content are (i) subject to exclusive,
               proprietary or other preferential obligations in favor of third
               parties and such obligations cannot be reasonably duplicated for
               ICQ or for which generally comparable benefits for ICQ Users
               cannot be provided for ICQ, or (ii) are otherwise prohibited from
               inclusion in the MP Areas pursuant to this Agreement; provided,
               however, that (i) such inclusion will not be required where it is
               commercially or technically impractical to either Party (i.e.,
               inclusion would cause either Party to incur substantial
               incremental costs or cause a breach of another agreement); and
               (ii) the specific changes in scope, nature and/or offerings
               required by such inclusion will be subject to the terms of this
               Agreement.

        2.6    PRICING AND TERMS. The prices, terms and conditions for Services
               in the MP Areas shall be (i) no less favorable in any respect
               than the prices, terms and conditions for the Services or
               substantially similar Services offered by or on behalf of MP
               through any Additional MP Channel (other than non-permanent
               special offers offered through Additional MP Channels other than
               www.varsitybooks.com, that cannot be reasonably duplicated for
               ICQ Users) and (ii) in the aggregate generally competitive with
               similarly situated Section 3.5 Entities in the same market space.

        2.7    EXCLUSIVE OFFERS/USER BENEFITS. MP will (a) provide through the
               MP Areas special promotions that are generally comparable to
               promotions made available by or on behalf of MP through any
               Additional MP Channel to the extent MP's agreements with third
               parties permit it to do so; and (b) provide through the MP Areas
               on a regular basis special promotions or other unique programming
               and services exclusively available to ICQ Users (collectively,
               the "Special Promotions"). Through such Special Promotions, MP
               will be eligible for promotions in addition to the Promotions
               described on Exhibit A. In the event that MP conducts a promotion
               with another Interactive Service, MP will make available to ICQ
               Users a Special Promotion providing a similar discount or benefit
               to ICQ Users. MP will provide ICQ with reasonable prior notice of
               Special Promotions so that ICQ can market the availability of
               such Special Promotions in the manner ICQ deems appropriate in
               its editorial discretion.

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<PAGE>   4

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        2.8    OPERATING SUPPORT AND STANDARDS. ICQ will provide MP with the
               operational support described on Exhibit E. The MP Areas shall
               comply at all times with the standards and specifications set
               forth in Exhibit E. To the extent site standards are not
               established in Exhibit E with respect to any aspect or portion of
               the MP Areas (or the Services or other Content contained
               therein), MP will provide such aspect or portion at a level of
               accuracy, quality, completeness, and timeliness which meets or
               exceeds prevailing standards in the college textbook industry. In
               the event MP fails to comply with the requirements of Exhibit E
               attached hereto, (a) ICQ will have the right, as its sole remedy,
               to decrease the Promotions it provides to MP until such time as
               MP corrects its non-compliance (and in such event, ICQ will be
               relieved of the proportionate amount of any promotional
               commitment and/or cease any such integrated placements made to MP
               by ICQ hereunder corresponding to such decrease in promotion).
               Notwithstanding the foregoing, ICQ shall have the right to
               terminate this Agreement in the event that the Affiliated MP Site
               is non-operational for fourteen (14) days (counted in the
               aggregate) during any six (6) month period.

        2.9    TRAFFIC FLOW. It is the Parties' mutual intention to work
               together and take reasonable efforts to keep ICQ Network traffic
               either within the MP Areas or channeled back into the ICQ
               Network. The Parties will work together on implementing mutually
               acceptable links from the MP Areas back to the ICQ Network.

3       ICQ EXCLUSIVITY OBLIGATIONS.

        3.1    During the term specified in Section 3.6 below, MP will be the
               Exclusive College-Targeted Commerce Partner on the ICQ Service
               and ICQ.com.

        3.2    During the term specified in Section 3.6 below, MP will be the
               exclusive promoter, advertiser, marketer and distributor of
               college textbooks expressly promoted on the ICQ Service and
               ICQ.com.

        3.3    During the term specified in Section 3.6 below, ICQ may enter
               into arrangements with an entity except any of the Section 3.5
               Entities * on the ICQ Service and ICQ.com, provided that no such
               third party may (during such term) * .

        3.4    During the term specified in Section 3.6 below, MP will be ICQ's
               exclusive college marketing channel. Under this provision, MP
               will be the exclusive promoter, advertiser, marketer and
               distributor of the ICQ Service and ICQ.com (other than ICQ
               itself) on U.S. college campuses; provided, however, that this
               provision shall not apply * .

        3.5    The "Section 3.5 Entities" are: * .

        3.6    The exclusivity obligations set forth in Sections 3.1, 3.2, 3.3
               and 3.4 (subject to Section C of Exhibit C) above will commence
               upon the Effective Date and continue until December 31, 2000.

                                       4
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        3.7    "Exclusive College-Targeted Commerce Partner" shall mean solely
               that, except otherwise expressly permitted hereunder, ICQ will
               not enter into any promotion, advertising, marketing or
               distribution arrangement with any Section 3.5 Entity on the ICQ
               Service or ICQ.com.

        3.8    The foregoing shall not preclude ICQ from (a) enabling
               ICQ Users to access any website whatsoever, including websites
               competitive with MP and/or covered by the foregoing exclusivity
               through standard web access, personalization features or similar
               means; (b) promoting a party through the ICQ service which
               markets multiple products or services so long as the promotions
               appearing on the ICQ Service for such party do not (x) promote
               any of the products or services specified in Section 1 of Exhibit
               D specifically to college students or (y) are not for textbooks.
               Further (and without limiting any actions which may be taken by
               ICQ without violation of MP's rights hereunder), no provision of
               this Agreement will limit ICQ's ability (on or off the ICQ
               Network) to (i) undertake activities or perform duties pursuant
               to existing arrangements as of the Effective Date with third
               parties (or pursuant to any agreements to which ICQ becomes a
               party subsequent to the Effective Date as a result of Change of
               Control, assignment, merger, acquisition or other similar
               transaction to the extent necessary for ICQ to perform its
               obligations under such agreements and provided that this clause
               (i) will not limit from the rights of MP under this Agreement),
               (ii) create editorial commentary relating to any third party
               marketer of products or services covered by Sections 3.1 or 3.2
               above, or (iii) post or allow ICQ Users to post Content,
               messages, contextual links or editorial commentary relating to
               any third party marketer of the Exclusive Service, to the extent
               created by such ICQ User and not by ICQ.

4       PAYMENTS.

        4.1    GUARANTEED PAYMENTS. MP will pay ICQ a non-refundable guaranteed
               payment of Nine Million Dollars ($9,000,000) (the "Guaranteed
               Payment Amount") as follows:

                  (i)       *               shall be paid on  *
                                  ;

                   (ii)      *               shall be paid on  *
                                  ;
                   (iii)     *               shall be paid on  *
                                  ;
                   (iv)      *               shall be paid on  *
                                  ;
                   (v)       *               shall be paid on  *
                                  ;
                   (vi)      *               shall be paid on  *
                                  ;
                   (vii)     *               shall be paid on  *
                                  ;
                   (viii)    *               shall be paid on  *
                                  ;
                   (ix)      *               shall be paid on  *
                                  ;

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<PAGE>   6

                                                                  EXECUTION COPY

                    (x)      *               shall be paid on  *
                                   ;
                    (xi)     *                shall be paid on  *
                                   ;
                    (xii)    *                shall be paid on  *
                                   ;
                    (xiii)   *                shall be paid on  *
                                   ;

4.2  LATE PAYMENTS; WIRED PAYMENTS. All amounts owed hereunder not
               paid when due and payable will bear interest from five days after
               the date such amounts are due and payable at the prime rate in
               effect at such time as published in the Wall Street Journal. All
               payments required hereunder will be paid in immediately
               available, non-refundable U.S. funds wired to the "America
               Online" account, Account Number    *    at the Chase Manhattan
               Bank, 1 Chase Manhattan Plaza, New York, NY 10081
               (ABA:021000021) (with the following notation in the reference
               field: "For credit to ICQ, Inc").

4.3  TAXES. MP will collect and pay and indemnify and hold ICQ harmless from
               any sales, use, excise, telecommunication or similar tax
               including any penalties and interest, as well as any costs
               associated with the collection or withholding thereof, including
               attorney's fees which arises out of any transaction between MP
               and customers. ICQ will collect and pay and indemnify and hold MP
               harmless from any sales, use, excise, internet access,
               telecommunication or any other similar tax or fee solely to the
               extent arising out of ICQ's operation of the ICQ Network,
               including any penalties and interest, as well as any costs
               associated with the collection or withholding thereof, including
               attorney's fees which arises in connection with actions taken, or
               transactions engaged in, by ICQ other than those taxes that
               directly relate to any transaction between MP and its customers.

4.4  REPORTS.

               4.4.1  Sales Reports. MP will provide ICQ in an automated manner
                      with a monthly report in a mutually agreeable format,
                      detailing the following activity in such period (and any
                      other information mutually agreed upon by the Parties or
                      reasonably required for measuring revenue activity by MP
                      through the Affiliated MP Site): (i) summary information
                      for sales generated through the Affiliated MP Site (i.e.,
                      total aggregate transaction revenues); (ii) revenue by
                      category of promotion and product for such sales, and
                      (iii) purchaser name and screenname for such sales
                      (collectively, "Sales Reports"). ICQ will be entitled to
                      use the Sales Reports in its business operations, subject
                      to the terms of this Agreement; provided, however, that
                      ICQ agrees that (a) such Sales Reports will contain
                      Confidential Information and such information shall only
                      be disclosed in aggregate reports which do not identify or
                      segregate information provided by MP, and (b) ICQ will not
                      use the information contained in such Sales Reports to
                      target advertisements, promotions or any other
                      communications of any party to MP's customers .

               4.4.2  Usage Reports. ICQ shall provide MP with standard monthly
                      usage information related to the Promotions (e.g., a
                      schedule of the Impressions delivered by ICQ at such time)
                      which are similar in substance and form to the reports
                      provided by ICQ to other interactive marketing partners
                      similar to MP. The information shall be

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                      subject to third-party audit in accordance with ICQ's
                      routine business practice and ICQ shall provide MP with a
                      summary of all results of such audits upon request.

               4.4.3  Fraudulent Transactions. To the extent permitted by
                      applicable laws, MP will provide ICQ with a report of any
                      fraudulent order made through the Affiliated MP Site,
                      including, if practicable, the date, screenname or email
                      address and amount associated with such order, promptly
                      following MP obtaining knowledge that the order is, in
                      fact, fraudulent.

5       TERM; RENEWAL; TERMINATION.

           5.1 Term. Unless earlier terminated as set forth herein, the initial
               term of this Agreement will be three (3) years from the Effective
               Date (the "Term").

           5.2 Continued Links. Upon expiration of the Term, ICQ may, at its
                  discretion, continue to promote one or more "pointers" or
                  links from the ICQ Network to the homepage of MP and continue
                  to use MP's trade names, trade marks and service marks in
                  connection therewith (collectively, a "Continued Link"). So
                  long as ICQ maintains a Continued Link, (a) MP shall pay ICQ*
                  percent of gross revenue generated by ICQ Users, and (b)
                  Sections 4.3 and 4.4, along with the terms of Sections 7 and
                  8 of Exhibit F and the terms of Exhibit G hereto shall
                  continue to apply with respect to the Continued Link and any
                  transactions arising therefrom. Notwithstanding the
                  foregoing, in the event that ICQ materially and adversely
                  changes the nature of the ICQ Service after the Term, MP may,
                  upon written notice to ICQ, require that ICQ discontinue the
                  Continued Link.

           5.3 Termination for Breach. Except as expressly provided elsewhere
                  in this Agreement, either Party may terminate this Agreement
                  at any time in the event of a material breach of the Agreement
                  by the other Party which remains uncured after thirty (30)
                  days written notice thereof to the other Party (or such
                  shorter period as may be specified elsewhere in this
                  Agreement); provided that the cure period with respect to any
                  scheduled payment will be fifteen (15) days from the date for
                  such payment provided for herein, regardless of when notice is
                  given to MP.

           5.4 Termination for Bankruptcy/Insolvency. Either Party may
                  terminate this Agreement immediately following written notice
                  to the other Party if the other Party (i) ceases to do
                  business in the normal course, (ii) becomes or is declared
                  insolvent or bankrupt, (iii) is the subject of any proceeding
                  related to its liquidation or insolvency (whether voluntary or
                  involuntary) which is not dismissed within ninety (90)
                  calendar days or (iv) makes an assignment for the benefit of
                  creditors.

           5.5 Termination on Change of Control. In the event of (i) prior to
                  MP's initial public offering of its common stock (the "IPO"),
                  any Change of Control of MP, (ii) after the IPO, any Change of
                  Control of MP, if such Change of Control results in any
                  Interactive Service, or other entity reasonably competitive to
                  AOL or ICQ, obtaining a controlling interest in MP,or (ii) a
                  Change of Control of ICQ or AOL, ICQ may terminate this
                  Agreement by providing thirty (30) days prior written notice
                  of such intent to terminate. In the event of a termination of
                  this Agreement pursuant to Section 5.5(iii), ICQ shall pay MP
                  a pro-rata refund of the Guaranteed Payment.

6       MANAGEMENT COMMITTEE/ARBITRATION.

           6.1 Management Committee. The Parties meet to promptly resolve any
                  claim, dispute, claim, controversy or disagreement (each a
                  "Dispute") between the Parties or any of their respective
                  subsidiaries, affiliates, successors and assigns under or
                  related to this Agreement or any document executed pursuant to
                  this Agreement or any of the transactions contemplated hereby
                  within ten (10) days of written notice from one to the

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               other of the Dispute. If the Parties cannot resolve the Dispute
               within such time frame, the Dispute will be deemed to be
               immediately submitted to the Management Committee (as defined
               below) for resolution. For ten (10) days following such
               submission of the Dispute to the Management Committee, the
               Management Committee will have the exclusive right to resolve
               such Dispute. If the Management Committee is unable to amicably
               resolve the Dispute during the ten-day period, then the dispute
               will be referred for the resolution mechanisms described below.
               "Management Committee" will mean a committee made up of a senior
               executive from each of the Parties for the purpose of resolving
               Disputes under this Section 6 and generally overseeing the
               relationship between the Parties contemplated by this Agreement.
               Neither Party will seek, nor will be entitled to seek, binding
               outside resolution of the Dispute unless and until the Parties
               have been unable amicably to resolve the Dispute as set forth in
               this Section 6 and then, only in compliance with the procedures
               set forth in this Section 6.

        6.2 Arbitration. Except for Disputes relating to issues of
               proprietary rights, including but not limited to intellectual
               property and confidentiality, any Dispute not resolved by
               amicable resolution as set forth in Section 6.1 will be finally
               settled by arbitration. Such arbitration will be conducted by the
               American Arbitration Association ("AAA") in Washington, D.C. and
               will be initiated and conducted in accordance with the Commercial
               Arbitration Rules ("Commercial Rules") of the AAA, as such rules
               will be in effect on the date of delivery of a demand for
               arbitration ("Demand"), except to the extent that such rules are
               inconsistent with the provisions set forth herein.

        6.3 Selection of Arbitrators. The arbitration panel will consist
               of three (3) arbitrators. Each Party will name an arbitrator
               within ten (10) days after the delivery of the Demand. The two
               (2) arbitrators named by the Parties may have prior relationships
               with the naming Party, which in a judicial setting would be
               considered a conflict of interest. The third arbitrator, selected
               by the first two, should be a neutral participant, with no prior
               working relationship with either Party. If the two arbitrators
               are unable to select a third arbitrator within ten (10) days, a
               third neutral arbitrator will be appointed by the AAA. If a
               vacancy in the arbitration panel occurs after the hearings have
               commenced, the remaining arbitrator or arbitrators may not
               continue with the hearing and determination of the controversy,
               unless the Parties agree otherwise.

        6.4 Governing Law. The Federal Arbitration Act, 9 U.S.C. Secs.
               1-16, and not state law, will govern the arbitrability of all
               Disputes. The Federal Rules of Evidence will apply in toto. The
               arbitrators may enter a default decision against any Party who
               fails to participate in the arbitration proceedings.

        6.5 Arbitration Awards. The arbitrators will have the authority
               to award compensatory damages only. The award rendered by the
               arbitrators will be final, binding and non-appealable, and
               judgment upon such award may be entered by any court of competent
               jurisdiction. The Parties agree that the existence, conduct and
               content of any arbitration will be kept confidential and no Party
               will disclose to any person any information about such
               arbitration, except as may be required by law or by any
               governmental authority or for financial reporting purposes in
               each Party's financial statements.

        6.6 Fees. Each Party will pay the fees of its own attorneys,
               expenses of witnesses and all other expenses and costs in
               connection with the presentation of such Party's case
               (collectively, "Attorneys' Fees").

        6.7 Non Arbitratable Disputes. Any Dispute that is not subject to
               final resolution by the Management Committee or to arbitration
               under this Section 6 or by law (collectively, "Non-Arbitration
               Claims") will be brought in a court of competent jurisdiction in
               the Commonwealth of Virginia. Each Party irrevocably consents to
               the exclusive jurisdiction of the courts of the Commonwealth of
               Virginia and the federal courts situated in the

                                       8
<PAGE>   9

                                                                  EXECUTION COPY

               Commonwealth of Virginia, over any and all Non-Arbitration Claims
               and any and all actions to enforce such claims or to recover
               damages or other relief in connection with such claims.

        6.8 Injunctive Relief. Either party will have the right to apply
               at any time to a judicial authority for injunctive or other
               interim or provisional relief, and will not by doing so be deemed
               to have breached its agreement to arbitrate or to have affected
               the powers reserved to the arbitrators.

7   COMPLIANCE WITH LAWS. Nothing herein shall be deemed to require either party
    to violate any rule, law or regulation, including, without limitation, the
    Securities Act of 1933 or the Securities Exchange Act of 1934. In the event
    that a Party can demonstrate to the reasonable satisfaction of the other
    Party that a provision herein would require it to violate any such rule, law
    or regulation, then the Parties shall restate such provision so as to comply
    with the applicable laws and regulations at issue, while maintaining, to the
    maximum extent possible, the original effect of such provision (consistent
    with the applicable legal and regulatory requirements).

8   PRESS RELEASES. Each Party will submit to the other Party, for its prior
    written approval, which will not be unreasonably withheld or delayed, any
    press release or any other public statement ("Press Release") regarding the
    transactions contemplated hereunder; provided, however, that, following the
    initial public announcement of the business relationship between the Parties
    in accordance with the foregoing, either Party's subsequent factual
    reference to the existence of a business relationship between the Parties
    will not require the approval of the other Party. Notwithstanding the
    foregoing, either Party may issue Press Releases and other disclosures as
    required by law without the consent of the other Party and in such event,
    the disclosing Party will provide at least five (5) business days prior
    written notice of such disclosure. Because it would be difficult to
    precisely ascertain the extent of the injury caused to the non-breaching
    party, in the event of a material breach of this Section 8 that results in a
    material and adverse effect on the non-breaching party, the non-breaching
    party may elect to either (a) terminate this Agreement immediately upon
    notice to the other Party (without the other Party having any cure period),
    or (b) as liquidated damages, elect to modify the Impression Commitment
    hereunder by fifteen percent (15%) (either an increase in Impressions if AOL
    has materially breached the Agreement or a decrease in Impressions if MP has
    materially breached the Agreement). The Parties agree that the liquidated
    damages set forth are a reasonable approximation of the injury that would be
    suffered by the non-breaching Party.

9   WARRANTS. In connection with the obligations of the Parties hereunder, and
    subject to the provisions hereof, ICQ's obligations under this Agreement
    shall be contingent upon MP's delivery within one day of the Effective Date
    of (i) a Stock Subscription Warrant in the form of Exhibit H attached hereto
    (the "Warrant Agreement") and (ii) an Investor Rights Agreement in a form
    reasonably acceptable to ICQ.

10  EXHIBITS. All Exhibits attached hereto are each hereby made a part of this
    Agreement.

                       [the next page is a signature page]

                                       9
<PAGE>   10

                                                                  EXECUTION COPY

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the
Effective Date.

ICQ, INC.                                     VARSITYBOOKS.COM INC.

By:    /s/ ICQ, INC.                          By:    /s/ VARSITYBOOKS.COM INC.
    ----------------------------------            -----------------------------
Name                                          Name:
Title:                                        Title:

                                       10
<PAGE>   11
                                   EXHIBIT A
                              PLACEMENT/PROMOTION

By March 1, 2000, ICQ and MP will complete a detailed Program Plan ("the Plan")
for the integration of MP into the ICQ Service and on ICQ.com which will detail
the schedule for the accomplishment of the Specifics which follow below. ICQ
will make available appropriate IT, marketing and operations personnel to work
on the Plan. MP will have the option to send relevant personnel to ICQ's Tel
Aviv offices to work on the development and implementation of the Plan. ICQ
will work in good faith with MP to maximize the placement of VarsityBooks.com
banner promotions and Integrated Placements on ICQ.com and within the ICQ
Service.

SPECIFICS:  Subject to Sections 1.1 and 1.3 above, ICQ will:

-     *. Integrated Placements within the ICQ Client will be * including, but
      not limited to, (i) *, (ii) * (i.e., to the extent retailers are named MP
      will always be named (except in the case of rotational placements, in
      which case MP shall be included within all such rotations), and * (i.e.,
      relating to a material offering of the Affiliated MP Site) *, and (iii) *.
      The Integrated Placements described in this paragraph will appear on the
      ICQ Service on or about *. Notwithstanding any provision hereof to the
      contrary, at all times during the Term, * (i) in the case of fixed
      placements, * and (ii) in the case of rotational placements, *.

-     *. Such Placements will begin by January 14, 2000; provided that MP is in
      compliance with the terms of this Agreement.

-     * (featuring such MP Products as the Parties shall mutually agree), in
      the appropriate channels on ICQ.com which will be *. This feature will
      not count toward the Impressions Commitment due under Section 1.2. So
      long as MP has provided ICQ with all necessary materials to construct
      such area, * will be operational by a mutually agreeable date.

-     * (except to the extent permitted otherwise under Section 1.1 of the
      Agreement) and *.

-     * (served based on search terms).

-     * (served based on URL terms).

-     * - served to areas/topics relevant to MP.

-     *

<PAGE>   12
      *. This feature will be available on or about June 15, 2000 (the *).
      Notwithstanding the foregoing, if the * is not delivered by the *,
      ICQ shall extend the Term by a number of days equal to the difference
      between the * and the actual date on which such * is delivered; provided,
      however, that in no event shall the Term be extended for more than six (6)
      months pursuant this provision and provided, further, that no extension of
      the Term shall increase the number of Impressions to be delivered pursuant
      to the Carriage Plan below. In the event that the * is not delivered prior
      to January 15, 2001, MP shall have the right to terminate this Agreement
      upon written notice to MP and receive a pro-rata refund of the Guaranteed
      Payment and no further Warrant Shares (as defined in the Warrant
      Agreement) shall vest after the date of such termination.

-     *

-     *. This feature and its use by ICQ users will not count toward the
      Impressions Commitment due under Section 1.2.

-     *

-     *

-     *

CARRIAGE PLAN (banner ads)

            Year 1            Year 2            Year 3
Endemic     *                 *                 *

Broad Reach *                 *                 *

*Endemic promotions include banner ads that are placed in or near relevant
portal channels, search results, co-browsing ads and web directory areas.

Placements on the Service and Integrated Placements do not impact the
impressions total due under Section 1.2.

<PAGE>   13

                                   EXHIBIT B
                                  DEFINITIONS

The following definitions will apply to this Agreement:

ADDITIONAL MP CHANNEL. Any other distribution channel (e.g., an Interactive
Service other than ICQ) through which MP makes available an offering comparable
in nature to the MP Areas.

AFFILIATED MP SITE.  "Affiliated MP Site" shall have the meaning set forth in
Section 2.1.

ALERTS. Any communication from MP directed at an ICQ User (whether by e-mail,
instant message, or otherwise) as a result of such ICQ User's expressly
requested opt-in to receive such communication, requested via an ICQ controlled
registration process, which such registration process (i) clearly and
prominently notifies all registrants of the nature and frequency of the
communications that will or may be received as a result thereof, and (ii)
requires such registrant to expressly reconfirm such election to receive such
communications, and which such communications each offer a clear and prominent
opportunity for such ICQ User to subsequently opt-out at any time.

                        (1)   AOL. "AOL" shall mean America Online, Inc., a
                              Delaware corporation.

CHANGE OF CONTROL. (a) The consummation of a reorganization, merger or
consolidation or sale or other disposition of substantially all of the assets
of a party or (b) the acquisition by any individual, entity or group (within
the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of
1933, as amended) of beneficial ownership (within the meaning of Rule 13d-3
promulgated under such Act) of more than 50% of either (i) the then outstanding
shares of common stock of such party; or (ii) the combined voting power of the
then outstanding voting securities of such party entitled to vote generally in
the election of directors.

CONFIDENTIAL INFORMATION. Any information relating to or disclosed in the
course of the Agreement, which is or should be reasonably understood to be
confidential or proprietary to the disclosing Party, including, but not limited
to, the material terms of this Agreement, information about ICQ Members
(including without limitation their ICQ number or other unique identifying
data), ICQ Users, and MP customers, technical processes and formulas, source
codes, product designs, sales, cost and other unpublished financial
information, product and business plans, projections, and marketing data.
"Confidential Information" will not include information (a) already lawfully
and non-confidentially known to or independently developed without use or
access to such information by the receiving Party, (b) disclosed in published
materials, (c) generally known to the public (through no breach of the
confidentiality obligations of this Agreement), or (d) lawfully and
non-confidentially obtained from any third party.

CONTENT. Text, images, video, audio (including, without limitation, music used
in synchronism or timed relation with visual displays) and other data,
Services, advertisements, promotions, links, pointers and software, including
any modifications, upgrades, updates, enhancements and related documentation.

ICQ INTERACTIVE SITE.  Any Interactive Site which is managed, maintained, owned
or controlled by ICQ or its agents.

<PAGE>   14

ICQ LOOK AND FEEL. The elements of graphics, design, organization,
presentation, layout, user interface, navigation and stylistic convention
(including the digital implementations thereof) which are generally associated
with Interactive Sites within the ICQ Service or ICQ.com.

ICQ MEMBERS. Any authorized user of the ICQ Service, including any sub-accounts
using the ICQ Service under an authorized master account.

ICQ NETWORK. *

ICQ SERVICE. *

ICQ USER. Any user of the ICQ Service, ICQ.com or the ICQ Network.

ICQ.COM. *

IMPRESSION. User exposure to the applicable Promotion, as such exposure may be
reasonably determined and measured by ICQ in accordance with its standard
methodologies and protocols (including without limitation standard
impressions).

IMPRESSIONS COMMITMENTS.  As defined in Section 1.2 hereof.

INTEGRATED PLACEMENTS.  As defined in Section 1.3 hereof.

INTERACTIVE SERVICE. An entity offering one or more of the following: (i)
online or Internet connectivity services (e.g., an Internet service provider);
(ii) an interactive site or service featuring a broad selection of aggregated
third party interactive content (or navigation thereto) (e.g., an online
service or search and directory service) and/or marketing a broad selection of
products and/or services across numerous interactive commerce

<PAGE>   15

categories (e.g., an online mall or other leading online commerce site); (iii)
a persistent desktop client; or (iv) communications software capable of serving
as the principal means through which a user creates, sends and receives
electronic mail or real time or "instant" online messages (whether by
telephone, computer or other means), including without limitation greeting
cards.

INTERACTIVE SITE. Any interactive site or area, including, by way of example
and without limitation, (i) an MP or ICQ site on the World Wide Web portion of
the Internet or (ii) a channel or area delivered through a "push" product such
as the Pointcast Network or interactive environment such as Microsoft's Active
Desktop or interactive television service such as WebTV.

LICENSED CONTENT. All Content offered through the MP Areas pursuant to this
Agreement or otherwise provided by MP or its agents in connection herewith
(e.g., offline or online promotional Content, Promotions, "slideshows", etc.),
including in each case, any modifications, upgrades, updates, enhancements, and
related documentation.

MP AREAS. The Affiliated MP Site and any portions of the Integrated Placements
which are managed, maintained, owned or controlled predominately by MP or its
agents (rather than by ICQ).

MP INTERACTIVE SITE. Any Interactive Site (other than the MP Areas) which is
managed, maintained, owned or controlled by MP or its agents.

MP PROGRAMMING. The (a) MP Areas and all Content thereon (including, without
      limitation, Content within the stock ticker or any other Integrated
      Placements, and any message boards, chat and other ICQ Member-supplied
      content areas contained therein, if and to the extent permitted herein)
      and (b) Licensed Content.

PROMOTIONS. Any of the promotions described herein (including without
limitation (a) (i) the standard Impressions described in Section 1.2, and (ii)
any Integrated Placements as described in Section 1.3 (in each case, as more
fully described on Exhibit A and including without limitation any advertising
banners, buttons, contextual promotions, searches or other promotions residing
within the ICQ Network, which may link to the MP Areas); (b) any Alerts or
other permitted communications as set forth herein; and (c) any comparable
promotions provided herein.

SERVICE. Any product, good or service which MP (or others acting on its behalf
or as distributors) offers, sells, provides, distributes or licenses to ICQ
Members directly or indirectly through (i) the MP Areas (including through any
Interactive Site linked thereto), (ii) any other electronic means directed at
ICQ Members (e.g., e-mail offers), or (iii) an "offline" means (e.g., toll-free
number) for receiving orders related to specific offers within the MP Areas
requiring purchasers to reference a specific promotional identifier or tracking
code.

<PAGE>   16

                                   EXHIBIT C

                               MP CROSS-PROMOTION

A. "Try ICQ" Button. Within each MP Interactive Site (including without
   limitation during any MP customer registration process), MP shall include a
   prominent "Try ICQ" feature (at least 90 x 30 pixels or 70 x 70 pixels in
   size) (the "ICQ Promo") through which users can obtain promotional
   information about ICQ products or services mutually designated by both
   Parties and download the then-current version of MP purposed client software
   for such products or services. ICQ will provide the creative content to be
   used in the ICQ Promo (including designation of links from such content to
   other content pages), subject to the reasonable approval of MP. MP shall
   post (or update, as the case may be) the creative content supplied by ICQ
   within the spaces for the ICQ Promo within ten business days of its receipt
   of such content from ICQ. Without limiting any other reporting obligations
   of the Parties contained herein, MP shall provide ICQ with monthly written
   reports specifying the number of impressions to the pages containing the ICQ
   Promo during the prior month so long as it is technically feasible to do so.
   In the event that ICQ elects to serve the ICQ Promo to the MP Interactive
   Site from an ad server controlled by ICQ or its agent, MP shall take all
   reasonable operational steps necessary to facilitate such ad serving
   arrangement including, without limitation, inserting HTML code designated by
   ICQ on the pages of the MP Interactive Site on which the ICQ Promo will
   appear.

B. For the purposes of this Section B, the following definitions will apply:

   "Tier 1 Communications Tools" means communications tools for e-mail, instant
   messaging, and Internet search functionality.

   "Tier 2 Communication Tools" means communications tools for yellow pages,
   chat, calendaring, homesteading, and message board functionality.

   MP will use commercially reasonable efforts to incorporate communication
   tools provided by ICQ into the Affiliated MP Site to the extent MP elects to
   offer corresponding communications functionality to users of the Affiliated
   MP Site.

   MP will not use any Instant Messaging tool other than one provided by ICQ.
   With respect to the other Tier 1 Communications Tools, if MP elects to use
   in the Affiliated MP Site a communications tool from a third party because
   it is not commercially reasonable to implement a communication tool provided
   by ICQ, then MP will not brand, or permit the provider of the tool to brand,
   the service offered using the tool with the provider's brand, nor will MP
   provide a link from the Affiliated MP Site to an Interactive Site of the
   provider in connection with the service offered using the tool. With respect
   to Tier 2 Communications Tools, if MP elects to use a communications tool
   from a third party in the Affiliated MP Site because it is not commercially
   reasonable to use a communications tool provided by ICQ, MP may co-brand the
   service offered using the tool with the brand of the provider (provided that
   the provider is not an Interactive Service with the exception of any entity
   solely described by subsection (iv) of the definition of Interactive
   Service) but will not link from the Affiliated MP Site to Interactive Sites
   of the provider in connection with the service offered using the tool.

      B.    C.    On-Campus Marketing Cross-Promotion

II.   DELIVERABLES

      By March 1, 2000, VarsityBooks.com ("VB.C") and ICQ will have completed a
      marketing and promotional campaign for ICQ/VB.C for the Year 2000 that
      will include at least:

      -     * co-branded impressions

<PAGE>   17

      - At least * Promotional e-mails to VB.C customer base
      - Permanent fixed position on VB.C

   - At least * Promotional e-mails to VB.C affiliates
   - At least * Inserts in VB.C boxes(1)
   - Use of VB.C Campus Rep Network

        The Campus Reps will perform the following marketing activities (or
        some comparable marketing activity) on behalf of ICQ/VB.C:

-       Postering
-       Fliering
   -    Chalking
   -    Class Announcements
   -    Announcements to clubs, sports teams, fraternities/sororities and other
        campus groups
   -    Distribution of premiums (premiums to be provided by ICQ at ICQ's
        expense)

III.EXPENSES

         VB.C will responsible for all costs associated with the impressions
         (except for creative to be provided by ICQ); promotional e-mails to
         customers and affiliates; the permanent fixed position on VB.C; and
         inserts in VB.C boxes (except for cost of actual insert).

         ICQ will make appropriate personnel available to help lead training
         calls for the Campus Rep Network and to perform any other necessary
         tasks to ensure the timely and successful roll-out of this campaign.

IV.TERMINATION

         On June 1, 2000, the Parties will evaluate performance under the
         co-marketing plan as described above (the "Plan") for a period of up
         to seven (7) days. In the event that ICQ believes in good-faith that
         the Plan (and/or the performance of the Plan) has not been reasonably
         satisfactory to the marketing goals of ICQ, ICQ shall provide MP with
         written notice of such. The Parties shall meet within seven (7) days
         of such notice to discuss in good-faith an appropriate course of
         action, and, in the event that the Parties are unable to mututally
         agree on such appropriate course of action, ICQ may, prior to July 1,
         2000, upon written notice to VB.C, terminate VB.C's exclusivity as its
         exclusive college marketing channel. Such a termination election will
         have no effect on any of ICQ's other obligations under the exclusivity
         provision or any other provisions of this Agreement.

D. Communications Promos. In * of any online or offline promotions by MP or
     over which MP exercises at least partial editorial control, when promoting
     solely the communications aspects of MP (each, a "Communications Promo"),
     MP will include specific references or mentions (verbally where possible)
     of the ICQ Service (e.g., a reference to the availability of the ICQ
     Service through the MP Areas or vice versa) during the period in which MP
     is ICQ's exclusive college marketing channel . For purposes of this
     paragraph, an "offline promotion" shall include without limitation, MP's
     television, radio, print and "out of home" (e.g., buses and billboards)
     advertisements and in editorial

----------------------------
(1) Inserts will be delivered as products are ordered.

<PAGE>   18

     content in any publications, programs, features or other forms of media
     over which MP exercises at least partial editorial control.

<PAGE>   19

                                   EXHIBIT D

                   DESCRIPTION OF SERVICES AND OTHER CONTENT

1. Products and Services Which MP May Promote on the Affiliated MP Site.

      MP may promote and offer any of the following products or services on the
Affiliated MP Site: *

      On the homepage of the Affiliated MP Site, MP will only be able to
promote the categories of products or services identified as "Restricted" in
Section 2 (i) so long as the amount of Content on the homepage of the Affiliate
MP Site relating to such products or services is not significant relative to
the Unlimited Products or Services on the homepage, or (ii) is highlighted only
through the use of a tab or navigational icon which directs the user to another
page on the Affiliated MP Site or any MP Interactive Site.

2. Products and Services Which MP May Promote in the Promo Content.

      MP may promote and offer only the Unlimited and Qualified Products or
Services identified below through the Promo Content for the duration specified
below. For the purposes of this Section 2:

      "Unlimited Products or Services" means the following products or services
can be promoted or offered for the term of this Agreement: *

      "Qualified Products or Services" means the following products or services
can be promoted or offered for the term of this Agreement until, and except to
the extent which, ICQ executes an agreement with a third party for the
exclusive promotion of any such product or service with another party on the
ICQ Service or ICQ.com: *. ICQ will provide MP with reasonable advance written
notice of any such arrangement with a third party.

"Restricted Products or Services" means the following products or services
cannot be promoted or offered during the term of this Agreement: *.

3. CO-BRANDING REQUIREMENTS. The co-branded Affiliated MP Site shall be
operational by March 15, 2000 and MP shall display on each page of such site
headers and footers each of 600x30 pixel size consisting of creative content
provided by ICQ (subject to MP's approval, not to be unreasonably withheld,
conditioned or delayed).and containing both ICQ and MP branding and links to
the ICQ Network. The Parties agree that the home page of the Affiliated MP Site
shall reside on a joint URL structured in a manner to provide MP with user and
unique visitor credit (i.e., www.icq.varsitybooks.com). Internal pages within
the Affiliated MP Site shall reside on a joint URL structured in a manner to
provide

<PAGE>   20

ICQ with credit for time spent on the Affiliated MP Site (i.e.,
www.varsitybooks.icq.com), unless such URL structuring would not be technically
feasible.

<PAGE>   21

                                   EXHIBIT E
                              OPERATING STANDARDS

1. Affiliated MP Site Infrastructure. Within a reasonable time after the
   execution of this Agreement, ICQ will provide MP with the technical
   requirements needed by MP to integrate the ICQ software referred to in this
   Agreement into the Affiliated MP Site. MP will be responsible for all
   communications, hosting and connectivity costs and expenses associated with
   the Affiliated MP Site. MP will provide all hardware, software,
   telecommunications lines and other infrastructure necessary to meet traffic
   demands on the Affiliated MP Site from the ICQ Network. MP will design and
   implement its connectivity to the Internet such that (i) no single component
   failure will have a materially adverse impact on ICQ Users seeking to reach
   the Affiliated MP Site from the ICQ Network and (ii) no single line will run
   at more than 70% average utilization for a 5-minute peak in a daily period.

2. Optimization; Speed. MP will use commercially reasonable efforts to see
   that: (a) the functionality and features within the Affiliated MP Site are
   compatible with the client software then in use by ICQ Users; and (b) the
   Affiliated MP Site is designed and populated in a manner that minimizes
   delays when ICQ Users attempt to access such site. At a minimum, MP will
   ensure that the Affiliated MP Site's data transfers initiate within fewer
   than fifteen (15) seconds on average; except where such inability is due to
   problems with the ICQ Network. MP will permit ICQ to conduct reasonable
   performance and load testing of the Affiliated MP Site (in person or through
   remote communications).

3. Technical Problems. MP agrees to use commercially reasonable efforts to
   address material technical problems (over which MP exercises control)
   affecting use by ICQ Users of the Affiliated MP Site (an "MP Technical
   Problem") promptly following notice thereof.

4. Monitoring. MP will monitor the performance and availability of the
   Affiliated MP Site on a Continuous basis. MP will provide ICQ with contact
   information (including e-mail, phone, pager and fax information, as
   applicable, for both during and after business hours) for MP's principal
   business and technical representatives, for use in cases when issues or
   problems arise with respect to the Affiliated MP Site.

5. Security. MP will utilize Internet standard encryption technologies (e.g.,
   Secure Socket Layer - SSL) to provide a secure environment for conducting
   transactions and/or transferring private member information (e.g. credit
   card numbers, banking/financial information, and member address information)
   to and from the Affiliated MP Site. MP will provide ICQ with periodic
   reviews of the Affiliated MP Site in order to allow ICQ to evaluate the
   security risks of such site. MP will promptly remedy any security risks or
   breaches of security as may be identified by ICQ's Operations Security team
   and verified by MP.

6.  Technical Performance.

   i. MP will design the Affiliated MP Site to support the most recent two (2)
   Windows version of the Microsoft Internet Explorer browser (currently,
   versions 3.0 and 4.0) as well as any browser that represents more than two
   percent (2%) of aggregate Affiliated MP Sites' traffic. In addition, ICQ and
   MP shall work together with the goal of preventing any caching by ICQ's
   proxy servers (where applicable, including preventing caching of any banner
   advertisements served by MP). To the extent the Affiliated MP Site do not
   support older ICQ browsers, MP shall have the option of (A) using MP's ad
   serving technology and the information contained in
   "http://"webmaster.info.ICQ.com", to restrict an ICQ User's access to
   incompatible features on the Affiliated MP Site and serve a mutually agreed
   upon promotional message to such users, or (B) add alternative features
   which may be chosen by a user depending on the type of operating system
   and/or browser a user employs.

   ii. To the extent MP creates customized pages on the Affiliated MP Site for
   ICQ Users or restricts access to advertising by ICQ Users, MP will configure
   the server from which it serves the site to examine the HTTP User-Agent
   field in order to identify the "ICQ Member-Agents" listed at:
   "http://webmaster. Info.ICQ.com."

   iii. MP will periodically review the technical information made available by
    ICQ at http://webmaster.info.ICQ.com.

   iv. MP will design its site to support HTTP 1.0 or later protocol as defined
   in RFC 1945 (available at "http://ds.internic.net/rfc/rfc1945.text").

   v. Prior to releasing material, new functionality or features through the
   Affiliated MP Site ("New Functionality"), MP will use commercially
   reasonable efforts to test the New Functionality to confirm its
   compatibility with ICQ Service client software. With respect to any major
   implementation of significant new technology, MP will provide ICQ with
   written notice of the new technology so that ICQ can perform tests of the
   new technology to confirm its compatibility with the ICQ Service client
   software.

   vi. ICQ may notify MP of any problems with respect to New Functionality or
   new technology on the Affiliated MP Site, and MP will work in good faith to
   resolve such problems. ICQ will be entitled to request reasonable changes to
   the Content (including, without limitation, the features or functionality)
   within any pages of the Affiliated MP Site linked to from the ICQ Network to
   the extent such Content will materially and adversely affect any operational
   aspect of the ICQ Network. If MP is unable to adequately resolve such
   problems, MP shall have the option of (A) using MP's ad serving technology
   to restrict an ICQ User's access to such Content and serve a mutually agreed
   upon promotional message to such users, or (B) add alternative features
   which may be chosen by a user depending on the type of operating system a
   user employs. If MP does not restrict access to such Content or add
   applicable alternative features,

<PAGE>   22

   ICQ shall have the right to terminate the link to such Content from the ICQ
   Network.

7. ICQ Internet Services Partner Support. ICQ will provide MP with access to
the highest level of online resources, standards and guidelines documentation,
technical phone support, monitoring and after-hours assistance that ICQ makes
generally available to ICQ's web-based partners. ICQ support will not, in any
case, be involved with Content creation on behalf of MP or support for any
technologies, databases, software or other applications which are not supported
by ICQ or are related to any MP area other than the Affiliated MP Site. Support
to be provided by ICQ is contingent on MP providing to ICQ demo account
information (where applicable), a detailed description of the Affiliated MP
Site's software, hardware and network architecture and access to the Affiliated
MP Site for purposes of such reasonable performance and load testing. ICQ will
use commercially reasonable efforts to respond to MP's requests for technical
support within three (3) business day of the making of the request by MP. In
addition, ICQ will provide MP with timely access to appropriate technical
resources to allow MP to integrate the ICQ software to be provided by ICQ under
this Agreement into the Affiliated MP Site.

<PAGE>   23

                                   EXHIBIT F

                  STANDARD ONLINE COMMERCE TERMS & CONDITIONS

<PAGE>   24
1.    ICQ Network Distribution. MP will not authorize or permit any third party
      to distribute or promote the Services or any MP Interactive Site through
      the ICQ Network absent ICQ's prior written approval, which approval will
      not be unreasonably withheld. The Promotions and any other promotions or
      advertisements purchased from or provided by ICQ will link only to the MP
      Areas, will be used by MP solely for its own benefit and will not be
      resold, traded, exchanged, bartered, brokered or otherwise offered to any
      third party.

2.    Provision of Other Content.  In the event that MP includes any Content
      within the MP Areas that violates ICQ's then-standard Terms of Service
      (including without limitation, the terms of the ICQ End User License
      Agreement, and the ICQ Privacy Policy) (the "Terms of Service"), the
      terms of this Agreement, then ICQ will notify MP in writing of its
      objection and, MP will take commercially reasonable steps to block access
      by ICQ Users to such Content using MP's then-available technology or take
      such other remedial action which cures the violation.  In the event that
      MP cannot, through its commercially reasonable efforts, block access by
      ICQ Users to the Content in question, then MP will provide ICQ prompt
      written notice of such fact.  ICQ may then, at its option, restrict
      access from the ICQ Network to the Content in question using technology
      available to ICQ.  MP will cooperate with ICQ's reasonable requests to
      the extent ICQ elects to implement any such access restrictions.

3.    Contests. Any contest, sweepstakes or similar promotion conducted or
      promoted through the MP Areas (a "Contest") shall comply with all
      applicable federal, state and local laws and regulations.

4.    Navigation. In cases where an ICQ User performs a search for MP through
      any search or navigational tool or mechanism that is accessible or
      available through the ICQ Network (e.g., Promotions, search terms, or any
      other promotions or navigational tools), ICQ shall have the right to
      direct such ICQ User to the MP Areas, or any other MP Interactive Site
      determined by ICQ in its reasonable discretion.

5.    Disclaimers. Upon ICQ's request, MP agrees to include within the MP Areas
      a product disclaimer (the specific form and substance to be mutually
      agreed upon by the Parties) indicating that transactions are solely
      between MP and ICQ Users purchasing Services from MP.

6.    ICQ Look and Feel.  MP acknowledges and agrees that ICQ will own all
      right, title and interest in and to the elements of graphics, design,
      organization, presentation, layout, user interface, navigation and
      stylistic convention (including the digital implementations thereof)
      which are generally associated with online areas contained within the ICQ
      Network, subject to MP's (or its licensors') ownership rights in any
      non-ICQ trademarks or copyrighted material within the MP Areas.  ICQ
      acknowledges that MP retains all right, title and interest in and to the
      elements of graphics, design, organization, presentation, layout, user
      interface, navigation and stylistic convention (including the digital
      implementations thereof) which are generally associated with the MP Areas
      and the MP Interactive Service, subject to any third-party trademarks and
      copyrighted material contained therein.

7.    Management of the MP Areas.  MP will manage, review, delete, edit,
      create, update and otherwise manage all Content available on or through
      the MP Areas, in a timely and professional manner and in accordance with
      the terms of this Agreement.  MP will use commercially reasonable efforts
      to cause the MP Areas to be current, accurate and well-organized at all
      times.  MP agrees that the Services and other Licensed Content : (i) will
      not infringe on or violate any copyright, trademark, U.S. patent or any
      other third party right, including without limitation, any music
      performance or other music-related rights; and (ii) will not violate any
      applicable law or regulation of the United State or any other country or
      jurisdiction. Additionally, MP represents and warrants that it owns or
      has all rights to any Licensed Content required to perform under this
      Agreement. MP also warrants that a reasonable basis exists for all
      Service performance or comparison claims expressly made by MP and
      appearing in the MP Areas.  Except as provided herein, MP shall not in
      any manner, including, without limitation in any Promotion, the Licensed
      Content or promotional materials state or imply that ICQ recommends or
      endorses MP or MP's Services (e.g., no statements that MP is an
      "official" or "preferred" provider of products or services for ICQ)
      without the prior authorization of ICQ.  ICQ will have no obligations
      with respect to the Services available on or through the MP Areas,
      including, but not limited to, any duty to review or monitor any such
      Services.

8.    Management of ICQ Network.  ICQ will manage, review, delete, edit,
      create, update and otherwise manage all Content available on or through
      the ICQ Network, in a timely and professional manner and in accordance
      with the terms of this Agreement. ICQ will use commercially reasonable
      efforts to see that the ICQ Network remains current, accurate and
      well-organized at all times.  ICQ agrees that the ICQ Service and ICQ.com
      and any Content available on them: (i) will not infringe on or violate
      any third-party copyright, trademark, U.S. patent which exists on the
      effective date of this agreement, or any other third party right,
      including without limitation, any music performance or other
      music-related rights; (ii) will not violate ICQ's then-applicable Terms
      of Service or any other standard, written ICQ policy or license; and
      (iii) will not violate any applicable law or regulation of the United
      State or any other country or jurisdiction, including those relating to
      contests, sweepstakes or similar promotions.  ICQ also warrants that a
      reasonable basis exists for all ICQ Service performance or comparison
<PAGE>   25

      claims expressly made by ICQ and appearing through the ICQ Network.
      Except as provided herein, ICQ shall not in any manner state or imply
      that MP recommends or endorses ICQ or the ICQ Network (e.g., no
      statements that ICQ is an  "official" or "preferred" provider of products
      or services for MP) without the prior authorization of MP.  MP will have
      no obligations with respect to the ICQ Services available on or through
      the ICQ Network other than the MP Areas, including, but not limited to,
      any duty to review or monitor any such ICQ Services.

9.    Duty to Inform. MP will promptly inform ICQ of any information related to
      the MP Areas which could reasonably lead to a claim, demand, or liability
      of or against ICQ and/or its affiliates by any third party. ICQ will
      promptly inform MP of any information related to the ICQ Network which
      could reasonably lead to a claim, demand, or liability of or against MP
      and/or its affiliates by any third party.

10.   Customer Service.  It is the sole responsibility of MP to provide
      customer service to persons or entities purchasing Services through the
      ICQ Network ("Customers"). MP will bear full responsibility for all
      customer service, including without limitation, order processing,
      billing, fulfillment, shipment, collection and other customer service
      associated with any Services offered, sold or licensed through the MP
      Areas, and ICQ will have no obligations whatsoever with respect thereto.
      MP will receive all emails from Customers via a computer available to
      MP's customer service staff and generally respond to such emails within
      three (3) days from receipt.  MP will receive all orders electronically
      and generally process all orders within three (3) days from receipt,
      provided Services ordered are not advance order items.  MP will use
      commercially reasonable efforts to receive, process, fulfill and deliver
      all orders of Services on a timely and professional basis.  MP will offer
      ICQ Users who purchase Services through such MP Areas a money back
      satisfaction guarantee, to the same extent offered by MP generally  MP
      will bear all responsibility for compliance with federal, state and local
      laws in the event that Services are out of stock or are no longer
      available at the time an order is received.  MP will also comply with the
      requirements of any federal, state or local consumer protection or
      disclosure law.  Payment for Services will be collected by MP directly
      from customers.

11.   Production Work.  In the event that MP requests ICQ's production
      assistance for activities outside the scope of ICQ's obligations under
      this Agreement in connection with (i) ongoing programming and maintenance
      related to the MP Areas, (ii) a redesign of or addition to the MP Areas
      (e.g., a change to an existing screen format or construction of a new
      custom form), (iii) production to modify work performed by a third party
      provider or (iv) any other type of production work, MP will work with ICQ
      to develop a detailed production plan for the requested production
      assistance (the "Production Plan").  Following receipt of the final
      Production Plan, ICQ will notify MP of (i) ICQ's availability to perform
      the requested production work, (ii) the proposed fee or fee structure for
      the requested production and maintenance work and (iii) the estimated
      development schedule for such work.  ICQ will make commercially
      reasonable efforts to respond to MP promptly and to undertake in good
      faith the production assistance requested by MP.  To the extent the
      Parties reach agreement regarding implementation of the agreed-upon
      Production Plan after good faith negotiations, such agreement will be
      reflected in a separate work order signed by the Parties.  To the extent
      MP elects to retain a third party provider to perform any such production
      work, work produced by such third party provider must generally conform
      to ICQ's standards & practices (and any standard ICQ "styleguide").  The
      specific production resources which ICQ allocates to any production work
      to be performed on behalf of MP will be as determined by the Parties in
      the work order.  With respect to any routine production, maintenance or
      related services which are necessary for ICQ to perform in order to
      support the proper functioning and integration of the MP Areas ("Routine
      Services"), MP will pay the then-standard fees charged by ICQ for such
      Routine Services provided that ICQ notifies MP in advance of incurring
      these charges (providing MP an explanation of the basis for them) and
      obtains MP's prior approval for them.

12.   Bookmarking. To the extent ICQ allows ICQ Users to "bookmark" the URL or
      other locator for the MP Areas, such bookmarks will be subject to ICQ's
      control at all times. Upon the termination of this Agreement, MP's rights
      to any Keyword Search Terms and bookmarking will terminate.

13.   Merchant Certification Program.  MP will be provided the opportunity to
      participate in any generally applicable "Certified Merchant" program
      operated by ICQ or its authorized agents or contractors.  Such program
      may require merchant participants on an ongoing basis to meet certain
      reasonable, generally applicable standards relating to provision of
      electronic commerce through the ICQ Network (including, as a minimum, use
      of 40-bit SSL encryption and if requested by ICQ, 128-bit encryption) and
      may also require the payment of certain reasonable certification fees to
      the applicable entity operating the program.  Each Certified Merchant in
      good standing will be entitled to place on its affiliated Interactive
      Site an ICQ designed and approved button promoting the merchant's status
      as an ICQ Certified Merchant.

14.   Message Boards; Chat Rooms and Comparable Vehicles.  Any Content
      submitted by MP or its agents within message boards, chat rooms or any
      comparable vehicles will be subject to the license grant relating to
      submissions to "public areas" set forth in the ICQ Terms of Service.  MP

<PAGE>   26

      acknowledges that it has no rights or interest in ICQ Member submissions
      to message boards within the ICQ Network.  MP will refrain from editing,
      deleting or altering, without ICQ's prior approval (which shall not be
      unreasonably withheld or delayed), any opinion expressed or submission
      made by an ICQ Member within MP Programming except in cases where MP  has
      a good faith belief that the Content in question violates an applicable
      law, regulation, third party right or the applicable ICQ Terms of
      Service.

<PAGE>   27

                                   EXHIBIT G
                       STANDARD LEGAL TERMS & CONDITIONS

1.    Promotional Materials/Press Releases. Each Party will submit to the other
      Party, for its prior written approval, which will not be unreasonably
      withheld or delayed, any marketing, advertising, or other promotional
      materials, excluding Press Releases, related to the MP Areas and/or
      referencing the other Party and/or its trade names, trademarks, and
      service marks (the "Promotional Materials"); provided, however, that
      either Party's use of screen shots of the MP Areas for promotional
      purposes will not require the approval of the other Party so long as
      America Online(R) is clearly identified as the source of such screen
      shots; and provided further, however, that, following the initial public
      announcement of the business relationship between the Parties in
      accordance with the approval and other requirements contained herein,
      either Party's subsequent factual reference to the existence of a
      business relationship between the Parties in Promotional Materials, will
      not require the approval of the other Party. Each Party will solicit and
      reasonably consider the views of the other Party in designing and
      implementing such Promotional Materials. Once approved, the Promotional
      Materials may be used by a Party and its affiliates for the purpose of
      promoting the MP Areas and the content contained therein and reused for
      such purpose until such approval is withdrawn with reasonable prior
      notice. In the event such approval is withdrawn, existing inventories of
      Promotional Materials may be depleted.

2.    License. MP hereby grants ICQ a non-exclusive worldwide license to
      market, license, distribute, reproduce, display, perform, translate,
      transmit, and promote the Licensed Content (or any portion thereof)
      through such areas or features of the ICQ Network as required for ICQ to
      perform under this Agreement. MP acknowledges and agrees that the
      foregoing license permits ICQ to distribute portions of the Licensed
      Content in synchronism or timed relation with visual displays prepared by
      MP or ICQ (e.g., as part of an ICQ "slideshow"). In addition, ICQ Users
      will have the right to access and use the MP Areas.

3.    Trademark License. In designing and implementing the promotional
      materials and subject to the other provisions contained herein, MP will
      be entitled to use such trade names, trademarks, and service marks of ICQ
      as designated by ICQ and ICQ; and its affiliates will be entitled to use
      such trade names, trademarks, and service marks of MP as designated by MP
      (collectively, together with the ICQ marks listed above, the "Marks");
      provided that each Party: (i) does not create a unitary composite mark
      involving a Mark of the other Party without the prior written approval of
      such other Party; and (ii) displays symbols and notices clearly and
      sufficiently indicating the trademark status and ownership of the other
      Party's Marks in accordance with applicable trademark law and practice.

4.    Ownership of Trademarks. Each Party acknowledges the ownership right of
      the other Party in the Marks of the other Party and agrees that all use
      of the other Party's Marks will inure to the benefit, and be on behalf,
      of the other Party. Each Party acknowledges that its utilization of the
      other Party's Marks will not create in it, nor will it represent it has,
      any right, title, or interest in or to such Marks other than the licenses
      expressly granted herein. Each Party agrees not to do anything contesting
      or impairing the trademark rights of the other Party.

5.    Quality Standards. Each Party agrees to supply the other Party, upon
      request, with a reasonable number of samples of any promotional materials
      publicly disseminated by such Party which utilize the other Party's
      Marks. Each Party will comply with all applicable laws, regulations, and
      customs and obtain any required government approvals pertaining to use of
      the other Party's marks.

6.    Infringement Proceedings. Each Party agrees to promptly notify the other
      Party of any unauthorized use of the other Party's Marks of which it has
      actual knowledge. Each Party will have the sole right and discretion to
      bring proceedings alleging infringement of its Marks or unfair
      competition related thereto; provided, however, that each Party agrees to
      provide the other Party with its reasonable cooperation and assistance
      with respect to any such infringement proceedings.

7.    Representations and Warranties. Each Party represents and warrants to the
      other Party that: (i) such Party has the full corporate right, power and
      authority to enter into this Agreement and to perform the acts required
      of it hereunder; (ii) the execution of this Agreement by such Party, and
      the performance by such Party of its obligations and duties hereunder, do
      not and will not violate any agreement to which such Party is a party or
      by which it is otherwise bound; (iii) when executed and delivered by such
      Party, this Agreement will constitute the legal, valid and binding
      obligation of such Party, enforceable against such Party in accordance
      with its terms; and (iv) such Party acknowledges that the other Party
      makes no representations, warranties or agreements related to the subject
      matter hereof that are not expressly provided for in this Agreement
      (including its Exhibits). MP hereby represents and warrants that, except
      where failure to possess would not materially affect its ability to
      perform hereunder, it possesses all authorizations, approvals, consents,
      licenses, permits, certificates or other rights and permissions necessary
      to sell the Services. ICQ represents and warrants that, except where
      failure to possess would not materially affect its ability to perform
      hereunder, it possesses all authorizations, approvals, consents,
      licenses, permits, certificates or other rights and permissions necessary
      to offer and operate the ICQ Network.

8.    Confidentiality. Each Party acknowledges that Confidential Information
      may be disclosed to the other Party during the course of this Agreement.
      Each Party agrees that it will take reasonable steps, at least
      substantially equivalent to the steps it takes to protect its own
      proprietary information, during the term of this Agreement, and for a
      period of three years following expiration or termination of this

<PAGE>   28

      Agreement, to prevent the duplication or disclosure of Confidential
      Information of the other Party, other than by or to its employees or
      agents who must have access to such Confidential Information to perform
      such Party's obligations hereunder, who will each agree to comply with
      this section. Notwithstanding the foregoing, either Party may issue a
      press release or other disclosure containing Confidential Information
      without the consent of the other Party, to the extent such disclosure is
      required by law, rule, regulation or government or court order, provided
      that such Party shall first make every reasonable effort to avoid the
      disclosure. In such event, the disclosing Party will provide at least
      five (5) business days prior written notice of such proposed disclosure
      to the other Party. Further, in the event such disclosure is required of
      either Party under the laws, rules or regulations of the Securities and
      Exchange Commission or any other applicable governing body, such Party
      will (i) redact mutually agreed-upon portions of this Agreement to the
      fullest extent permitted under applicable laws, rules and regulations and
      (ii) submit a request to such governing body that such portions and other
      provisions of this Agreement receive confidential treatment under the
      laws, rules and regulations of the Securities and Exchange Commission or
      otherwise be held in the strictest confidence to the fullest extent
      permitted under the laws, rules or regulations of any other applicable
      governing body.

9.    Limitation of Liability; Disclaimer; Indemnification.

      9.1   LIABILITY. UNDER NO CIRCUMSTANCES WILL EITHER PARTY BE LIABLE TO
            THE OTHER PARTY FOR INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL OR
            EXEMPLARY DAMAGES (EVEN IF THAT PARTY HAS BEEN ADVISED OF THE
            POSSIBILITY OF SUCH DAMAGES), ARISING FROM BREACH OF THE AGREEMENT,
            THE SALE OF SERVICES, THE USE OR INABILITY TO USE THE ICQ NETWORK,
            THE ICQ SERVICE, ICQ.COM OR THE MP AREAS, OR ARISING FROM ANY OTHER
            PROVISION OF THIS AGREEMENT, SUCH AS, BUT NOT LIMITED TO, LOSS OF
            REVENUE OR ANTICIPATED PROFITS OR LOST BUSINESS (COLLECTIVELY,
            "DISCLAIMED DAMAGES"); PROVIDED THAT EACH PARTY WILL REMAIN LIABLE
            TO THE OTHER PARTY TO THE EXTENT ANY DISCLAIMED DAMAGES ARE CLAIMED
            BY A THIRD PARTY AND ARE SUBJECT TO INDEMNIFICATION PURSUANT TO
            SECTION 9.3. EXCEPT AS PROVIDED IN SECTION 9.3, (I) LIABILITY
            ARISING UNDER THIS AGREEMENT WILL BE LIMITED TO DIRECT, OBJECTIVELY
            MEASURABLE DAMAGES, AND (II) THE MAXIMUM LIABILITY OF ONE PARTY TO
            THE OTHER PARTY FOR ANY CLAIMS ARISING IN CONNECTION WITH THIS
            AGREEMENT WILL NOT EXCEED THE AGGREGATE PAYMENTS MADE UNDER THIS
            AGREEMENT; PROVIDED THAT EACH PARTY WILL REMAIN LIABLE FOR THE
            AGGREGATE AMOUNT OF ANY PAYMENT OBLIGATIONS OWED TO THE OTHER PARTY
            PURSUANT TO THE AGREEMENT.

      9.2   NO ADDITIONAL WARRANTIES. EXCEPT AS EXPRESSLY SET FORTH IN THIS
            AGREEMENT, NEITHER PARTY MAKES ANY, AND EACH PARTY HEREBY
            SPECIFICALLY DISCLAIMS ANY REPRESENTATIONS OR WARRANTIES, EXPRESS
            OR IMPLIED, REGARDING THE ICQ NETWORK, THE ICQ SERVICE, ICQ.COM,
            THE SERVICES OR THE MP AREAS, INCLUDING ANY IMPLIED WARRANTY OF
            MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE AND IMPLIED
            WARRANTIES ARISING FROM COURSE OF DEALING OR COURSE OF PERFORMANCE.
            WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, ICQ SPECIFICALLY
            DISCLAIMS ANY WARRANTY REGARDING THE PROFITABILITY OF THE MP AREAS.

      9.3   Indemnity. Either Party will defend, indemnify, save and hold
            harmless the other Party and the officers, directors, agents,
            affiliates, distributors, franchisees and employees of the other
            Party from any and all third party claims, demands, liabilities,
            costs or expenses, including reasonable attorneys' fees
            ("Liabilities"), resulting from the indemnifying Party's breach of
            its warranty under Section 7 or 8 of Exhibit F, as applicable.

      9.4   Claims. If a Party entitled to indemnification hereunder (the
            "Indemnified Party") becomes aware of any matter it believes is
            indemnifiable hereunder involving any claim, action, suit,
            investigation, arbitration or other proceeding against the
            Indemnified Party by any third party (each an "Action"), the
            Indemnified Party will give the other Party (the "Indemnifying
            Party") prompt written notice of such Action. Such notice will (i)
            provide the basis on which indemnification is being asserted and
            (ii) be accompanied by copies of all relevant pleadings, demands,
            and other papers related to the Action and in the possession of the
            Indemnified Party. The Indemnifying Party will have a period of ten
            (10) business days after delivery of such notice to respond. If the
            Indemnifying Party elects to defend the Action or does not respond
            within the requisite ten (10) business day period, the Indemnifying
            Party will be obligated to defend the Action, at its own expense,
            using counsel of its choosing. The Indemnified Party will
            cooperate, at the expense of the Indemnifying Party, with the
            Indemnifying Party and its counsel in the defense and the
            Indemnified Party will have the right to participate fully, at its
            own expense, in the defense of such Action. If the Indemnifying
            Party responds within the required ten (10) business day period and
            elects not to defend such Action, the Indemnified Party will be
            free, without prejudice to any of the Indemnified Party's rights
            hereunder, to compromise or defend (and control the defense of)
            such Action. In such case, the Indemnifying Party will cooperate,
            at its own expense, with the Indemnified Party and its counsel in
            the defense against such Action and the Indemnifying Party will
            have the right to participate fully, at its own expense, in the
            defense of such Action. Any compromise or settlement of an Action
            will require the prior written consent of both Parties hereunder,
            such consent not to be unreasonably withheld or delayed.
<PAGE>   29
      9.5   Acknowledgment. ICQ and MP each acknowledges that the provisions of
            this Agreement were negotiated to reflect an informed, voluntary
            allocation between them of all risks (both known and unknown)
            associated with the transactions contemplated hereunder. The
            limitations and disclaimers related to warranties and liability
            contained in this Agreement are intended to limit the circumstances
            and extent of liability. The provisions of this Section 9 will be
            enforceable independent of and severable from any other enforceable
            or unenforceable provision of this Agreement.

10.   Solicitation of ICQ Users. During the term of the Agreement and for a two
      year period thereafter, MP will not use the ICQ Network (including,
      without limitation, the e-mail network contained therein) to solicit ICQ
      Users on behalf of another Interactive Service. More generally, MP will
      not send unsolicited, commercial e-mail (i.e., "spam") or other online
      communications through or into ICQ's products or services, absent a Prior
      Business Relationship. For purposes of this Agreement, a "Prior Business
      Relationship" will mean that the ICQ User to whom commercial e-mail or
      other online communication is being sent has voluntarily either (i)
      engaged in a transaction with MP or (ii) provided information to MP
      through a contest, registration, or other communication, which included
      clear notice to the ICQ User that the information provided could result
      in commercial e-mail or other online communication being sent to that ICQ
      User by MP or its agents. Any commercial e-mail communications to ICQ
      Users which are otherwise permitted hereunder, will (a) include a
      prominent and easy means to "opt-out" of receiving any future commercial
      e-mail or other online communications from MP, and (b) shall also be
      subject to ICQ's then-standard restrictions on distribution of bulk
      e-mail (e.g., related to the time and manner in which such e-mail can be
      distributed through or into the ICQ product or service in question).

11.   ICQ User Communications. To the extent that MP is permitted to
      communicate with ICQ Users under Section 10 of this Exhibit G, in any
      such communications to ICQ Users on or off the MP Areas (including,
      without limitation, e-mail solicitations), MP will not encourage ICQ
      Users to take any action inconsistent with the scope and purpose of this
      Agreement, including without limitation, the following actions: (i) using
      an Interactive Site other than the MP Areas for the purchase of Services,
      or (ii) bookmarking of Interactive Sites. Additionally, with respect to
      such ICQ User communications, in the event that MP encourages an ICQ User
      to purchase products through such communications, MP shall ensure that
      (a) the ICQ Network is promoted as the primary means through which the
      ICQ User can access the MP Areas and (b) any link to the MP Areas will
      link to a page which indicates to the ICQ User that such user is in a
      site which is affiliated with the ICQ Network.

12.   Collection and Use of User Information. The collection, use and
      disclosure by MP of information obtained from ICQ Users under this
      Agreement ("User Information") shall comply with (i) all applicable laws
      and regulations and (ii) ICQ's standard privacy policies, available on
      the Interactive Site ICQ.com (or, in the case of the MP Areas, MP's
      standard privacy policies so long as such policies are prominently
      published on the site and provide adequate notice, disclosure and choice
      to users regarding MP's collection, use and disclosure of user
      information). MP will not disclose User Information collected hereunder
      to any third party in a manner that identifies ICQ Users as end users of
      an ICQ product or service or use Member Information collected under this
      Agreement to market another Interactive Service.

13.   Statements through ICQ Network. Neither Party shall make, publish, or
      otherwise communicate through the ICQ Network or the MP Areas any
      deleterious remarks concerning the other Party or its affiliates,
      directors, officers, employees, or agents (including, without limitation,
      the other Party's business projects, business capabilities, performance
      of duties and services, or financial position) which remarks are based on
      the relationship established by this Agreement or information exchanged
      hereunder.

14.   Excuse. Neither Party will be liable for, or be considered in breach of
      or default under this Agreement on account of, any delay or failure to
      perform as required by this Agreement as a result of any causes or
      conditions which are beyond such Party's reasonable control and which
      such Party is unable to overcome by the exercise of reasonable diligence.

15.   Independent Contractors. The Parties to this Agreement are independent
      contractors. Neither Party is an agent, representative or employee of the
      other Party. Neither Party will have any right, power or authority to
      enter into any agreement for or on behalf of, or incur any obligation or
      liability of, or to otherwise bind, the other Party. This Agreement will
      not be interpreted or construed to create an association, agency, joint
      venture or partnership between the Parties or to impose any liability
      attributable to such a relationship upon either Party.

16.   Notice. Any notice, approval, request, authorization, direction or other
      communication under this Agreement will be given in writing and will be
      deemed to have been delivered and given for all purposes (i) on the
      delivery date if delivered by electronic mail on the ICQ Network (to the
      e-mail address "AOLNotice@aol.com" in the case of ICQ) or by confirmed
      facsimile; (ii) on the delivery date if delivered personally to the Party
      to whom the same is directed; (iii) one business day after deposit with a
      commercial overnight carrier, with written verification of receipt; or
      (iv) five (5) business days after the mailing date, whether or not
      actually received, if sent by U.S. mail, return receipt requested,
      postage and charges prepaid, or any other means of rapid mail delivery
      for which a receipt is available. In the case of ICQ, such notice will be
<PAGE>   30
      provided to both the President for Business Affairs (fax no.
      703-265-1206) and the Deputy General Counsel (fax no. 703-265-1105), each
      at the address of ICQ set forth in the first paragraph of this Agreement.
      In the case of MP, except as otherwise specified herein, the notice
      address will be the address for MP set forth in the first paragraph of
      this Agreement, with the other relevant notice information, including the
      recipient for notice and, as applicable, such recipient's fax number or
      ICQ e-mail address, to be as reasonably identified to ICQ by MP.

17.   No Waiver. The failure of either Party to insist upon or enforce strict
      performance by the other Party of any provision of this Agreement or to
      exercise any right under this Agreement will not be construed as a waiver
      or relinquishment to any extent of such Party's right to assert or rely
      upon any such provision or right in that or any other instance; rather,
      the same will be and remain in full force and effect.

18.   Return of Information. Upon the expiration or termination of this
      Agreement, each Party will, upon the written request of the other Party,
      return or destroy (at the option of the Party receiving the request) all
      confidential information, documents, manuals and other materials
      specified the other Party.

19.   Survival. Sections 4.1, 4.2, 4.3, 5.2 and 6 of the body of the Agreement,
      Sections 7 and 8 of Exhibit F and Sections 8 through 29 of this Exhibit,
      will survive the completion, expiration, termination or cancellation of
      this Agreement.

20.   Entire Agreement. This Agreement sets forth the entire agreement and
      supersedes any and all prior agreements of the Parties with respect to
      the transactions set forth herein. Neither Party will be bound by, and
      each Party specifically objects to, any term, condition or other
      provision which is different from or in addition to the provisions of
      this Agreement (whether or not it would materially alter this Agreement)
      and which is proffered by the other Party in any correspondence or other
      document, unless the Party to be bound thereby specifically agrees to
      such provision in writing.

21.   Amendment. No change, amendment or modification of any provision of this
      Agreement will be valid unless set forth in a written instrument signed
      by the Party subject to enforcement of such amendment signed by an
      executive of at least the same standing to the executive who signed the
      Agreement.

22.   Further Assurances. Each Party will take such action (including, but not
      limited to, the execution, acknowledgment and delivery of documents) as
      may reasonably be requested by any other Party for the implementation or
      continuing performance of this Agreement.

23.   Assignment. MP will not assign this Agreement or any right, interest or
      benefit under this Agreement without the prior written consent of ICQ,
      which consent shall not be unreasonably withheld or delayed.. ICQ shall
      not assign this Agreement to any Section 3.5 Entity without the prior
      written consent of MP, which consent shall not be unreasonably withheld
      or delayed. Subject to the foregoing, this Agreement will be fully
      binding upon, inure to the benefit of and be enforceable by the Parties
      hereto and their respective successors and assigns.

24.   Construction; Severability. In the event that any provision of this
      Agreement conflicts with the law under which this Agreement is to be
      construed or if any such provision is held invalid by a court with
      jurisdiction over the Parties to this Agreement, (i) such provision will
      be deemed to be restated to reflect as nearly as possible the original
      intentions of the Parties in accordance with applicable law, and (ii) the
      remaining terms, provisions, covenants and restrictions of this Agreement
      will remain in full force and effect.

25.   Remedies. Except where otherwise specified, the rights and remedies
      granted to a Party under this Agreement are cumulative and in addition
      to, and not in lieu of, any other rights or remedies which the Party may
      possess at law or in equity; provided that, in connection with any
      dispute hereunder, MP will be not entitled to offset any amounts that it
      claims to be due and payable from ICQ against amounts otherwise payable
      by MP to ICQ.

26.   Applicable Law. Except as otherwise expressly provided herein, this
      Agreement will be interpreted, construed and enforced in all respects in
      accordance with the laws of the Commonwealth of Virginia except for its
      conflicts of laws principles.

27.   Export Controls. Both Parties will adhere to all applicable laws,
      regulations and rules relating to the export of technical data and will
      not export or re-export any technical data, any products received from
      the other Party or the direct product of such technical data to any
      proscribed country listed in such applicable laws, regulations and rules
      unless properly authorized.

28.   Headings. The captions and headings used in this Agreement are inserted
      for convenience only and will not affect the meaning or interpretation of
      this Agreement.

29.   Counterparts. This Agreement may be executed in counterparts, each of
      which will be deemed an original and all of which together will
      constitute one and the same document
<PAGE>   31

                                    EXHIBIT H

WARRANT AGREEMENT

<PAGE>   32
                                                                    CONFIDENTIAL

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR
INVESTMENT AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED. THESE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR
HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE
SECURITIES UNDER SAID ACT OR LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE
CORPORATION THAT SUCH REGISTRATION IS NOT REQUIRED.

                             VARSITYBOOKS.COM INC.

                           STOCK SUBSCRIPTION WARRANT

                                                December 22, 1999

      1.    GENERAL.

            (a) THIS CERTIFIES that, for value received, AMERICA ONLINE, INC.
("AOL"), or assigns, is entitled to subscribe for and purchase from
VARSITYBOOKS.COM INC., a Delaware corporation (the "Corporation"), at any time
or from time to time commencing as set forth in Section 1(b) and ending on the
seventh (7th) anniversary of the date hereof (the "Exercise Period"), on the
terms and subject to the provisions hereinafter set forth, up to 463,246 shares
(subject to adjustment as provided herein) (the "Warrant Shares") of fully paid
and non-assessable shares of Common Stock, $0.0001 par value, of the
Corporation (the "Common Stock") as shall be determined in accordance with the
provisions of Section 1(b) hereof, at a price per share (the "Warrant Price")
equal to the per share initial public offering price of the IPO (as hereinafter
defined); provided that if the Stipulated Event (as defined below) occurs prior
to the IPO Date, the Warrant Price shall be equal to the fully-diluted per
share valuation established in the Corporate Transaction (as defined below).
The Corporation represents, warrants and covenants that, as of the date hereof,
the maximum Warrant Shares issuable hereunder shall constitute three percent
(3%) of the number of shares of voting capital stock of the Corporation
outstanding immediately prior to the closing of the IPO (as hereinafter
defined) after giving effect to the exercise, exchange or conversion of all
outstanding securities, rights, options, warrants (including this Warrant),
calls, commitments or agreements of any nature or character (whether debt or
equity) that are, directly or indirectly, exercisable or exchangeable for, or
convertible into or otherwise represent the right to purchase or otherwise
receive, directly or indirectly, any such capital stock or other arrangement to
acquire at any time or under any circumstance, voting capital stock of the
Corporation or any such other securities and assuming that all stock options
and/or shares of capital stock reserved for grant or issuance to officers,

                                       1

<PAGE>   33

                                                                    CONFIDENTIAL

directors, employees and consultants under all agreements, plans or
arrangements theretofore approved by the Board of Directors of the Corporation
have been so granted or issued (as the case may be) (collectively, the
"Fully-Diluted Shares"). In the event that the number of Warrant Shares listed
above does not constitute three percent (3%) of the Fully-Diluted Shares
existing immediately prior to the closing of the IPO, the number of Warrant
Shares initially issuable hereunder (the "Initial Number") shall be adjusted
accordingly to cause the Initial Number to constitute three percent (3%) of the
Fully-Diluted Shares existing immediately prior to the closing of the IPO. As
used in this Agreement, the term "IPO Date" shall mean the date on which the
Corporation closes the initial public offering of its Common Stock (the "IPO").

      This Warrant is being issued pursuant to an Interactive Marketing
Agreement dated as of the date hereof (the "Agreement"), between the
Corporation and ICQ, Inc. All terms used but not defined herein shall have the
meanings set forth in the Agreement.

            (b)   This Warrant shall become exercisable as to that number of
Warrant Shares, and at such times, as are determined in accordance with Exhibit
A attached hereto; provided, however, that this Warrant shall become
exercisable as to all unvested Warrant Shares immediately upon the occurrence
of a Stipulated Event. As used herein, the term "Stipulated Event" shall mean
(a) a Corporate Transaction (as hereinafter defined) or (b) a termination of
the Agreement that results from a material breach by the Corporation of the
Agreement. "Corporate Transaction" means (A) any consolidation or merger of the
Corporation with or into any other corporation or other entity, other than any
merger or consolidation resulting in the holders of the capital stock of the
Corporation entitled to vote for the election of directors holding a majority
of the capital stock of the surviving or resulting corporation or other entity
entitled to vote for the election of directors, (B) any person or entity
(including any affiliates thereof) becoming the holder of a majority of the
capital stock of the Corporation entitled to vote for the election of
directors, or (C) any sale or other disposition by the Corporation of all or
substantially all of its assets or capital stock.

      2.    EXERCISE OF WARRANT. The rights represented by this Warrant may be
exercised by the holder hereof, in whole or in part, at any time or from time
to time during the Exercise Period, by the surrender of this Warrant (properly
endorsed) at the office of the Corporation at 2020 K St., NW, 6th Floor,
Washington, DC 20006, or at such other agency or office of the Corporation in
the United States of America as it may designate by notice in writing to the
holder hereof at the address of such holder appearing on the books of the
Corporation, and by payment (either in cash, by check, by cancellation of
indebtedness and/or in shares of capital stock of the Corporation valued at
Fair Market Value (as hereinafter defined) on the date of such exercise) to the
Corporation of the Warrant Price for each Warrant Share being purchased. In the
event of the exercise of the rights represented by this Warrant, a certificate
or certificates for the Warrant Shares so purchased, registered in the name of
the holder, and if this Warrant shall not have been exercised for all of the
Warrant Shares, a new Warrant, registered in the name of the holder hereof, of
like tenor to this Warrant, shall be delivered to the holder hereof within a
reasonable time, not exceeding ten days, after the rights represented by this
Warrant shall have been so exercised. The person in whose name any

                                       2

<PAGE>   34

                                                                    CONFIDENTIAL

certificate for Warrant Shares is issued upon exercise of this Warrant shall
for all purposes be deemed to have become the holder of record of such shares
on the date on which the Warrant was surrendered and payment of the Warrant
Price and any applicable taxes was made, irrespective of the date of delivery
of such certificate, except that, if the date of such surrender and payment is
a date when the stock transfer books of the Corporation are closed, such person
shall be deemed to have become the holder of such shares at the close of
business on the next succeeding date on which the stock transfer books are
open.

      3.    EXCHANGE OF WARRANT.

            (a)   In addition to, and independent of, the rights of the holder
of this Warrant set forth in Section 2 hereof, the holder hereof may at any
time or from time to time elect to receive, without the payment by the holder
of any additional consideration, that number of Warrant Shares determined as
hereinafter provided in this Section 3 by the surrender of this Warrant or any
portion hereof to the Corporation, accompanied by an executed Notice of
Exchange in substantially the form thereof attached hereto (the "Net Issue
Election"). Thereupon, the Corporation shall issue to the holder hereof such
number of fully paid and nonassessable Warrant Shares as is computed using the
following formula:

                                   X = Y (A-B)
                                       -------
                                          A

where X =   the number of Warrant Shares to be issued to the holder pursuant to
            this Section 3.

      Y =   the number of Warrant Shares covered by this Warrant in respect of
            which the Net Issue Election is made pursuant to this Section 3.

      A =   the Fair Market Value (as hereinafter defined) of one Warrant Share
            determined at the time the Net Issue Election is made pursuant to
            this Section 3 (the "Determination Date").

      B =   the Warrant Price in effect under this Warrant at the time the Net
            Issue Election is made pursuant to this Section 3.

For purposes of the above calculation, "Fair Market Value" of one Warrant Share
as of the Determination Date shall mean:

            (i)   (A) if the Common Stock of the Corporation is not then traded
      on a national securities exchange, the average of the closing prices
      quoted on the National Association of Securities Dealers, Inc. Automated
      Quotation National Market System, if applicable, or the average of the
      last bid and asked prices of the Common Stock quoted in the
      over-the-counter-market or (B) if the Common Stock is then traded on a
      national securities exchange, the average of the high and low prices of
      the Common Stock listed on the principal national securities exchange on
      which the Common Stock is so traded, in each case for the twenty

                                       3

<PAGE>   35

                                                                    CONFIDENTIAL

      (20) trading days immediately preceding the Determination Date or, if such
      date is not a business day on which shares are traded, the next
      immediately preceding trading day;

            (ii)  in the event of a Warrant Exchange in connection with a
      Corporate Transaction, the value per share of Common Stock received or
      receivable by each holder thereof (assuming for purposes of this
      determination, in the case of a sale of assets, the Corporation is
      liquidated immediately following such sale and the consideration paid to
      the Corporation is immediately distributed to its stockholders); and

            (iii) in all other circumstances, the fair market value per share
      of Common Stock as determined by a nationally recognized independent
      investment banking firm jointly selected by the Corporation and the
      holder of this Warrant or, if such selection cannot be made within five
      business days after delivery of the Notice of Exchange referred to above,
      by a nationally recognized independent investment banking firm selected
      by the American Arbitration Association then obtaining.

The closing of any Warrant Exchange shall take place at the offices of the
Corporation on the date specified in the Notice of Exchange (the "Exchange
Date"), which shall be not less than five and not more than 30 days after the
delivery of such Notice. At such closing, the Corporation shall issue and
deliver to the holder or its designee a certificate or certificates for the
Warrant Shares to be issued upon such Warrant Exchange, registered in the name
of the holder or such designee, and if such Warrant Exchange shall not have
been for all Warrant Shares, a new Warrant, registered in the name of the
holder, of like tenor to this Warrant for the number of shares still subject to
this Warrant following such Warrant Exchange.

      4.    ADJUSTMENT OF WARRANT PRICE.

            (a)   The Warrant Price shall be subject to adjustment from time to
time as follows:

            (i)   If the Corporation shall at any time or from time to time
      during the Exercise Period, issue any shares of Common Stock (or be
      deemed to have issued any shares of Common Stock as provided herein),
      other than Excluded Securities (as defined in Section 4(a)( v)) without
      consideration or for a consideration per share less than the Fair Market
      Value (determined in accordance with the formula set forth in Section 3)
      of a share of Common Stock in effect immediately prior to the issuance of
      Common Stock, the Warrant Price in effect immediately prior to such
      issuance shall forthwith be lowered to a price equal to the quotient
      obtained by dividing: (x) an amount equal to the sum of (1) the total
      number of shares of Common Stock outstanding (including any shares of
      Common Stock deemed to have been issued pursuant to Section 4(a)(ii)(D))
      immediately prior to such issuance multiplied by the Warrant Price in
      effect immediately prior to such issuance, plus (2) the consideration
      received by the Corporation upon such

                                       4

<PAGE>   36

                                                                    CONFIDENTIAL

      issuance, by (y) the total number of shares of Common Stock outstanding
      (including any shares of Common Stock deemed to have been issued pursuant
      to Section 4(a)(ii)(D)) immediately after the issuance of such Common
      Stock.

            (ii)  For the purposes of any adjustment of the Warrant Price
      pursuant to Section 4(a)(i), the following provisions shall be
      applicable:

                  (A)   In the case of the issuance of Common Stock for cash,
      the consideration shall be deemed to be the amount of cash paid therefor
      before deducting therefrom any discounts, commissions or other expenses
      allowed, paid or incurred by the Corporation for any underwriting or
      otherwise in connection with the issuance and sale thereof.

                  (B)   In the case of the issuance of Common Stock for a
      consideration in whole or in part other than cash, the consideration
      other than cash shall be deemed to be the fair market value thereof as
      determined in good faith by the Board of Directors of the Corporation,
      irrespective of any accounting treatment.

                  (C)   In the case of the issuance of Common Stock without
      consideration, the consideration shall be deemed to be $0.01 per share.

                  (D)   In the case of the issuance of (x) options to purchase
      or rights to subscribe for Common Stock, (y) securities by their terms
      convertible into or exchangeable for Common Stock or (z) options to
      purchase rights to subscribe for such convertible or exchangeable
      securities:

                        (1)   the aggregate maximum number of shares of Common
       Stock deliverable upon exercise of such options to purchase or rights to
       subscribe for Common Stock shall be deemed to have been issued at the
       time such options or rights were issued and for a consideration equal to
       the consideration (determined in the manner provided in subdivisions
       (A), (B) and (C) above), if any, received by the Corporation upon the
       issuance of such options or rights plus the minimum purchase price
       provided in such options or rights for the Common Stock covered thereby;

                        (2)   the aggregate maximum number of shares of Common
       Stock deliverable upon conversion of or in exchange for any such
       convertible or exchangeable securities or upon the exercise of options
       to purchase or rights to subscribe for such convertible or exchangeable
       securities and subsequent conversion or exchange thereof shall be deemed
       to have been issued at the time such securities were issued or such
       options or rights were issued and for a consideration equal to the
       consideration received by the Corporation for any such securities and
       related options or rights (excluding any cash received on account of
       accrued interest or accrued dividends), plus the additional
       consideration, if any, to be received by the Corporation upon the
       conversion or exchange of such

                                       5

<PAGE>   37

                                                                    CONFIDENTIAL

            securities or the exercise of any related options or rights (the
            consideration in each case to be determined in the manner provided
            in subdivisions (A), (B) and (C) above);

                        (3)   on any change in the number of shares or exercise
            price of Common Stock deliverable upon exercise of any such options
            or rights or conversions of or exchanges for such securities, other
            than a change resulting from the antidilution provisions thereof,
            the applicable Warrant Price shall forthwith be readjusted to such
            Warrant Price as would have resulted had the adjustment made upon
            the issuance of such options, rights or securities not converted
            prior to such change (or options or rights related to such
            securities not converted prior to such change) been made upon the
            basis of such change; provided, however, that such readjustment
            shall not result in a Warrant Price that is greater than the
            original Warrant Price; and

                        (4)   on the expiration of all such options or rights,
            the termination of all such rights to convert or exchange or the
            expiration of all options or rights related to such convertible or
            exchangeable securities in each case having been issued by the
            Corporation for the same consideration (as determined pursuant to
            subdivision (A), (B) and (C) above), the applicable Warrant Price
            shall forthwith be readjusted to such Warrant Price as would have
            resulted had the adjustment made upon the issuance of such options,
            rights, securities or options or rights related to such securities
            not been made; provided, however, that such readjustment shall not
            result in a Warrant Price that is greater that the original Warrant
            Price.

                  (iii) If, at any time during the Exercise Period, the number
   of shares of Common Stock outstanding is increased by a stock dividend
   payable in shares of Common Stock or by a subdivision or split-up of shares
   of Common Stock, then, following the record date fixed for the determination
   of holders of Common Stock entitled to receive such stock dividend,
   subdivision or split-up, the Warrant Price shall be appropriately decreased
   and the number of shares of Common Stock issuable upon exercise of this
   Warrant shall be appropriately increased, in each case in proportion to such
   increase in outstanding shares.

                  (iv)  If, at any time during the Exercise Period, the number
   of shares of Common Stock outstanding is decreased by a combination of the
   outstanding shares of Common Stock, then, following the record date for such
   combination, the Warrant Price shall be appropriately increased and the
   number of shares of Common Stock issuable upon exercise of this Warrant
   shall be appropriately decreased, in each case, in proportion to such
   decrease in outstanding shares.

                  (v)   For purposes of Section 4(a), the term "Excluded
   Securities" shall mean (A) shares of Common Stock (subject to equitable
   adjustment

                                       6

<PAGE>   38

                                                                    CONFIDENTIAL

   for stock splits, dividends, combinations and like occurrences) issued to
   officers, employees or directors of Corporation, pursuant to any agreement,
   plan or arrangement approved by the Board of Directors of the Corporation,
   or options to purchase or rights to subscribe for such Common Stock, or
   securities by their terms convertible into or exchangeable for such Common
   Stock, or options to purchase or rights to subscribe for such convertible or
   exchangeable securities pursuant to such agreement, plan or arrangement; (B)
   shares of Common Stock issued as a stock dividend or upon any stock split or
   other subdivision or combination of shares of Common Stock; (C) securities
   issued pursuant to the acquisition of another corporation or other entity by
   the Corporation by merger or purchase of stock or purchase of all or
   substantially all of such other corporation's or other entity's assets
   whereby the Corporation owns not less than a majority of the voting power of
   such other corporation or other entity following such acquisition or
   purchase; or (D) securities issued in an underwritten public offering
   approved by the Board of Directors.

                  (vi)  All calculations under this Section 4 shall be made to
   the nearest one tenth (1/10) of a cent or to the nearest one tenth (1/10) of
   a share, as the case may be.

            (b)   Whenever the Warrant Price shall be adjusted as provided in
this Section 4 the Corporation shall forthwith file, at the office of the
Corporation or any transfer agent designated by the Corporation for the Common
Stock, a statement, signed by its chief financial officer, showing in detail
the facts requiring such adjustment and the adjusted Warrant Price. The
Corporation shall also cause a copy of such statement to be sent by first-class
certified mail, return receipt requested, postage prepaid, to each holder of a
Warrant at his or its address appearing on the Corporation's records. Where
appropriate, such copy may be given in advance and may be included as part of a
notice required to be mailed under the provisions set forth immediately below.

            (c)   In the event the Corporation shall propose to take any action
of the types described in Section 4(a)(iii) or (iv) or Section 11, the
Corporation shall give notice to each holder of a Warrant in the manner set
forth herein, which notice shall specify the record date, if any, with respect
to any such action and the date on which such action is to take place. Such
notice shall also set forth such facts with respect thereto as shall be
reasonably necessary to indicate the effect of such action (to the extent such
effect may be known at the date of such notice) on the Warrant Price then in
effect and the number, kind or class of shares or other securities or property
which shall be delivered or purchasable upon the occurrence of such action or
deliverable upon exercise of this Warrant. In the case of any action which
would require the fixing of a record date, such notice shall be given at least
10 days prior to the date so fixed, and in case of all other action, such
notice shall be given at least 20 days prior to the taking of such proposed
action. Failure to give such notice, or any defect therein, shall not affect
the legality or validity of any such action.

      5.    ADJUSTMENT OF WARRANT SHARES. Upon each adjustment of the Warrant
Price as provided in Section 4, the holder hereof shall thereafter be entitled
to subscribe

                                       7

<PAGE>   39

                                                                    CONFIDENTIAL

for and purchase, at the Warrant Price resulting from such adjustment, the
number of Warrant Shares equal to the product of (i) the number of Warrant
Shares existing prior to such adjustment and (ii) the quotient obtained by
dividing (A) the Warrant Price existing prior to such adjustment by (B) the new
Warrant Price resulting from such adjustment. No fractional shares of Common
Stock shall be issued as a result of any such adjustment, and any fractional
shares resulting from the computations pursuant to this paragraph shall be
eliminated without consideration.

      6.    COVENANTS AS TO COMMON STOCK. The Corporation covenants and agrees
that all shares of Common Stock that may be issued upon the exercise of the
rights represented by this Warrant, will, upon issuance, be validly issued,
fully paid and non-assessable and free from all taxes, liens and charges with
respect to the issuance thereof. The Corporation further covenants and agrees
that the Corporation will from time to time take all such action as may be
requisite to assure that the stated or par value per share of Common Stock is
at all times equal to or less than the then effective Warrant Price per share
of Common Stock issuable upon exercise of this Warrant. The Corporation further
covenants and agrees that the Corporation will at all times have authorized and
reserved, free from preemptive rights, a sufficient number of shares of Common
Stock to provide for the exercise of the rights represented by this Warrant.
The Corporation further covenants and agrees that if any shares of capital
stock to be reserved for the purpose of the issuance of shares of Common Stock
upon the exercise of this Warrant require registration with or approval of any
governmental authority under any Federal or state law before such shares may be
validly issued or delivered upon exercise, then the Corporation will in good
faith and expeditiously as possible endeavor to secure such registration or
approval, as the case may be. If and so long as the Common Stock issuable upon
the exercise of the rights represented by this Warrant is listed on any
national securities exchange, the Corporation will, if permitted by the rules
of such exchange, list and keep listed on such exchange, upon official notice
of issuance, all shares of such capital stock.

      7.    NO SHAREHOLDER RIGHTS. This Warrant shall not entitle the holder
hereof to any voting rights or other rights as a shareholder of the
Corporation.

      8.    RESTRICTIONS ON TRANSFER. The holder of this Warrant acknowledges
that neither this Warrant nor the Warrant Shares have been registered under the
Securities Act of 1933, as amended (the "Securities Act") and the holder of
this Warrant agrees that no sale, transfer, assignment, hypothecation or other
disposition of this Warrant or the Warrant Shares shall be made in the absence
of (a) current registration statement under the Securities Act as to this
Warrant or the Warrant Shares and the registration or qualification of this
Warrant or the Warrant Shares under any applicable state securities laws is
then in effect or (ii) an opinion of counsel reasonably satisfactory to the
Corporation to the effect that such registration or qualification is not
required. Each certificate or other instrument for Warrant Shares issued upon
exercise of this Warrant shall, if required under the Securities Act or the
rules promulgated thereunder, be imprinted with a legend substantially to the
foregoing effect.

                                       8

<PAGE>   40

                                                                    CONFIDENTIAL

      9.    Investor Rights Agreement. Anything contained herein to the
contrary notwithstanding, the Warrant Shares shall be entitled to all rights
and benefits accorded thereto in that certain Third Amended and Restated
Investors' Rights Agreement, dated as of December 22, 1999, by and among the
Corporation and the Investors (as defined therein) .

      10.   TRANSFER OF WARRANT; AMENDMENT. Subject to the restriction set
forth in Section 8, this Warrant and all rights hereunder are transferable, in
whole, or in part, at the agency or office of the Corporation referred to in
Section 2, by the holder hereof in person or by duly authorized attorney, upon
surrender of this Warrant properly endorsed. Each taker and holder of this
Warrant, by taking or holding the same, consents and agrees that this Warrant,
when endorsed, in blank, shall be deemed negotiable, and, when so endorsed the
holder hereof may be treated by the Corporation and all other persons dealing
with this Warrant as the absolute owner hereof for any purposes and as the
person entitled to exercise the rights represented by this Warrant, or to the
transfer hereof on the books of the Corporation, any notice to the contrary
notwithstanding; but until each transfer on such books, the Corporation may
treat the registered holder hereof as the owner hereof for all purposes.

      11.   REORGANIZATIONS, ETC. In case, at any time during the Exercise
Period, of any capital reorganization, of any reclassification of the stock of
the Corporation (other than a change in par value or from par value to no par
value or from no par value to par value or as a result of a stock dividend or
subdivision, split-up or combination of shares), or the consolidation or merger
of the Corporation with or into another corporation (other than a consolidation
or merger in which the Corporation is the continuing operation and which does
not result in any change in the Common Stock) or of the sale of all or
substantially all the properties and assets of the Corporation as an entirety
to any other corporation, this Warrant shall, after such reorganization,
reclassification, consolidation, merger or sale, be exercisable for the kind
and number of shares of stock or other securities or property of the
Corporation or of the corporation resulting from such consolidation or
surviving such merger or to which such properties and assets shall have been
sold to which such holder would have been entitled if he had held the Common
Stock issuable upon the exercise hereof immediately prior to such
reorganization, reclassification, consolidation, merger or sale. In any such
reorganization or other action or transaction described above, appropriate
provision shall be made with respect to the rights and interests of the holder
of this Warrant to the end that the provisions hereof (including, without
limitation, provisions for adjustments of the Warrant Price and of the number
of shares purchasable and receivable upon the exercise of this Warrant) shall
thereafter be applicable, as nearly as may be, in relation to any shares of
stock, securities or assets thereafter deliverable upon the exercise hereof.
The Corporation will not effect any such consolidation, merger or sale unless,
prior to the consummation thereof, the successor corporation or entity (if
other than the Corporation) resulting from such transaction or the corporation
or entity purchasing such assets shall assume by written instrument, executed
and mailed or delivered to the registered holder hereof at the last address of
such holder appearing on the books of the Corporation, the obligation to
deliver to such holder such shares of stock, securities or assets as, in
accordance with the foregoing provisions, such holder may be entitled to
purchase.

                                       9

<PAGE>   41

                                                                    CONFIDENTIAL

      12.   LOST, STOLEN, MUTILATED OR DESTROYED WARRANT. If this Warrant is
lost, stolen, mutilated or destroyed, the Corporation may, on such terms as to
indemnity or otherwise as it may in its discretion impose (which shall, in the
case of a mutilated Warrant, include the surrender thereof), issue a new
Warrant of like denomination and tenor as the Warrant so lost, stolen,
mutilated or destroyed. Any such new Warrant shall constitute an original
contractual obligation of the Corporation, whether or not the allegedly lost,
stolen, mutilated or destroyed Warrant shall be at any time enforceable by
anyone.

      13.   MODIFICATION AND WAIVER. This Warrant and any provision hereof may
be changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of the same is sought.

      14.   NOTICES. All notices, advices and communications to be given or
otherwise made to any party to this Agreement shall be deemed to be sufficient
if contained in a written instrument delivered in person or by telecopier or
duly sent by first class registered or certified mail, return receipt
requested, postage prepaid, or by overnight courier, or by electronic mail,
with a copy thereof to be sent by mail (as aforesaid) within 24 hours of such
electronic mail, addressed to such party at the address set forth below or at
such other address as may hereafter be designated in writing by the addressee
to the addresser listing all parties:

            If to the Corporation, to:

               VarsityBooks.com Inc.
               2020 K St., NW
               6th Floor
               Washington, DC 20006
               Attention:  Richard Hozik
               Telecopier:  202-332-5498
               Electronic mail:  rich@varsitybooks.com

               With a copy to:

               Shaw Pittman
               1676 International Drive
               McLean, Virginia 22102-4835
               Attention: Andrew M. Tucker
               Telecopier:  703-790-7901
               Electronic mail: andy.tucker@shawpittman.com

         and

                                       10

<PAGE>   42

                                                                    CONFIDENTIAL

            If to AOL as follows:

               America Online, Inc.
               22000 AOL Way
               Dulles, Virginia  20166
               Attention:  General Counsel
               Telecopier: (703) 265-2208
               Electronic mail:  PTCapp@aol.com

Or to such other address as the party to whom notice is to be given may have
furnished to the other parties hereto in writing in accordance herewith. Any
such notice or communication shall be deemed to have been delivered and
received (i) in the case of personal delivery or delivery by telecopier, on the
date of such deliver, (ii) in the case of nationally-recognized overnight
courier, on the next business day after the date when sent and (ii) in the case
of mailing, on the third business day following that on which the piece of mail
containing such communication is posted. As used in this Section 14, "business
day" shall mean any day other than a day on which banking institutions in the
Commonwealth of Virginia are legally closed for business.

      15.   BINDING EFFECT ON SUCCESSORS; SURVIVAL. This Warrant shall be
binding upon any corporation succeeding the Corporation by merger,
consolidation or acquisition of all or substantially all of the Corporation's
assets. All of the obligations of the Corporation relating to the Common Stock
issuable upon the exercise of this Warrant shall survive the exercise and
termination of this Warrant. All of the covenants and agreements of the
Corporation shall inure to the benefit of the successors and assigns of AOL.

      16.   DESCRIPTIVE HEADINGS AND GOVERNING LAW. The description headings of
the several sections and paragraphs of this Warrant are inserted for
convenience only and do not constitute a part of this Warrant. This Warrant
shall be construed and enforced in accordance with, and the rights of the
parties shall be governed by, the laws of the State of Delaware.

      17.   FRACTIONAL SHARES. No fractional shares shall be issued upon
exercise of this Warrant. The Corporation shall, in lieu of issuing any
fractional share, pay the holder entitled to such fraction a sum in cash equal
to such fraction multiplied by the then Fair Market Value of one Warrant Share.

                                     * * *

                                       11

<PAGE>   43

                                                                    CONFIDENTIAL

      IN WITNESS WHEREOF, the undersigned have caused this Warrant and Warrant
Agreement to be executed by their duly authorized officers on the date first
above written.

                                    VARSITYBOOKS.COM INC.

                                    By:  /s/ VARSITYBOOKS.COM INC.
                                        ----------------------------------------
                                          Name:  Eric J. Kuhn
                                          Title: Chief Executive Officer

ATTEST:
        ---------------------------
         SECRETARY

                                    AMERICA ONLINE, INC.

                                    By:  /s/ AMERICA ONLINE, INC.
                                        ----------------------------------------
                                          Name:
                                          Title:

                                       12

<PAGE>   44

                                                                    CONFIDENTIAL

                              FORM OF SUBSCRIPTION

                    [To be signed upon exercise of Warrant]

            The undersigned, the holder of the Warrant, hereby irrevocably
elects to exercise the purchase rights represented by such Warrant for, and to
purchase thereunder, _________ shares of _________ of Varsitybooks.com Inc.,
and herewith makes payment of $_________ therefor, and requests that the
certificates for such shares be issued in the name of and delivered to,
_________________________________, whose address is
_________________________________________________.

Dated:
      --------------
                                    ---------------------------------
                                   (Signature)

                                    ---------------------------------
                                    (Address)

                                       13

<PAGE>   45

                                                                    CONFIDENTIAL

                               NOTICE OF EXCHANGE

                        (To be executed by the Holder in
                        order to exchange the Warrant.)

            The undersigned hereby irrevocably elects to exchange this Warrant
into __________ shares (the foregoing number constituting the number of Warrant
Shares to be issued pursuant to Section 3 of this Warrant) of ________ of
Varsitybooks.com Inc., minus any shares to be deducted from the foregoing
number in accordance with the terms of this Warrant, according to the
conditions thereof. The undersigned desires to consummate such exchange on
________________.

Dated:

                                    -----------------------------
                                    Name of Holder:

                                    By:
                                       --------------------------

                                       14

<PAGE>   46

                                                                    CONFIDENTIAL

                               FORM OF ASSIGNMENT

                  [To be signed only upon transfer of Warrant]

            For value received, the undersigned hereby sells, assigns and
transfers unto the right represented by the Warrant to purchase _______ shares
of _________ of Varsitybooks.com Inc., to which the Warrant relates, and
appoints [Name of Attorney] to transfer such right on the books of [ISSUER],
with full power of substitution in the premises.

Dated:
      -------------
                                   ---------------------------------------------
                                   (Signature)

Signed in the presence of:

------------------------------

                                       15

<PAGE>   47
      ADDENDUM NUMBER 1 TO VARSITYBOOKS.COM INC. STOCK SUBSCRIPTION WARRANT

       This Addendum (this "Addendum") to that certain VarsityBooks.com Inc.
Stock Subscription Warrant (the "Warrant") dated December 22, 1999, by and
between America Online, Inc. ("AOL"), and VarsityBooks.com Inc. (the
"Corporation") is made as of December 22, 1999, by and between AOL and the
Corporation. Capitalized terms used herein and not otherwise defined shall have
the meanings ascribed to them in the Warrant.

       For valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Parties desire to amend certain provisions of the
Warrant as follows:

       Exhibit A of the Warrant shall be amended and restated in its entirety
to read as set forth on Exhibit A attached hereto.

       In witness whereof the Parties have executed this Addendum as of the
date written hereinabove.

AMERICA ONLINE, INC.

BY:
   ---------------------------------
TITLE:
      ------------------------------

VARSITYBOOKS.COM INC.

BY:
   ---------------------------------
TITLE:
      ------------------------------

                                      16
<PAGE>   48
                                    EXHIBIT A

                         NUMBER OF SHARES FOR WHICH THE
                          WARRANT SHALL BE EXERCISABLE:

Up to a maximum 463,246 Warrant Shares (subject to adjustment in accordance
with the terms of this Warrant) shall vest as follows:

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
Number of Warrant Shares                     Vesting
---------------------------------------------------------------------------------------------------
<S>                                          <C>
(A) 154,414                                  Fully vested as of the date hereof.
---------------------------------------------------------------------------------------------------
(B) *                                        Shall vest and become exercisable upon the
                                             attainment between the Effective Date and March 31,
                                             2000 of * "click-thrus" of the Promotions;
                                             provided, however, that if the * threshold is
                                             not attained prior to March 31, 2000, no Warrant
                                             Shares shall vest pursuant to this Exhibit A,
                                             Section (B) and these Warrant Shares shall not vest
                                             in subsequent periods.
---------------------------------------------------------------------------------------------------
(C) *                                        Shall vest and become exercisable upon the
                                             attainment between April 1, 2000 and June 30, 2000
                                             of * "click-thrus" of the Promotions;
                                             provided, however, that if the * threshold is
                                             not attained between April 1, 2000 and June 30,
                                             2000, no Warrant Shares shall vest pursuant to this
                                             Exhibit A, Section (C) and these Warrant Shares shall
                                             not vest in subsequent periods.
---------------------------------------------------------------------------------------------------
(D) *                                        Shall vest and become exercisable upon the
                                             attainment between July 1, 2000 and September 30,
                                             2000 of * "click-thrus" of the Promotions;
                                             provided, however, that if the * threshold is
                                             not attained between July 1, 2000 and September 30,
                                             2000, no Warrant Shares shall vest pursuant to this
                                             Exhibit A, Section (D) and these Warrant Shares shall
                                             not vest in subsequent periods.
---------------------------------------------------------------------------------------------------
(E) *                                        Shall vest and become exercisable upon the
                                             attainment between October 1, 2000 and December 31,
                                             2000 of * "click-thrus" of the Promotions;
                                             provided, however, that if the * threshold is
                                             not attained between October 1, 2000 and December
                                             31, 2000, no Warrant Shares shall vest pursuant to
                                             this Exhibit A, Section (E) and these Warrant Shares
                                             shall not vest in subsequent periods.
---------------------------------------------------------------------------------------------------
(F) *                                        Shall vest and become exercisable upon the
                                             attainment between the January 1, 2001 and March 31,
                                             2001 of ** "click-thrus" of the Promotions;
                                             provided, however, that if the ** threshold is
                                             not attained between January 1, 2001 and March 31,
                                             2000, no Warrant Shares shall vest pursuant to this
                                             Exhibit A, Section (F) and these Warrant Shares
                                             shall not vest in subsequent periods.
---------------------------------------------------------------------------------------------------
(G) *                                        Shall vest and become exercisable upon the
                                             attainment between April 1, 2001 and June 30, 2001
                                             of ** "click-thrus" of the Promotions;
                                             provided, however, that if the ** threshold is
                                             not attained between April 1, 2001 and June 30,
                                             2001, no Warrant Shares shall vest pursuant to this
                                             Exhibit A, Section (G) and these Warrant Shares shall
                                             not vest in subsequent periods.
---------------------------------------------------------------------------------------------------
(H) *                                        Shall vest and become exercisable upon the
                                             attainment between July 1, 2001 and September 30,
                                             2001 of ** "click-thrus" of the Promotions;
                                             provided, however, that if the ** threshold is
                                             not attained between July 1, 2001 and September 30,
                                             2001, no Warrant Shares shall vest pursuant to this
                                             Exhibit A, Section (H) and these Warrant Shares shall
                                             not vest in subsequent periods.
---------------------------------------------------------------------------------------------------
(I) *                                        Shall vest and become exercisable upon the
                                             attainment between October 1, 2001 and December 31,
                                             2001 of ** "click-thrus" of the Promotions;
                                             provided, however, that if the ** threshold is
                                             not attained between October 1, 2001 and December
                                             31, 2001, no Warrant Shares shall vest pursuant to
                                             this Exhibit A, Section (I) and these Warrant Shares
                                             shall not vest in subsequent periods.
---------------------------------------------------------------------------------------------------
(J) *                                        Shall vest and become exercisable upon the
                                             attainment between the January 1, 2002 and March 31,
                                             2002 of ** "click-thrus" of the Promotions;
                                             provided, however, that if the ** threshold is
                                             not attained between January 1, 2002 and March 31,
                                             2002, no Warrant Shares shall vest pursuant to this
                                             Exhibit A, Section (J) and these Warrant Shares
                                             shall not vest in subsequent periods.
---------------------------------------------------------------------------------------------------
(K) *                                        Shall vest and become exercisable upon the
                                             attainment between April 1, 2002 and June 30, 2002
                                             of ** "click-thrus" of the Promotions;
                                             provided, however, that if the ** threshold is
                                             not attained between April 1, 2002 and June 30,
                                             2002, no Warrant Shares shall vest pursuant to this
                                             Exhibit A, Section (K) and these Warrant Shares shall
                                             not vest in subsequent periods.
---------------------------------------------------------------------------------------------------
(L) *                                        Shall vest and become exercisable upon the
                                             attainment between July 1, 2002 and September 30,
                                             2002 of ** "click-thrus" of the Promotions;
                                             provided, however, that if the ** threshold is
                                             not attained between July 1, 2002 and September 30,
                                             2002, no Warrant Shares shall vest pursuant to this
                                             Exhibit A, Section (L) and these Warrant Shares shall
                                             not vest in subsequent periods.
---------------------------------------------------------------------------------------------------
(M) *                                        Shall vest and become exercisable upon the
                                             attainment between October 1, 2002 and December 22,
                                             2002 of ** "click-thrus" of the Promotions;
                                             provided, however, that if the ** threshold is
                                             not attained between October 1, 2002 and December
                                             31, 2002, no Warrant Shares shall vest pursuant to
                                             this Exhibit A, Section (M) and these Warrant Shares
                                             shall not vest in subsequent periods.
---------------------------------------------------------------------------------------------------
</TABLE>

* Notwithstanding any provision of this Exhibit A to the contrary, in event
that ICQ shall fail to deliver the * required to be delivered under the
Agreement prior to January 15, 2001, (i) the "click-thru" thresholds required
under each of Sections (F), (G), (H) and (I) of this Exhibit A shall be
increased from * and (ii) the "click-thru" thresholds required under each of
Sections (J), (K), (L) and (M) of this Exhibit A shall be increased from *

                                      17

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