Document:

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                                                                   Exhibit 10.15

                           ASSET EXCHANGE AGREEMENT
                           ------------------------

     THIS ASSET EXCHANGE AGREEMENT (this "Agreement") is made as of August 31,
2000 among CUMULUS BROADCASTING INC., a Nevada corporation ("CBI"), CUMULUS
WIRELESS SERVICES, INC., a Nevada corporation ("CWS"), CUMULUS LICENSING CORP.,
a Nevada corporation ("CLC"; and together with CBI and CWS hereinafter referred
to collectively as "Cumulus"), the MYRTLE BEACH STATIONS TRUST (the "Trust"), a
South Carolina trust established pursuant to a certain Myrtle Beach Stations
Trust Agreement (the "Trust Agreement"), dated as of _________, 2000, between
NMG (as hereinafter defined) and the Trust and NEXTMEDIA OPERATING, INC., a
Delaware corporation ("NextMedia").

                                   Recitals
                                   --------

A.   NextMedia Group II, Inc., a Delaware corporation ("NMG") acquired various
licenses, permits and authorizations with respect to various radio stations in
the Myrtle Beach, South Carolina radio market controlled by Pinnacle
Broadcasting Company, Inc., a Delaware corporation ("Pinnacle").

B.   Principals of NMG have attributable interests in NextMedia Licensing, Inc.,
a Delaware corporation ("Licensing") which has acquired various stations in the
Myrtle Beach, South Carolina radio market controlled by Hirsh Broadcasting
Group, L.P., a Delaware limited partnership ("Hirsh").

C.   The Communications Act of 1934, as amended, and the rules, regulations and
policies (collectively, the "Communication Laws") of the Federal Communications
Commission ("FCC") do not permit common ownership or control of all of the
Pinnacle and Hirsh radio stations.

D.   As a result of complying with the conditional grant from the FCC, the
Trust, pursuant to the Trust Agreement, acquired from NMG, radio Station WYAK-
FM, Surfside Beach, South Carolina (the "Trust Station") for the purpose of
holding and operating the same and selling such Stations to a FCC-approved buyer
or buyers.

E.   CLC holds the licenses of the following radio broadcast stations (the
"Cumulus Stations") pursuant to certain authorizations issued by the FCC:

                           WQSL-FM, Jacksonville, NC
                           WXQR-FM, Jacksonville, NC

F.   CBI and CWS own various assets used in the operation of the Cumulus
Stations.

G.   Subject to the terms and conditions set forth herein, the parties desire to
exchange the Cumulus Stations Assets (as hereinafter defined) for the Trust
Station Assets (as hereinafter defined), plus Two Million US Dollars
($2,000,000.00).  The parties intend the transaction contemplated by this
Agreement to be a like-kind exchange in accordance with the provisions of
Section 1031 of the
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Internal Revenue Code of 1986, as amended (the "Code").

H.   Effective as of the date hereof  (the "TBA #1 Commencement Date"), Cumulus
and the Trust shall enter into a Time Brokerage Agreement ("TBA #1") with
respect to the Trust Station.

I.   Effective as of the date hereof, (the "TBA #2 Commencement Date"), Cumulus
and NextMedia shall enter in a Time Brokerage Agreement ("TBA #2) with respect
to the Cumulus Stations.

                                   Agreement
                                   ---------

     NOW, THEREFORE, taking the foregoing into account, and in consideration of
the mutual covenants and agreements set forth herein, the parties, intending to
be legally bound, hereby agree as follows:

                                   ARTICLE 1

                        EXCHANGE OF ASSETS/CASH PAYMENT
                        -------------------------------

     1.1. Tax Free Exchange.  The parties intend for this transaction to qualify
          -----------------
as a tax-free exchange under Section 1031 of the Code. In order to attain this
goal, the parties will, to the extent possible, exchange (i) depreciable
personal property in the same General Asset Class or Product Class, as those
terms are used in Treasury Regulation (S)1.1031 (a)-2 (b); and (ii) non-
depreciable personal property and intangible personal property for other
property of a like kind.

     1.2. Cumulus Stations Assets.  On the terms and subject to the conditions
          -----------------------
hereof, on the Closing Date (as hereinafter defined), Cumulus shall assign,
transfer, convey and deliver to NextMedia, and NextMedia shall acquire from
Cumulus, all of the right, title and interest of CBI, CWS and CLC in and to all
of the assets, properties, interests and rights of whatsoever kind and nature,
real and personal, tangible and intangible, which are used exclusively in the
operation of the Cumulus Stations and specifically described in this Section 1.2
(the "Cumulus Stations Assets"), but excluding the Cumulus Excluded Assets (as
hereafter defined). These Cumulus Stations Assets include:

          (a)  all licenses, permits and other authorizations which are issued
by the FCC and/or any other governmental authority with respect to the Cumulus
Stations (the "Cumulus FCC Licenses") and described on Schedule 1.2(a),
                                                       ---------------
including any renewals or modifications thereof between the date hereof and
Closing;

          (b)  all equipment, electrical devices, antennas, cables, tools,
hardware, office furniture and fixtures, office materials and supplies,
inventory, motor vehicles, spare parts and other tangible personal property of
every kind and description which are used exclusively in the operation of the
Cumulus Stations and listed on Schedule 1.2(b), except any retirements or
                               ---------------
dispositions thereof made between the date hereof and Closing (as hereinafter
defined) in the ordinary course of business and consistent with past practices
of Cumulus (the "Cumulus Tangible Personal Property");

                                                                               2
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          (c)  all Cumulus Time Sales Agreements and Cumulus Trade Agreements
(as each term is hereinafter defined), Cumulus Real Property Leases (as
hereinafter defined), and other contracts, agreements, and leases which are used
in the operation of the Cumulus Stations and listed on Schedule 1.2(c), together
                                                       ---------------
with all contracts, agreements, and leases made between the date hereof and
Closing in the ordinary course of business consistent with past practices,
subject to Sections 1.3, 2.4 and 11.1 (the "Cumulus Stations Contracts"). With
respect to Schedule 1.2(c), the parties have identified with an asterisk those
Cumulus Stations Contracts important to the continuation of the Cumulus
Stations' business as it is currently conducted (the "Material Cumulus Stations
Contracts");

          (d)  all rights in and to the Cumulus Stations' call letters and
Cumulus' rights in and to the trademarks, trade names, domain names, domain name
registrations, service marks, franchises, copyrights, computer software,
programs and programming material, jingles, slogans, logos, and other intangible
property which are used in the operation of the Cumulus Stations and listed on
Schedule 1.2(d) (the "Cumulus Intangible Property");
---------------

          (e)  rights in and to all the files, documents, records, and books of
account (or copies thereof) relating exclusively to the operation of the Cumulus
Stations, including the Cumulus Stations' local public files, programming
information and studies, blueprints, technical information and engineering data,
advertising studies, marketing and demographic data, sales correspondence, lists
of advertisers, credit and sales reports, and logs, but excluding records
relating to the Cumulus Excluded Assets;

          (f)  all rights in and to manufacturers' and vendors' warranties
relating to items included in the Cumulus Stations Assets and all similar rights
against third parties relating to items included in the Cumulus Stations Assets;

          (g)  any real property which is used in the operation of the Cumulus
Stations (including any of Cumulus' appurtenant easements and improvements
located thereon) and described on Schedule 1.2(g) (the "Cumulus Real Property");
                                  ---------------
and

          (h)  except for Cumulus Excluded Assets, such other assets,
properties, interests and rights that are used exclusively in connection with
the operation of the Cumulus Stations Assets or that are located as of the
Closing Date on the Cumulus Real Property.

     The Cumulus Stations Assets shall be transferred to NextMedia free and
clear of liens, claims and encumbrances ("Liens") except for (i) NextMedia
Assumed Obligations (as hereinafter defined), (ii) liens for taxes not yet due
and payable and for which NextMedia receives a credit pursuant to Section 3.3
and (iii) such liens, easements, rights of way, building and use restrictions,
exceptions, reservations and limitations listed on Schedule 1.2 (collectively,
                                                   ------------
"Cumulus Permitted Liens").

     1.3. Cumulus Excluded Assets.  Notwithstanding anything to the contrary
          -----------------------
contained herein, the Cumulus Stations Assets shall not include the following
assets along with all rights, title and interest therein (the "Cumulus Excluded
Assets"):

          (a)  all cash and cash equivalents of Cumulus, including without
limitation

                                                                               3
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certificates of deposit, commercial paper, treasury bills, marketable
securities, asset or money market accounts and all such similar accounts or
investments;

          (b)  all accounts receivable or notes receivable arising in the
operation of the Cumulus Stations prior to Closing;

          (c)  all tangible and intangible personal property of Cumulus disposed
of or consumed in the ordinary course of business of Cumulus consistent with
past practices between the date of this Agreement and Closing;

          (d)  all Cumulus Stations Contracts that terminate or expire prior to
Closing in the ordinary course of business of Cumulus;

          (e)  the CBI, CWS and CLC names, corporate minute books, charter
documents, corporate stock record books and such other books and records as
pertain to the organization, existence or share capitalization of Cumulus,
duplicate copies of the records of the Cumulus Stations, and all records not
relating exclusively to the operation of the Cumulus Stations;

          (f)  contracts of insurance, and all insurance proceeds or claims made
thereunder;

          (g)  all pension, profit sharing or cash or deferred (Section 401(k))
plans and trusts and the assets thereof and any other employee benefit plan or
arrangement and the assets thereof, if any, maintained by CBI, CWS or CLC; and

          (h)  all rights, properties and assets described on the Excluded
Assets Schedule attached hereto as Schedule 1.3(h).
                                   ---------------

     1.4. Trust Station Assets.  On the terms and subject to the conditions
          --------------------
hereof, on the Closing Date, the Trust shall assign, transfer, convey and
deliver to Cumulus, and Cumulus shall acquire from the Trust, all of the right,
title and interest of the Trust in and to all of the assets, properties,
interests and rights of the Trust of whatsoever kind and nature, real and
personal, tangible and intangible, which are used  in the operation of the Trust
Station and specifically described in this Section 1.4 (the "Trust Station
Assets"), but excluding the Trust Excluded Assets (as hereafter defined). The
Trust Station Assets include:

          (a)  all licenses, permits and other authorizations which are issued
by the FCC and/or any other governmental authority with respect to the Trust
Station (the "Trust FCC Licenses") and described on Schedule 1.4(a), including
                                                    ---------------
any renewals or modifications thereof between the date hereof and Closing;

          (b)  all equipment, electrical devices, antennas, cables, tools,
hardware, office furniture and fixtures, office materials and supplies,
inventory, motor vehicles, spare parts and other tangible personal property of
every kind and description which are used exclusively in the operation of the
Trust Station and listed on Schedule 1.4(b), except any retirements or
                            ---------------
dispositions thereof made between the date hereof and Closing in the ordinary
course of business and consistent with past

                                                                               4
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practices of the Trust (the "Trust Tangible Personal Property");

          (c)  all Trust Time Sales Agreements and Trust Trade Agreements (as
each term is hereinafter defined), the Trust Real Property Leases (as
hereinafter defined), and other contracts, agreements, and leases which are used
in the operation of the Trust Station and listed on Schedule 1.4(c), together
                                                    ---------------
with all contracts, agreements, and leases made between the date hereof and
Closing in the ordinary course of business consistent with past practices,
subject to Sections 1.5, 2.2 and 11.2 (the "Trust Station Contracts").  With
respect to Schedule 1.4(c), the parties have identified with an asterisk those
Trust Station Contracts important to the continuation of the Trust Station's
business as it is currently conducted (the "Material Trust Station Contracts");

          (d)  all rights in and to the Trust Station's call letters and the
Trust's rights in and to the trademarks, trade names, domain names, domain name
registrations, service marks, franchises, copyrights, computer software,
programs and programming material, jingles, slogans, logos, and other intangible
property which are used exclusively in the operation of the Trust Station and
listed on Schedule 1.4(d) (the "Trust Intangible Property");
          ---------------

          (e)  all rights in and to all the files, documents, records, and books
of account (or copies thereof) relating exclusively to the operation of the
Trust Station, including the Trust Station's local public files, programming
information and studies, blueprints, technical information and engineering data,
advertising studies, marketing and demographic data, sales correspondence, lists
of advertisers, credit and sales reports, and logs, but excluding records
relating to the Trust Excluded Assets; and

          (f)  all rights in and to manufacturers' and vendors' warranties
relating to items included in the Trust Station Assets and all similar rights
against third parties relating to items included in the Trust Station Assets;

          (g)  any real property which is used exclusively in the operation of
the Trust Station (including any of the Trust's appurtenant easements and
improvements located thereon) and described on Schedule 1.3(f) (the "Trust Real
                                               ---------------
Property"); and

          (h)  except for Trust Excluded Assets, such other assets, properties,
interests and rights that are used exclusively in connection with the operation
of the Trust Station Assets or that are located as of the Closing Date on the
Trust Real Property.

The Trust Station Assets shall be transferred to Cumulus free and clear of Liens
except for (i) Cumulus Assumed Obligations (as hereinafter defined), (ii) liens
for taxes not yet due and payable and for which Cumulus receives a credit
pursuant to Section 3.3 and (iii) such liens, easements, rights of way, building
and use restrictions, exceptions, reservations and limitations listed on
Schedule 1.4 (collectively, "Trust Permitted Liens").
------------

     1.5. Trust Excluded Assets.  Notwithstanding anything to the contrary
          ---------------------
contained herein, the Trust Station Assets shall not include the following
assets along with all rights, title and interest therein (the "Trust Excluded
Assets"):

                                                                               5
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          (a)  all cash and cash equivalents of the Trust including without
limitation certificates of deposit, commercial paper, treasury bills, marketable
securities, asset or money market accounts and all such similar accounts or
investments;

          (b)  all accounts receivable or notes receivable arising in the
operation of the Trust Station prior to Closing;

          (c)  all tangible and intangible personal property of the Trust
disposed of or consumed in the ordinary course of business of the Trust
consistent with past practices between the date of this Agreement and Closing;

          (d)  all Trust Station Contracts that terminate or expire prior to
Closing in the ordinary course of business of the Trust;

          (e)  the Trust's name, charter documents and such other books and
records as pertain to the organization and  existence of the Trust, duplicate
copies of the records of the Trust Station, and all records not relating
exclusively to the operation of the Trust Station;

          (f)  contracts of insurance, and all insurance proceeds or claims made
thereunder;

          (g)  all pension, profit sharing or cash or deferred (Section 401(k))
plans and trusts and the assets thereof and any other employee benefit plan or
arrangement and the assets thereof, if any, maintained by the Trust; and

          (h)  any rights, properties or assets described on the Excluded Assets
Schedule attached hereto as Schedule 1.5(h).
                            ---------------

     1.6  Cash Payment.  Subject to the prorations and adjustments provided in
          ------------
Section 3.2, at Closing NextMedia shall pay Cumulus Two Million Dollars
($2,000,000.00) by wire transfer of funds.

                                   ARTICLE 2

                           ASSUMPTION OF OBLIGATIONS
                           -------------------------

     2.1. Cumulus Assumed Obligations.  Subject to TBA #1, on the Closing Date,
          ---------------------------
Cumulus shall assume the obligations of the Trust (the "Cumulus Assumed
Obligations") arising after Closing under the Trust Station Contracts, including
without limitation, all agreements for the sale of advertising time on the Trust
Station for cash in the ordinary course of business consistent with past
practices ("Trust Time Sales Agreements") and all agreements for the sale of
advertising time on the Trust Station for non-cash consideration ("Trust Trade
Agreements").

     2.2. Trust Retained Obligations.  Cumulus does not assume or agree to
          --------------------------
discharge or perform and will not be deemed by reason of the execution and
delivery of this Agreement or any agreement, instrument or document delivered
pursuant to or in connection with this Agreement or

                                                                               6
<PAGE>

otherwise by reason of the consummation of the transactions contemplated hereby,
to have assumed or to have agreed to discharge or perform, any liabilities,
obligations or commitments of the Trust of any nature whatsoever whether
accrued, absolute, contingent or otherwise and whether or not disclosed to
Cumulus, other than the Cumulus Assumed Obligations (the "Trust Retained
Obligations").

     2.3. NextMedia Assumed Obligations.  Subject to TBA #2, on the Closing
          -----------------------------
Date, NextMedia shall assume the obligations of Cumulus (the "NextMedia Assumed
Obligations") arising after Closing under the Cumulus Stations Contracts,
including without limitation all agreements for the sale of advertising time on
the Cumulus Stations for cash in the ordinary course of business consistent with
past practices ("Cumulus Time Sales Agreements") and all agreements for the sale
of advertising time on the Cumulus Stations for non-cash consideration ("Cumulus
Trade Agreements").

     2.4. Cumulus Retained Obligations. NextMedia does not assume or agree to
          ----------------------------
discharge or perform and will not be deemed by reason of the execution and
delivery of this Agreement or any agreement, instrument or document delivered
pursuant to or in connection with this Agreement or otherwise by reason of the
consummation of the transactions contemplated hereby, to have assumed or to have
agreed to discharge or perform, any liabilities, obligations or commitments of
Cumulus of any nature whatsoever whether accrued, absolute, contingent or
otherwise and whether or not disclosed to NextMedia, other than the NextMedia
Assumed Obligations (the "Cumulus Retained Obligations").

                                   ARTICLE 3

                            DEPOSITS AND ADJUSTMENTS
                            ------------------------

     3.1. Deposit.  On or before September 15, 2000 (with no Cure Period (as
          -------
hereinafter defined), NextMedia (on behalf of NextMedia and the Trust) and
Cumulus each shall deposit an irrevocable letter of credit in the amount of One
Hundred Thousand US Dollars ($100,000.00) (respectively, the "NextMedia Deposit"
and the "Cumulus Deposit") with Media Services Group, Inc. (the "Escrow Agent")
pursuant to the Escrow Agreements (the "Escrow Agreement") appended hereto as
Exhibit 3.1 A and Exhibit 3.1 B.  If this Agreement is terminated by Cumulus due
-------------     -------------
to NextMedia's and/or the Trust's material failure to consummate the Closing on
the Closing Date in accordance with this Agreement or if this Agreement is
otherwise terminated by Cumulus pursuant to Section 19.1(b), the NextMedia
Deposit may, at Cumulus' option, be disbursed to Cumulus as payment of
liquidated damages pursuant to Section 19.2. If this Agreement is terminated by
NextMedia and /or the Trust due to Cumulus' material failure to consummate the
Closing on the Closing Date in accordance with this Agreement or if this
Agreement is otherwise terminated by NextMedia and/or the Trust pursuant to
Section 19.1 (c), the Cumulus Deposit may, at NextMedia's option, be disbursed
to NextMedia as payment of liquidated damages pursuant to Section 19.2. If this
Agreement is terminated for any other reason, the NextMedia Deposit shall be
disbursed to NextMedia, and the Cumulus Deposit shall be disbursed to Cumulus.

                                                                               7
<PAGE>

     3.2. Prorations and Adjustments.  Subject to TBA #1 and TBA #2, and except
          --------------------------
as otherwise provided herein, all deposits, reserves and prepaid and deferred
income and expenses arising from the conduct of the business and operations of
the Cumulus Stations and the Trust Station shall be prorated in accordance with
generally accepted accounting principles ("GAAP") as of 11:59 p.m. on the date
immediately preceding the Closing Date.  Such prorations shall include, without
limitation, all ad valorem, real estate and other property taxes (but excluding
transfer taxes which shall be paid as set forth in Section 16.1), business and
license fees, music and other license fees (including any retroactive
adjustments thereof), utility expenses, amounts due or to become due under
contracts, rents, lease payments and similar prepaid and deferred items. Real
estate taxes shall be apportioned on the basis of taxes assessed for the
preceding year, with a reapportionment, if any, as soon as the new tax rate and
valuation can be ascertained. Except as otherwise provided herein, the
prorations and adjustments contemplated by this Section 3.2, to the extent
practicable, shall be made on the Closing Date. As to those prorations and
adjustments not capable of being ascertained on the Closing Date, an adjustment
and proration shall be made within ninety (90) calendar days of the Closing
Date. In the event of any disputes between the parties as to such adjustments,
the amounts not in dispute shall nonetheless be paid at the time provided herein
and such disputes shall be determined by an independent certified public
accountant mutually acceptable to the parties, and the fees and expenses of such
accountant shall be paid one-half by Cumulus and one-half by the Trust.

     3.3. Allocation.
          ----------

          (a)  The values of the assets comprising the Cumulus Stations Assets
and the Trust Station Assets shall be determined by an appraisal (the
"Appraisal") prepared by Broadcast Investment Analysts (whose fees shall be
borne equally between Cumulus and the Trust).  Prior to Closing, the parties
hereto shall prepare and exchange schedules which, for each party to this
Agreement, show the respective Cumulus Stations Assets and Trust Station Assets
to be conveyed and acquired at Closing under this Agreement.

          (b)  Before or after Closing, the parties hereto shall prepare
schedules (the "Exchange Group Schedules") which (i) divide the Trust Station
Assets and the Cumulus Stations Assets into both "exchange groups" (in
accordance with the like-kind exchange rules covering exchanges of multiple
properties under Treasury Regulation (S) 1.1031(j)-1) and residual groups and
(ii) set forth the total value of the assets making up each such exchange group
and residual group (based upon the Appraisal). For tax purposes, the parties
shall report the exchange of assets under this Agreement consistently with the
Exchange Group Schedules and the Appraisal, including without limitation filing
when due IRS Form 8594 and (if applicable) IRS Form 8824 on the basis of the
Exchange Group Schedules and the Appraisal.

                                   ARTICLE 4

                                    CLOSING
                                    -------

     4.1. Closing.  The consummation of the exchange of assets under this
          -------
Agreement (the

                                                                               8
<PAGE>

"Closing") shall occur on a date (the "Closing Date") and at a time and place
mutually agreeable to the parties hereto within ten (10) days after FCC Consent
(as hereinafter defined) becomes a Final Order, subject to satisfaction or
waiver of the conditions to Closing contained herein (other than those to be
satisfied at Closing). Prior to Closing the parties shall hold a pre-closing
conference at a time and place mutually agreeable to the parties hereto, at
which the parties shall provide (for review only) all documents to be delivered
at Closing under this Agreement, each duly executed but undated, and otherwise
confirm their ability to timely consummate the Closing.

                                   ARTICLE 5

                             GOVERNMENTAL CONSENTS
                             ---------------------

     Closing is subject to and conditioned upon (i) prior FCC consent (the "FCC
Consent") to the assignment of the Cumulus FCC Licenses to NextMedia and the
Trust FCC Licenses to Cumulus, and (ii) the FCC action granting its consent
becoming a "Final Order", in essence, an action unappealable by virtue of (x)
                          ----------
the expiration of the period within which a timely request for appeal, review or
reconsideration could be filed and (y) the expiration of the period within which
the FCC or a court could review the action on its own motion, such periods
having expired without the filing of any request for appeal, review or
reconsideration and without the review of the action on the FCC's or court's own
motion.

     5.1. FCC.  Within ten (10) business days after the execution of this
          ---
Agreement, each of Cumulus, the Trust and NextMedia, as applicable, shall file
applications with the FCC (the "FCC Application") requesting the FCC Consent.
Each of Cumulus, the Trust and NextMedia, as applicable, shall diligently
prosecute the FCC Application and otherwise use their best efforts to obtain the
FCC Consent as soon as possible; provided, however, that no party shall be under
any obligation to contest any adverse condition imposed by the FCC on the grant
of the FCC Application or any hearing designation of the FCC Application.

     5.2. INTENTIONALLY OMITTED]
          ---------------------

     5.3.  General.  Each of Cumulus, the Trust and NextMedia, as applicable,
           -------
shall notify each other of all documents filed with or received from any
governmental agency with respect to this Agreement or the transactions
contemplated hereby. Each of Cumulus, the Trust and NextMedia shall furnish each
other with such information and assistance as such the other may reasonably
request in connection with their preparation of any governmental filing
hereunder. If Cumulus, the Trust and/or NextMedia becomes aware of any fact
relating to it which would prevent or delay the FCC Consent, such party shall
promptly notify any other party thereof and take such reasonable steps as
necessary to remove such impediment.

                                   ARTICLE 6

                            TIME BROKERAGE AGREEMENT
                            ------------------------

                                                                               9
<PAGE>

     6.1  Trust Station Agreement.  On the date hereof, the Trust and Cumulus
          -----------------------
shall enter into TBA #1 substantially in the form attached hereto as Exhibit
6.1.

     6.2  Cumulus Stations Agreement.  On the date hereof, NextMedia and Cumulus
          --------------------------
shall enter into TBA #2 substantially in the form attached hereto as Exhibit
6.2.

                                   ARTICLE 7

                       COLLECTION OF ACCOUNTS RECEIVABLE
                       ---------------------------------

     7.1. Trust Accounts Receivable.  All accounts receivable arising prior to
          -------------------------
the TBA #1 Commencement Date in connection with the operation of the Trust
Station, including but not limited to accounts receivable for advertising
revenues for programs and announcements performed prior to the TBA #1
Commencement Date and other broadcast revenues for services performed prior to
the TBA #1 Commencement Date, shall remain the property of the Trust (the "Trust
Accounts Receivable") and Cumulus shall not acquire any right or interest
therein. For a period of six months from the TBA #1 Commencement Date (the
"Trust Collection Period"), Cumulus shall collect the Trust Accounts Receivable
in the normal and ordinary course of Cumulus' business and shall apply all such
amounts collected to the debtor's oldest account receivable first. Cumulus'
obligation shall not extend to the institution of litigation, employment of
counsel or a collection agency or any other extraordinary means of collection.
During the Trust Collection Period, neither the Trust, nor its agents shall make
any direct solicitation of any such account debtor for collection purposes or
institute litigation for the collection of amounts due. Any amounts relating to
the Trust Accounts Receivable that are paid directly to the Trust shall be
retained by the Trust. Within thirty (30) calendar days after the end of each
month, Cumulus shall make a payment to the Trust equal to the amount of all
collections of Trust Accounts Receivable during the preceding month. At the end
of the Trust Collection Period, any remaining Trust Accounts Receivable shall be
returned to the Trust for collection.

     7.2. Cumulus Accounts Receivable.  All accounts receivable arising prior to
          ---------------------------
the TBA #2 Commencement Date in connection with the operation of the Cumulus
Stations, including but not limited to accounts receivable for advertising
revenues for programs and announcements performed prior to the TBA #2
Commencement Date and other broadcast revenues for services performed prior to
the TBA #2 Commencement Date, shall remain the property of Cumulus (the "Cumulus
Accounts Receivable") and NextMedia shall not acquire any right or interest
therein.  For a period of six (6) months from the TBA #2 Commencement Date (the
"Cumulus Collection Period"), NextMedia shall collect the Cumulus Accounts
Receivable in the normal and ordinary course of NextMedia's business and shall
apply all such amounts collected to the debtor's oldest account receivable
first. NextMedia's obligation shall not extend to the institution of litigation,
employment of counsel or a collection agency or any other extraordinary means of
collection.  During the Cumulus Collection Period, neither Cumulus, nor its
agents shall make any direct solicitation of any such account debtor for
collection purposes or institute litigation for the collection of amounts due.
Any amounts relating to the Cumulus Accounts Receivable that are paid directly
to Cumulus shall be retained by Cumulus.

                                                                              10
<PAGE>

Within thirty (30) calendar days after the end of each month, NextMedia shall
make a payment to Cumulus equal to the amount of all collections of Cumulus
Accounts Receivable during the preceding month. At the end of the Cumulus
Collection Period, any remaining Cumulus Accounts Receivable shall be returned
to Cumulus for collection.

                                   ARTICLE 8

                   REPRESENTATIONS AND WARRANTIES OF CUMULUS
                   -----------------------------------------

Each of CBI, CWS and CLC makes the following representations and warranties to
NextMedia and the Trust, each of which is true and correct as of the date
hereof, and shall be true and correct as of the Closing Date, and shall be
unaffected by any investigation heretofore or hereafter made by any party.  Each
of the following representations and warranties are subject to exceptions set
forth in full and complete disclosure statements corresponding to the numbered
paragraphs in this Article 8 ("Disclosure Statements").  Cumulus has delivered
its Disclosure Statements to NextMedia and the Trust prior to the date of this
Agreement.

     8.1. Organization.  Each of CBI, CWS and CLC is duly organized, validly
          ------------
existing and in good standing under the laws of the jurisdiction of its
organization, and is qualified to do business in each jurisdiction in which the
Cumulus Stations Assets and the Trust Station Assets are located. Each has the
requisite corporate power and authority to execute and deliver this Agreement
and all of the other agreements and instruments to be executed and delivered by
Cumulus pursuant hereto (collectively, the "Cumulus Ancillary Agreements"), to
consummate the transactions contemplated hereby and thereby and to comply with
the terms, conditions and provisions hereof and thereof.

     8.2. Authorization. The execution, delivery and performance of this
          -------------
Agreement and the Cumulus Ancillary Agreements by each of CBI, CWS and CLC have
been duly authorized and approved by all necessary action and do not require any
further authorization or consent of CBI, CWS or CLC.  This Agreement is, and
each Cumulus Ancillary Agreement when executed and delivered by Cumulus and the
other parties thereto will be, a legal, valid and binding agreement of CBI, CWS
and CLC enforceable in accordance with its respective terms, except in each case
as such enforceability may be limited by bankruptcy, moratorium, insolvency,
reorganization or other similar laws affecting or limiting the enforcement of
creditors' rights generally and except as such enforceability is subject to
general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law).

     8.3. No Conflicts.  Neither the execution and delivery by CBI, CWS or CLC
          ------------
of this Agreement and the Cumulus Ancillary Agreements or the consummation by
CBI, CWS or CLC of any of the transactions contemplated hereby or thereby nor
compliance by CBI, CWS or CLC with or fulfillment by CBI, CWS or CLC of the
terms, conditions and provisions hereof or thereof will: (i) conflict with any
of its organizational documents or any law, judgment, order, or decree to which
it is subject or, except as set forth on Schedule 1.2(c), any Cumulus Stations
                                         ---------------
Contract; or (ii) require the approval, consent, authorization or act of, or the
making by CBI, CWS or CLC of any

                                                                              11
<PAGE>

declaration, filing or registration with, any third party or any foreign,
federal, state or local court, governmental or regulatory authority or body,
except the FCC Consent.

     8.4. FCC Licenses.  Schedule 1.2 (a) lists (i) all licenses, permits and
          ------------   ----------------
other authorizations (including all broadcast auxiliary licenses, construction
permits and all grants of Special Temporary Authority ("STA")) issued by the FCC
relating to the Cumulus Stations as of the date of this Agreement and (ii) all
licenses, permits or authorizations issued to CLC by any other governmental
entities which are material to the business or operations of the Cumulus
Stations and held by CLC as of the date of this Agreement.  Such licenses,
permits and authorizations, and all applications for modification, extension or
renewal thereof or for new licenses, permits, permissions or authorizations
applicable to the business or operations of the Cumulus Stations are
collectively referred to herein as the Cumulus FCC Licenses (as further defined
in Section 1.2(a)), each of which is in full force and effect. To Cumulus'
Knowledge (defined below), the Cumulus Stations have been operated in all
material respects in accordance with the terms of the Cumulus FCC Licenses.  All
towers and other structures used in the operation of the Cumulus Stations or the
Cumulus Stations Assets or located on the Cumulus Real Property are obstruction
marked and lighted to the extent required by, and in accordance with the rules
and regulations of the Federal Aviation Administration (the "FAA"), the FCC and
other governmental entities.  Appropriate notifications to the FAA and
registrations with the FCC have been filed for such towers where required.
Except for proceedings affecting the radio broadcast industry generally, there
are no proceedings pending or, to Cumulus' Knowledge, threatened with respect to
Cumulus' ownership or operation of the Cumulus Stations which reasonably may be
expected to result in the revocation, material adverse modification, non-renewal
or suspension of any of the Cumulus FCC Licenses, the denial of any pending
applications for the Cumulus FCC Licenses, the issuance against Cumulus of any
cease and desist order, or the imposition of any administrative actions by the
FCC or any other governmental entity with respect to the Cumulus FCC Licenses,
or which reasonably may be expected to adversely affect the Cumulus Stations'
ability to operate as currently operated or NextMedia's ability to obtain
assignment of the Cumulus FCC Licenses. Except as set out in Schedule 1.2(a)
                                                             ---------------
hereto, and with the exception of such temporary reduced power operations as are
necessary for routine maintenance, the Cumulus Stations operates (A) in
conformity with the Cumulus FCC Licenses and (B) within the operating power
tolerances specified in 47 C.F.R. (S)73.1560(b) and 47 C.F.R. (S)73.1560(a)(1).
To Cumulus' Knowledge, no other broadcast Stations or radio communications
facility is causing interference to the Cumulus Stations' transmissions beyond
that which is allowed by FCC rules and regulations.  Cumulus has all necessary
authority to use the call signs set forth on Schedule 1.2 (a). For purposes of
                                             ----------------
this Agreement, "Knowledge" means that the applicable representation or warranty
is deemed to have been made following due inquiry of appropriate officers and
directors and records and investigation of publicly available records.

     8.5. Taxes.  Each of CBI, CWS and CLC has, in respect of the Cumulus
          -----
Stations' business, filed all foreign, federal, state, county and local income,
excise, property, sales, use, franchise and other tax returns and reports which
are required to have been filed by it under applicable law and has paid all
taxes which have become due pursuant to such returns or pursuant to any
assessments which have become payable.

                                                                              12
<PAGE>

     8.6. Personal Property.  Schedule 1.2(b) contains a list of all material
          -----------------   ---------------
items of Cumulus Tangible Personal Property included in the Cumulus Stations
Assets.  Cumulus has title to the Cumulus Tangible Personal Property free and
clear of Liens other than Cumulus Permitted Liens.

     8.7. Real Property.  Schedule 1.2(g) contains a description (including the
          -------------   ---------------
street address and legal description) of all Cumulus Real Property included in
the Cumulus Stations Assets. Schedule 1.2(g) includes a description of each real
                             ---------------
property lease or similar agreement included in the Cumulus Stations Assets (the
"Cumulus Real Property Leases").Cumulus Real Property Leases provide access to
the Cumulus Stations' facilities.  To Cumulus' Knowledge, the Cumulus Real
Property is not subject to any suit for condemnation or other taking by any
public authority.

     8.8. Contracts.  Each of the Cumulus Stations Contracts (including without
          ---------
limitation each of the Cumulus Real Property Leases) is in effect and is binding
upon Cumulus and, to Cumulus's Knowledge, the other parties thereto (subject to
bankruptcy, insolvency, reorganization or other similar laws relating to or
affecting the enforcement of creditors' rights generally).  Each of CBI, CWS and
CLC has performed its obligations under each of the Cumulus Stations Contracts
in all material respects, and is not in material default thereunder, and to
Cumulus's Knowledge, no other party to any of the Cumulus Stations Contracts is
in default thereunder in any material respect.

     8.9. Environmental. On the date of this Agreement, except as previously
          -------------
revealed to NextMedia:

          (a)  To Cumulus' Knowledge, the Cumulus Real Property used in
connection with the Cumulus Stations and the business and operations thereon is,
and except with respect to any predecessor or prior owner, operator or lessee
(each a "Predecessor"), in substantial compliance with all applicable federal,
state and local statutes, codes, rules, ordinances or regulations relating to
the environment, natural resources and public or employee health and safety
(collectively, the "Environmental Laws").

          (b)  No judicial or administrative proceedings are pending or, to
Cumulus' Knowledge, threatened against Cumulus or any of the Cumulus Real
Property used in connection with the Cumulus Stations, alleging the violation of
or seeking to impose liability pursuant to any Environmental Law. No notice or
claim from any governmental entity or other person has been given to Cumulus
claiming  violation  of or alleging any liability under remediation of any
Environmental Laws in connection with any  of the Cumulus Real Property used in
connection with the Cumulus Stations or operations thereon.

          (c)  To Cumulus' Knowledge, there are no facts, circumstances or
conditions  on the Cumulus Real Property or the business or operations thereon
used in connection with the Cumulus Stations or the business and operations
thereon which are reasonably likely to give rise to an environmental claim or
result in Environmental Costs and Liabilities (as hereinafter defined).

          (d)  To Cumulus' Knowledge, all substances, materials or waste that
are regulated

                                                                              13
<PAGE>

by federal, state or local government under the Environmental Laws as hazardous,
toxic or a pollutant or contaminant, as well as any petroleum or petroleum
derived product, used or generated by Cumulus or, to Cumulus' Knowledge, by any
Predecessor in connection with the Cumulus Real Property and used in connection
with the Cumulus Stations (collectively, the "Hazardous Substances"), have been
stored, used, treated, and disposed of by such persons or on their behalf in
such manner as not to result in any material Environmental Costs or Liabilities.
"Environmental Costs and Liabilities" means any losses, including environmental
remediation costs, clean up funds, liabilities, obligations, damages, fines,
penalties or judgments, arising from or under any Environmental Law or order of
or agreement with any governmental entity or other person.

           (e)  To Cumulus' Knowledge, there are not now, nor have there been in
the past, on, in or under any  Cumulus Real Property used in connection with the
Cumulus Stations when owned, leased or operated by Cumulus,  or to Cumulus'
Knowledge, when owned, leased or operated by any Predecessor, any of the
following: underground storage tanks, above-ground storage tanks, dikes or
impoundments containing (i) Hazardous Substances, (ii) asbestos containing
materials, (iii) polychlorinated biphenyls or (iv) radioactive substances or
related compounds (other than those labeled and maintained in accordance with
applicable Environmental Laws) in amounts or concentrations regulated under the
Environmental Laws.

           (f)  The Cumulus Stations' operations do not have a significant
environmental impact, as defined by 47 C.F.R. (S) 1.1307.

     8.10. Intangible Property.  Schedule 1.2(d) contains a description of
           -------------------   ---------------
the material Cumulus Intangible Property included in the Cumulus Stations
Assets.  Except as set forth on Schedule 1.2(d), Cumulus has received no notice
                                ---------------
of any claim that its use of the Cumulus Intangible Property infringes upon any
third party rights.  Except as set forth on Schedule 1.2(d), Cumulus owns or has
                                            ---------------
the right to use the Cumulus Intangible Property free and clear of Liens other
than Cumulus Permitted Liens.

     8.11. Compliance with Law.  Each of CBI, CWS and CLC has complied in all
           -------------------
material respects with all laws, regulations, rules, writs, injunctions,
ordinances, franchises, decrees or orders of any court or of any foreign,
federal, state, municipal or other governmental authority which are applicable
to the operation of the Cumulus Stations. To Cumulus' Knowledge, there is no
action, suit or proceeding pending or threatened against CBI, CWS or CLC in
respect of the Cumulus Stations that will subject NextMedia and/or the Trust to
material liability or which questions the legality or propriety of the
transactions contemplated by this Agreement. To Cumulus' Knowledge, there are no
governmental claims or investigations pending or threatened against CBI, CWS or
CLC in respect of the Cumulus Stations (except those affecting the industry
generally).

     8.12. No other Finder. No broker, finder or other person is entitled to
           ---------------
a commission, brokerage fee or other similar payment in connection with this
Agreement or the transactions contemplated hereby as a result of any agreement
or action of Cumulus or any party acting on Cumulus' behalf, except Media
Services Group, Inc., whose fees shall be shared equally by Cumulus and
NextMedia.

                                                                              14
<PAGE>

     8.13. Absence of Undisclosed Liabilities. There are no material
           ----------------------------------
liabilities of CBI, CWS or CLC of any kind whatsoever with respect to the
Cumulus Stations (whether absolute, vested, matured, in arrears, accrued,
contingent or otherwise, and whether due or to become due, which are required to
be reflected on, or disclosed in the notes to their consolidated balance sheets
prepared in accordance with GAAP), other than the liabilities and obligations
(a) provided for or reserved against in Cumulus' financial statements or (b)
arising in the ordinary course of business after the date of the latest
unaudited balance sheet pertaining to the Cumulus Stations and consistent with
past experiences.

     8.14. Insurance. Cumulus has previously provided to NextMedia copies of
           ---------
all fire, liability and other forms or policies of insurance and all fidelity
bonds held by or applicable to  the Cumulus Stations setting forth in respect of
each such policy the policy name, policy number, carrier, term, type of coverage
and annual premium, each of which is in full force and effect on the date
hereof, is valid and enforceable in accordance with its terms and is in an
amount consistent with past practices.  No event or claim has occurred,
including, without limitation, the failure by CBI, CWS or CLC to give any notice
or information, or the delivery of any inaccurate or erroneous notice or
information, or any reservation of rights, which limits or impairs the rights of
the insured parties under any such insurance policies.  Cumulus shall cause
comparable policies of insurance to remain in effect for  acts, omissions and
events occurring on or prior to the Closing Date.

     8.15. Qualification.  Cumulus is legally, financially and otherwise
           -------------
qualified to be the licensee of, acquire, own and operate the Trust Station and
the Cumulus Stations under the Communication Laws.  To Cumulus's Knowledge,
there are no facts (other than Cumulus' ownership of other radio stations in the
Myrtle Beach, SC area, as previously disclosed by Cumulus) that would, under
existing law and the Communication Laws, disqualify Cumulus as an assignee of
the Trust FCC Licenses or as the owner and operator of the Trust Station.  No
request by Cumulus for waiver of any FCC rule or policy is necessary for the FCC
Consent to be obtained.  To Cumulus's Knowledge, there is no action, suit or
proceeding pending or threatened against Cumulus which could materially
adversely affect Cumulus's ability to perform its obligations hereunder.

     8.16. Legal Proceedings. There are no legal actions, suits, administrative,
           -----------------
arbitration or other proceedings or governmental investigations pending or, to
the Knowledge of Cumulus, threatened against CBI, CWS or CLC.  To Cumulus'
Knowledge there are no facts which would give rise to any material legal action,
suit or proceeding against CBI, CWS or CLC.

                                   ARTICLE 9

                  REPRESENTATIONS AND WARRANTIES OF NEXTMEDIA
                  -------------------------------------------

NextMedia makes the following representations and warranties to Cumulus, each of
which is true and correct as of the date hereof, and shall be true and correct
as of the Closing Date, and shall be unaffected by any investigation heretofore
or hereafter made by any party.  Each of the following representations and
warranties are subject to exceptions set forth in full and complete Disclosure
Statements corresponding to the numbered paragraphs in this Article 9.
NextMedia will deliver

                                                                              15
<PAGE>

these Disclosure Statements to Cumulus prior to the date of this Agreement.

     9.1. Organization.  NextMedia is duly organized, validly existing and in
          ------------
good standing under the laws of the jurisdiction of its organization, and is
qualified to do business in each jurisdiction in which the Cumulus Stations
Assets are located.  NextMedia has the requisite corporate power and authority
to execute and deliver this Agreement and all of the other agreements and
instruments to be executed and delivered by NextMedia pursuant hereto
(collectively, the "NextMedia Ancillary Agreements"), to consummate the
transactions contemplated hereby and thereby and to comply with the terms,
conditions and provisions hereof and thereof.

     9.2. Authorization. The execution, delivery and performance of this
          -------------
Agreement and the NextMedia Ancillary Agreements by NextMedia have been duly
authorized and approved by all necessary action of NextMedia and do not require
any further authorization or consent of NextMedia. This Agreement is, and each
NextMedia Ancillary Agreement when executed and delivered by NextMedia and the
other parties thereto will be, a legal, valid and binding agreement of NextMedia
enforceable in accordance with its respective terms, except in each case as such
enforceability may be limited by bankruptcy, moratorium, insolvency,
reorganization or other similar laws affecting or limiting the enforcement of
creditors' rights generally and except as such enforceability is subject to
general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law).

     9.3. No Conflicts.  Neither the execution and delivery by NextMedia of this
          ------------
Agreement and the NextMedia Ancillary Agreements or the consummation by
NextMedia of any of the transactions contemplated hereby or thereby nor
compliance by NextMedia with or fulfillment by NextMedia of the terms,
conditions and provisions hereof or thereof will: (i) conflict with any
organizational documents of NextMedia or any law, judgment, order, or decree to
which NextMedia is subject or, except as set forth on Schedule 1.4(c), any
                                                      ---------------
NextMedia Stations Contract; or (ii) require the approval, consent,
authorization or act of, or the making by NextMedia of any declaration, filing
or registration with, any third party or any foreign, federal, state or local
court, governmental or regulatory authority or body, except the FCC Consent.

     9.4. No other Finder.  No broker, finder or other person is entitled to
          ---------------
commission, brokerage fee or other similar payment in connection with this
Agreement or the transactions contemplated hereby as a result of any agreement
or action of NextMedia or any party acting on NextMedia's behalf, except Media
Services Group, Inc., whose fees shall be shared equally by NextMedia and
Cumulus.

     9.5. Qualification.  NextMedia is legally, financially and otherwise
          -------------
qualified to be the licensee of, acquire, own and operate the Cumulus Stations
under the Communication Laws. NextMedia knows of no facts (other than
NextMedia's attributable interests in other radio stations in the Jacksonville,
NC area, as previously disclosed by NextMedia) that would, under existing law
and the Communication Laws, disqualify NextMedia as an assignee of the Cumulus
FCC Licenses or as the owner and operator of the Cumulus Stations.  No request
by NextMedia for waiver of any FCC rule or policy is necessary for the FCC
Consent to be obtained.  To NextMedia's knowledge

                                                                              16
<PAGE>

there is no action, suit or proceeding pending or threatened against NextMedia
which could materially adversely affect NextMedia's ability to perform its
obligations hereunder.

     9.6   Legal Proceedings.  There are no legal actions, suits,
           -----------------
administrative, arbitration or other proceedings or governmental investigations
pending or, to the Knowledge of NextMedia, threatened against NextMedia. To
NextMedia's Knowledge there are no facts which would give rise to any material
legal action, suit or proceeding against NextMedia.

                                   ARTICLE 10

                  REPRESENTATIONS AND WARRANTIES OF THE TRUST
                  -------------------------------------------

The Trust makes the following representations and warranties to Cumulus, each of
which is true and correct as of the date hereof, and shall be true and correct
as of the Closing Date, and shall be unaffected by any investigation heretofore
or hereafter made by any party.  Each of the following representations and
warranties are subject to exceptions set forth in full and complete Disclosure
Statements corresponding to the numbered paragraphs in this Article 10.  The
Trust will deliver these Disclosure Statements to Cumulus prior to the date of
this Agreement.

     10.1. Organization.  The Trust is duly organized, validly existing and
           ------------
in good standing under the laws of the jurisdiction of its organization, and is
qualified to do business in each jurisdiction in which the Trust Station Assets
are located.  The Trust has the requisite power and authority to execute and
deliver this Agreement and all of the other agreements and instruments to be
executed and delivered by the Trust pursuant hereto (collectively, the "Trust
Ancillary Agreements"), to consummate the transactions contemplated hereby and
thereby and to comply with the terms, conditions and provisions hereof and
thereof.

     10.2. Authorization. The execution, delivery and performance of this
           -------------
Agreement and the Trust Ancillary Agreements by the Trust have been duly
authorized and approved by all necessary action of the Trust and do not require
any further authorization or consent of the Trust.  This Agreement is, and each
Trust Ancillary Agreement when executed and delivered by the Trust and the other
parties thereto will be, a legal, valid and binding agreement of the Trust
enforceable in accordance with its respective terms, except in each case as such
enforceability may be limited by bankruptcy, moratorium, insolvency,
reorganization or other similar laws affecting or limiting the enforcement of
creditors' rights generally and except as such enforceability is subject to
general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law).

     10.3. No Conflicts.  Neither the execution and delivery by the Trust of
           ------------
this Agreement and the Trust Ancillary Agreements or the consummation by the
Trust of any of the transactions contemplated hereby or thereby nor compliance
by the Trust with or fulfillment by the Trust of the terms, conditions and
provisions hereof or thereof will:  (i) conflict with any organizational
documents of the Trust or any law, judgment, order, or decree to which the Trust
is subject or, except as set forth on Schedule 1.4(c), any Trust Station
                                      ---------------
Contract; or (ii) require the approval, consent,

                                                                              17
<PAGE>

authorization or act of, or the making by the Trust of any declaration, filing
or registration with, any third party or any foreign, federal, state or local
court, governmental or regulatory authority or body, except the FCC Consent.

     10.4. FCC Licenses.  Schedule 1.4 (a) lists (i) all licenses, permits
           ------------   ----------------
and other authorizations (including all broadcast auxiliary licenses,
construction permits and all grants of Special Temporary Authority ("STA"))
issued by the FCC relating to the Trust Station as of the date of this Agreement
and (ii) all licenses, permits or authorizations issued to the Trust by any
other governmental entities which are material to the business or operations of
the Trust Station and held by the Trust as of the date of this Agreement. Such
licenses, permits and authorizations, and all applications for modification,
extension or renewal thereof or for new licenses, permits, permissions or
authorizations applicable to the business or operations of the Trust Station are
collectively referred to herein as the Trust FCC Licenses (as further defined in
Section 1.4(a)), each of which is in full force and effect. To the Trust's
Knowledge, the Trust Station has been operated in all material respects in
accordance with the terms of the Trust FCC Licenses. All towers and other
structures used in the operation of the Trust Station or the Trust Station
Assets or located on the Trust Real Property are obstruction marked and lighted
to the extent required by, and in accordance with the rules and regulations of
the Federal Aviation Administration (the "FAA"), the FCC and other governmental
entities. Appropriate notifications to the FAA and registrations with the FCC
have been filed for such towers where required. Except for proceedings affecting
the radio broadcast industry generally, there are no proceedings pending or, to
the Trust's Knowledge, threatened with respect to the Trust's ownership or
operation of the Trust Station which reasonably may be expected to result in the
revocation, material adverse modification, non-renewal or suspension of any of
the Trust FCC Licenses, the denial of any pending applications for the Trust FCC
Licenses, the issuance against the Trust of any cease and desist order, or the
imposition of any administrative actions by the FCC or any other governmental
entity with respect to the Trust FCC Licenses, or which reasonably may be
expected to adversely affect the Trust Station's ability to operate as currently
operated or Cumulus' ability to obtain assignment of the Trust FCC Licenses.
Except as set out in Schedule 1.4(a) hereto, and with the exception of such
                     ---------------
temporary reduced power operations as are necessary for routine maintenance, the
Trust Station operates (A) in conformity with the Trust FCC Licenses and (B)
within the operating power tolerances specified in 47 C.F.R. (S)73.1560(b) and
47 C.F.R. (S)73.1560(a)(1). To the Trust's Knowledge, no other broadcast
Stations or radio communications facility is causing interference to the Trust
Station's transmissions beyond that which is allowed by FCC rules and
regulations. The Trust has all necessary authority to use the call signs set
forth on Schedule 1.4 (a).
         ----------------

     10.5. Taxes.  The Trust has, in respect of the Trust Station's business,
           -----
filed all foreign, federal, state, county and local income, excise, property,
sales, use, franchise and other tax returns and reports which are required to
have been filed by it under applicable law and has paid all taxes which have
become due pursuant to such returns or pursuant to any assessments which have
become payable.

     10.6. Personal Property.  Schedule 1.4(b) contains a list of all material
           -----------------   ---------------
items of the Trust Tangible Personal Property included in the Trust Station
Assets. The Trust has title to the Trust

                                                                              18
<PAGE>

Tangible Personal Property free and clear of Liens other than Trust Permitted
Liens.

     10.7. Real Property.  Schedule 1.4(g) contains a description of all Trust
           -------------   ---------------
Real Property included in the Trust Station Assets.  Schedule 1.4(g) includes a
                                                     ---------------
description of each real property lease or similar agreement included in the
Trust Station Assets (the "Trust Real Property Leases"). The Trust Real Property
Leases provide, access to the Trust Station's facilities. To the Trust's
Knowledge, the Trust Real Property is not subject to any suit for condemnation
or other taking by any public authority.

     10.8. Contracts.  Each of the Trust Station Contracts (including without
           ---------
limitation each of the Trust Real Property Leases) is in effect and is binding
upon the Trust and, to the Trust's Knowledge, the other parties thereto (subject
to bankruptcy, insolvency, reorganization or other similar laws relating to or
affecting the enforcement of creditors' rights generally). The Trust has
performed its obligations under each of the Trust Station Contracts in all
material respects, and is not in material default thereunder, and to the Trust's
Knowledge, no other party to any of the Trust Station Contracts is in default
thereunder in any material respect.

     10.9. Environmental. On the date of this Agreement, except as previously
           -------------
revealed to Cumulus:

          (a)  To the Trust's Knowledge, the Trust Real Property used in
connection with the Trust Station and the business and operations thereon is,
and except with respect to any predecessor or prior owner, operator or lessee
(each a "Predecessor"), in substantial compliance with all applicable federal,
state and local statutes, codes, rules, ordinances or regulations relating to
the environment, natural resources and public or employee health and safety
(collectively, the "Environmental Laws").

          (b)  No judicial or administrative proceedings are pending or, to the
Trust's Knowledge, threatened against the Trust or any of the Trust Real
Property used in connection with the Trust Station, alleging the violation of or
seeking to impose liability pursuant to any Environmental Law. No notice or
claim from any governmental entity or other person has been given to the Trust
claiming  violation  of or alleging any liability under remediation of any
Environmental Laws in connection with any  of the Trust Real Property used in
connection with the Trust Station or operations thereon.

          (c)  To the Trust's Knowledge, there are no facts, circumstances or
conditions on the Trust Real Property or the business or operations thereon used
in connection with the Trust Station or the business and operations thereon
which are reasonably likely to give rise to an environmental claim or result in
Environmental Costs and Liabilities (as hereinafter defined).

          (d)  To the Trust's Knowledge, all substances, materials or waste that
are regulated by federal, state or local government under the Environmental Laws
as hazardous, toxic or a pollutant or contaminant, as well as any petroleum or
petroleum derived product, used or generated by the Trust or, to the Trust's
Knowledge, by any Predecessor in connection with the Trust Real

                                                                              19
<PAGE>

Property and used in connection with the Trust Station (collectively, the
"Hazardous Substances"), have been stored, used, treated, and disposed of by
such persons or on their behalf in such manner as not to result in any material
Environmental Costs or Liabilities. "Environmental Costs and Liabilities" means
any losses, including environmental remediation costs, clean up funds,
liabilities, obligations, damages, fines, penalties or judgments, arising from
or under any Environmental Law or order of or agreement with any governmental
entity or other person.

            (e)  To the Trust's Knowledge, there are not now, nor have there
been in the past, on, in or under any Trust Real Property used in connection
with the Trust Station when owned, leased or operated by the Trust, or to the
Trust's Knowledge, when owned, leased or operated by any Predecessor, any of the
following: underground storage tanks, above-ground storage tanks, dikes or
impoundments containing (i) Hazardous Substances, (ii) asbestos containing
materials, (iii) polychlorinated biphenyls or (iv) radioactive substances or
related compounds (other than those labeled and maintained in accordance with
applicable Environmental Laws) in amounts or concentrations regulated under the
Environmental Laws.

            (f)  The Trust Station's operations do not have a significant
environmental impact, as defined by 47 C.F.R. (S) 1.1307.

     10.10. Intangible Property.  Schedule 1.4(d) contains a description of the
            -------------------   ---------------
material Trust Intangible Property included in the Trust Station Assets. Except
as set forth on Schedule 1.4(d), the Trust has received no notice of any claim
                ---------------
that its use of the Trust Intangible Property infringes upon any third party
rights. Except as set forth on Schedule 1.4(d), the Trust owns or has the right
                               ---------------
to use the Trust Intangible Property free and clear of Liens other than Trust
Permitted Liens.

     10.11. Compliance with Law.  The Trust  has complied in all material
            -------------------
respects with all laws, regulations, rules, writs, injunctions, ordinances,
franchises, decrees or orders of any court or of any foreign, federal, state,
municipal or other governmental authority which are applicable to the operation
of the Trust Station. To the Trust's Knowledge, there is no action, suit or
proceeding pending or threatened against the Trust in respect of the Trust
Station that will subject Cumulus to material liability or which questions the
legality or propriety of the transactions contemplated by this Agreement. To the
Trust's Knowledge, there are no governmental claims or investigations pending or
threatened against the Trust in respect of the Trust Station (except those
affecting the industry generally).

     10.12. No other Finder. No broker, finder or other person is entitled to a
            ---------------
commission, brokerage fee or other similar payment in connection with this
Agreement or the transactions contemplated hereby as a result of any agreement
or action of the Trust or any party acting on the Trust's behalf. NextMedia and
Cumulus shall each pay one half of the brokerage fee due Media Services
Group,Inc.

     10.13. Absence of Undisclosed Liabilities. There are no material
            ----------------------------------
liabilities of the Trust of any kind whatsoever with respect to the Trust
Station (whether absolute, vested, matured, in arrears, accrued, contingent or
otherwise, and whether due or to become due, which are required to be

                                                                              20
<PAGE>

reflected on, or disclosed in the notes to a consolidated balance sheet of the
Trust prepared in accordance with GAAP), other than the liabilities and
obligations (a) provided for or reserved against in the Trust's financial
statements or (b) arising in the ordinary course of business after the date of
the latest unaudited balance sheet pertaining to the Trust Station and
consistent with past experiences.

     10.14. Insurance. The Trust has previously provided to Cumulus copies of
            ---------
all fire, liability and other forms or policies of insurance and all fidelity
bonds held by or applicable to the Trust Station setting forth in respect of
each such policy the policy name, policy number, carrier, term, type of coverage
and annual premium, each of which is in full force and effect on the date
hereof, is valid and enforceable in accordance with its terms and is in an
amount consistent with past practices.  No event or claim has occurred,
including, without limitation, the failure by the Trust to give any notice or
information, or the delivery of any inaccurate or erroneous notice or
information, or any reservation of rights, which limits or impairs the rights of
the insured parties under any such insurance policies.  The Trust shall cause
comparable policies of insurance to remain in effect for acts, omissions and
events occurring on or prior to the Closing Date.

     10.15. Qualification.  To the Trust's Knowledge, the Trust is legally,
            -------------
financially and otherwise qualified to be the licensee of, own and operate the
Trust Station under the Communication Laws.  To the Trust's Knowledge, there are
no facts that would, under existing law and the Communication Laws, disqualify
the Trust, as the licensee, owner and operator of the Trust Station.  No request
by the Trust for waiver of any FCC rule or policy is necessary for the FCC
Consent to be obtained.  To the Trust's Knowledge, there is no action, suit or
proceeding pending or threatened against the Trust which could materially
adversely affect the Trust's ability to perform its obligations hereunder.

     10.16. Legal Proceedings.  There are no legal actions, suits,
            -----------------
administrative, arbitration or other proceedings or governmental investigations
pending or, to the Knowledge of the Trust, threatened against the Trust. To the
Trust's Knowledge there are no facts which would give rise to any material legal
action, suit or proceeding against the Trust.

                                   ARTICLE 11

                                   COVENANTS
                                   ---------

     11.1.  Cumulus' Covenants.  Cumulus covenants and agrees with respect to
            ------------------
the Cumulus Stations that, between the date hereof and Closing, except as
permitted by this Agreement or with the prior written consent of NextMedia,
which shall not be unreasonably withheld, Cumulus shall:

            (a) subject to TBA # 2, operate the Cumulus Stations in the ordinary
course of business consistent with past practices and in all material respects
in accordance with FCC rules and regulations and with all other applicable laws,
regulations, rules and orders;

            (b) not, other than in the ordinary course of business in accordance
with past practices, sell, lease or dispose of or agree to sell, lease or
dispose of any of the Cumulus Stations

                                                                              21
<PAGE>

Assets, or create, assume or permit to exist any Liens upon the Cumulus Stations
Assets, except for Cumulus Permitted Liens;

           (c) maintain insurance in accordance with Section 8.14;

           (d) [Intentionally Omitted]

           (e) upon reasonable written notice from NextMedia, (i) give or cause
the Cumulus Stations to give NextMedia and NextMedia's counsel, accountants,
engineers and other representatives, including environmental consultants,
reasonable access during normal business hours to all of Cumulus' properties,
books, Cumulus Stations Contracts, Cumulus Trade Agreements, Cumulus Time Sales
Agreements, reports and records including financial information and tax returns
relating to the Cumulus Stations, and to all real estate, buildings and
equipment relating to the Cumulus Stations, in order that NextMedia may have
full opportunity to make such investigation, including, but not limited to,
environmental assessments, as it desires of the affairs of the Cumulus Stations
and  (ii) furnish NextMedia with information and copies of all documents and
agreements including, but not limited to, financial and operating data and other
information concerning the financial condition, results of operations and
business of the Cumulus Stations, that NextMedia may reasonably request. The
rights of NextMedia under this Section shall not be exercised in such a manner
as to interfere unreasonably with the business of the Cumulus Stations;
provided, however, that such investigations shall not adversely effect or
diminish the effect of any and all representation and warranties made by Cumulus
herein.

           (f) not take any action that is materially inconsistent with its
obligations under this Agreement;

           (g) for a period of two (2) years following the Closing Date, make
available during normal business hours for audit and inspection by the Trust and
its representatives, for any reasonable purpose and upon reasonable notice, all
records, files, documents and correspondence transferred to it hereunder
relating to the pre-closing period.  All information, records, files, documents
and correspondence made available or disclosed to the Trust under this Section
11.1 shall be kept confidential by the Trust; and

           (h) furnish NextMedia with such information relating to the Cumulus
Stations Assets as NextMedia may reasonably request, at NextMedia's expense and
provided such request does not interfere unreasonably with the business of the
Cumulus Stations.

     11.2. Trust's Covenants.  The Trust covenants and agrees with respect
           -----------------
to the Trust Station that, between the date hereof and Closing, except as
permitted by this Agreement or with the prior written consent of Cumulus, which
shall not be unreasonably withheld, the Trust shall:

           (a) subject to TBA # 1, operate the Trust Station in the ordinary
course of business consistent with past practices and in all material respects
in accordance with FCC rules and regulations and with all other applicable laws,
regulations, rules and orders;

                                                                              22
<PAGE>

           (b) not, other than in the ordinary course of business in accordance
with past practices, sell, lease or dispose of or agree to sell, lease or
dispose of any of the Trust Station Assets, or create, assume or permit to exist
any Liens upon the Trust Station Assets, except for Trust Permitted Liens;

           (c) maintain insurance in accordance with Section 10.14;

           (d) [INTENTIONALLY OMITTED]

           (e) upon reasonable written notice from Cumulus (i) give or cause the
Trust Station to give Cumulus and Cumulus' counsel, accountants, engineers and
other representatives, including environmental consultants,  reasonable access
during normal business hours to all of the Trust's properties, books, Trust
Station Contracts, Trust Trade Agreements, Trust Time Sales Agreements, reports
and records including financial information and tax returns relating to the
Trust Station, and to all real estate, buildings and equipment relating to the
Trust Station, in order that Cumulus may have full opportunity to make such
investigation, including, but not limited to, environmental assessments, as it
desires of the affairs of the Trust Station and (ii) furnish Cumulus with
information and copies of all documents and agreements including, but not
limited to, financial and operating data and other information concerning the
financial condition, results of operations and business of the Trust Station,
that Cumulus may reasonably request. The rights of Cumulus under this Section
shall not be exercised in such a manner as to interfere unreasonably with the
business of the Trust Station; provided, however, that such investigations shall
not adversely effect or diminish the effect of any and all representation and
warranties made by the Trust herein.

           (f) not take any action that is materially inconsistent with its
obligations under this Agreement; and

           (g) furnish Cumulus with such access to the Trust Station and
information relating to the Trust Station Assets as Cumulus may reasonably
request, at Cumulus's expense and provided such request does not interfere
unreasonably with the business of the Trust Station.

     11.3. NextMedia Covenants.  NextMedia covenants and agrees with respect to
           -------------------
the Cumulus Stations that, between the date hereof and Closing, except as
permitted by this Agreement or with the prior written consent of Cumulus, which
shall not be unreasonably withheld, NextMedia shall:

           (a) not take any action that is materially inconsistent with its
obligations under this Agreement;

           (b) for a period of two (2) years following the Closing Date, make
available during normal business hours for audit and inspection by Cumulus and
its representatives, for any reasonable purpose and upon reasonable notice, all
records, files, documents and correspondence transferred to it hereunder
relating to the pre-closing period.  All information, records, files, documents
and correspondence made available or disclosed to Cumulus under this Section
11.3 shall be kept confidential by Cumulus; and

                                                                              23
<PAGE>

           (c) upon reasonable written notice from Cumulus (i) give Cumulus and
Cumulus' counsel, accountants, engineer and other representatives, including
environmental consultants, reasonable access during normal business hours to all
pertinent NextMedia properties, books, Trust Station Contracts, Trust Trade
Agreements, Trust Time Sales Agreement, reports and records including financial
information and tax returns relating to the Trust Station, and to all real
estate, buildings and equipment relating to the Trust Station, in order that
Cumulus may have full opportunity to make such investigation,  including, but
not limited to, environmental assessments, as it desires of the affairs of the
Trust Station and (ii) furnish Cumulus with information and copies of all
documents and agreements including, but not limited to, financial and operating
data and other information concerning the financial condition, results of
operations and business of the Trust Station, that Cumulus may reasonably
request.  The rights of Cumulus under this Section shall not be exercise in such
a manner as to interfere unreasonably with the business of NextMedia; provided,
however, that such investigations shall not adversely effect or diminish the
effect of any and all representations and warranties made by the Trust herein.
In this connection, Cumulus recognizes that the Trust is the licensee of the
Trust Station and that any information in NextMedia's possession is historical
in character, relating to the periods prior to the Trust's acquisition of the
Trust Station..

                                   ARTICLE 12

                                JOINT COVENANTS
                                ---------------

Each of the Trust, Cumulus and NextMedia hereby covenant and agree that between
the date hereof and Closing:

     12.1. Confidentiality. The parties hereto shall not disseminate, disclose,
           ---------------
reveal, divulge, inform, or communicate, directly or indirectly, through any
person or entity, including, but not limited to, its managers, members,
officers, directors, employees, representatives, agents, advisors, and
attorneys, and shall preserve and keep confidential all information
("Confidential Information") obtained by any of them with respect to the other
party hereto in connection with this Agreement and the negotiations preceding
this Agreement, and will use such information solely in connection with the
transactions contemplated by this Agreement, and if the transactions
contemplated hereby are not consummated for any reason, each shall return to
each other party hereto, without retaining a copy thereof, any schedules,
contracts, records, properties, extracts, summaries, documents or any other
written information obtained from such other party in connection with this
Agreement and the transactions contemplated hereby except to the extent required
or useful in connection with any claim made with respect to the transactions
contemplated by this Agreement or the negotiation thereof. Notwithstanding the
foregoing, no party shall be required to keep confidential or return any
information which (a) is known or available through other lawful sources, not
bound by a confidentiality agreement with the disclosing party, (b) is or
becomes publicly known through no fault of the receiving party or its agents,
(c) is required to be disclosed pursuant to an order or request of a judicial or
government authority (provided the non-disclosing party is given reasonable
prior notice such that it may seek, at its expense, confidential treatment of
the information to be disclosed), (d) is developed by the receiving party
independently of the disclosure by the disclosing party or (e) is required to be
disclosed under applicable law or rule, as determined by counsel for the
receiving

                                                                              24
<PAGE>

party. This covenant shall survive the Closing Date, and the expiration or
termination of this Agreement.

     12.2. Cooperation.  Subject to express limitations contained elsewhere
           -----------
herein, each party (i) shall cooperate fully with one another in taking any
reasonable actions (including without limitation, reasonable actions to obtain
the required consent of any governmental instrumentality or any third party)
necessary or helpful to accomplish the transactions contemplated by this
Agreement, including but not limited to the prompt satisfaction of any condition
to Closing set forth herein, and (ii) shall not take any action that conflicts
with its obligations hereunder or that causes its representations and warranties
to become untrue in any material respect.

     12.3. Control of Stations.  No party shall, directly or indirectly,
           -------------------
control, supervise or direct the operations of the other party's stations prior
to Closing.  Such operations, including complete control and supervision of all
programs, employees and policies, shall be the sole responsibility of the FCC
licensee thereof.

     12.4. Bulk Sales Laws.
           ---------------

           (a) NextMedia hereby waives compliance by Cumulus with the provisions
of the "bulk sales" or similar laws of any state. Cumulus shall defend and
indemnify NextMedia and hold it forever harmless from any and all losses,
settlements, judgments, actions, suits, claims, costs, damages and expenses
(including but not limited to, reasonable attorneys' fees at all levels)
sustained by NextMedia as a result of any failure of Cumulus to comply with any
"bulk sales" or similar laws. This covenant shall survive the Closing Date and
the expiration or termination of this Agreement.

           (b) Cumulus hereby waives compliance by the Trust, with the
provisions of the "bulk sales" or similar laws of any state. The Trust and
NextMedia shall defend and indemnify Cumulus, and hold it forever harmless from
any and all losses, settlements, judgments, actions, suits, claims, costs,
damages and expenses (including but not limited to, reasonable attorneys' fees
at all levels) sustained by Cumulus as a result of any failure of the Trust to
comply with any "bulk sales" or similar laws. This covenant shall survive the
Closing Date and the expiration or termination of this Agreement.

     12.5. Public Announcements.  Prior to the Closing, none of the parties
           --------------------
hereto shall issue any press release or make any public disclosure with respect
to the transactions contemplated by this Agreement without the prior written
approval of the other parties, except (a) the parties may make any disclosure as
may be required by applicable law or by obligations pursuant to any listing
agreement with any securities exchange or any stock exchange regulations; and
(b) the parties may continue such communications with employees, customers,
suppliers, franchises, lenders, lessors, shareholders, and other particular
groups as may be legally required or necessary or appropriate and not
inconsistent with the best interests of the other party or the prompt
consummation of the transactions contemplated herein.

     12.6. Employee Matters. The Trust and Cumulus have each delivered to the
           ----------------
other a list of

                                                                              25
<PAGE>

employees of its Stations. Each party shall be responsible for the payment of
all compensation (including commissions) and accrued employee benefits
(including, but not limited to, accrued vacation and unused sick time) arising
out of the operation of its station(s) prior to the TBA #1 Commencement Date
and/or the TBA #2 Commencement Date and shall be responsible for severance pay
and any other issues arising from any termination of its employees.

     12.7. 1031 Exchange.  At or prior to Closing, the parties hereto may assign
           -------------
their rights under this Agreement (in whole or in part) to a qualified
intermediary (as defined in Treasury Regulation section 1.1031(k)-1(g)(4)) or
similar entity or arrangement ("Qualified Intermediary"). Upon any such
assignment, such party shall promptly give written notice thereof to the other
parties and such parties shall cooperate with the reasonable requests of the
assigning party and any Qualified Intermediary in connection therewith. Without
limiting the generality of the foregoing, if any party gives notice of such
agreement, the other parties shall (i) promptly provide the assigning party with
written acknowledgment of such notice and (ii) at Closing, convey all or part of
the Cumulus Stations Assets and/or the Trust Station Assets to the Qualified
Intermediary (which conveyance shall, to the extent thereof, satisfy the
obligation of the assigning party to make such conveyance hereunder). Any
parties assignment to a Qualified Intermediary will not relieve it of any of its
duties or obligations herein. Except for the obligations of the parties set
forth in this Section, no party shall have any liability or obligation to
another party for the failure of such other exchange to qualify as a like-kind
exchange under Section 1031 of the Code unless such failure is the result of the
material breach or default by the assigning party under this Agreement.

                                   ARTICLE 13

                        CONDITIONS OF CLOSING BY CUMULUS
                        --------------------------------

The obligations of Cumulus hereunder are, at its option, subject to
satisfaction, at or prior to Closing, of each of the following conditions:

     13.1. Representations, Warranties and Covenants.  The representations and
           -----------------------------------------
warranties of NextMedia and/or the Trust made in this Agreement shall be true
and correct in all material respects as of the Closing Date except for changes
permitted or contemplated by the terms of this Agreement, and the covenants and
agreements to be complied with and performed by NextMedia and/or the Trust at or
prior to Closing shall have been complied with or performed in all material
respects. Cumulus shall have received a certificate dated as of the Closing Date
from each of NextMedia and the Trust, executed by an authorized officer of
NextMedia and the Trustee of the Trust to the effect that the conditions set
forth in this Section 13.1 have been satisfied.

     13.2. Compliance with Agreement. All of the terms, covenants and
           -------------------------
conditions to be complied with and performed by NextMedia and/or the Trust on or
prior to the Closing Date shall have been complied with or performed in all
material respects. Cumulus shall have received a certificate dated as of the
Closing Date from each of NextMedia and the Trust, executed by an authorized
officer of NextMedia and the Trustee of the Trust to the effect that the
conditions set forth in this Section 13.2 have been satisfied.

                                                                              26
<PAGE>

     13.3. Governmental Consents.  The FCC Consent shall have been obtained
           ---------------------
without any conditions that would otherwise permit any party to terminate this
Agreement, and such FCC Consent shall have become a Final Order, and no court or
governmental order prohibiting Closing shall be in effect.

     13.4. Adverse Proceedings. No injunction, order, decree or judgement of any
           -------------------
court, agency or other governmental entities shall have been rendered against
NextMedia, the Trust or Cumulus which would render it unlawful as of the Closing
Date, to effect the transactions contemplated by this Agreement in accordance
with its terms.

     13.5. Third Party Consents and Approvals.  The Trust shall have obtained
           ----------------------------------
all third-party consents and approvals, if any, required for the transfer or
continuance, as the case may be, of the Material Contracts identified on
Schedule 1.4(c).

                                   ARTICLE 14

                       CONDITIONS OF CLOSING BY NEXTMEDIA
                       ----------------------------------

     The obligations of NextMedia hereunder are, at its option, subject to
satisfaction, at or prior to Closing, of each of the following conditions:

     14.1. Representations, Warranties and Covenants.  The representations and
           -----------------------------------------
warranties of Cumulus made in this Agreement shall be true and correct in all
material respects as of the Closing Date except for changes permitted or
contemplated by the terms of this Agreement, and the covenants and agreements to
be complied with and performed by Cumulus at or prior to Closing shall have been
complied with or performed in all material respects. NextMedia shall have
received certificates dated as of the Closing Date from Cumulus, executed by
authorized officers of Cumulus, to the effect that the conditions set forth in
this Section 14.1 have been satisfied.

     14.2. Compliance with Agreement. All of the terms, covenants and conditions
           -------------------------
to be complied with and performed by Cumulus on or prior to the Closing Date
shall have been complied with or performed in all material respects. NextMedia
shall have received certificates dated as of the Closing Date from Cumulus,
executed by authorized officers of Cumulus to the effect that the conditions set
forth in this Section 14.2 have been satisfied.

     14.3. Governmental Consents.  The FCC Consent shall have been obtained
           ---------------------
without any conditions that would otherwise permit any party to terminate this
Agreement, and such Consent shall have become a Final Order, and no court or
governmental order prohibiting Closing shall be in effect.

     14.4. Adverse Proceedings. No injunction, order, decree or judgement of
           -------------------
any court, agency or other governmental entities shall have been rendered
against NextMedia, the Trust or Cumulus which would render it unlawful as of the
Closing Date, to effect the transactions contemplated by this Agreement in
accordance with its terms.

                                                                              27
<PAGE>

     14.5. Third Party Consents and Approvals.  Cumulus shall have obtained all
           ----------------------------------
third-party consents and approvals, if any, required for the transfer or
continuance, as the case may be, of the Material Cumulus Stations Contracts
identified on Schedule 1.2(c).

                                   ARTICLE 15

                         CONDITIONS OF CLOSING BY TRUST
                         ------------------------------

The obligations of the Trust hereunder are, at its option, subject to
satisfaction, at or prior to Closing, of each of the following conditions:

     15.1. Representations, Warranties and Covenants.  The representations and
           -----------------------------------------
warranties of Cumulus made in this Agreement shall be true and correct in all
material respects as of the Closing Date except for changes permitted or
contemplated by the terms of this Agreement, and the covenants and agreements to
be complied with and performed by Cumulus at or prior to Closing shall have been
complied with or performed in all material respects. The Trust shall have
received certificates dated as of the Closing Date from Cumulus, executed by
authorized officers of Cumulus, to the effect that the conditions set forth in
this Section 15.1 have been satisfied.

     15.2. Compliance with Agreement. All of the terms, covenants and
           -------------------------
conditions to be complied with and performed by Cumulus on or prior to the
Closing Date shall have been complied with or performed in all material
respects. The Trust shall have received certificates dated as of the Closing
Date from Cumulus, executed by authorized officers of Cumulus to the effect that
the conditions set forth in this Section 15.2 have been satisfied.

     15.3. Governmental Consents.  The FCC Consent shall have been obtained
           ---------------------
without any conditions that would otherwise permit any party to terminate this
Agreement, and such Consent shall have become a Final Order, and no court or
governmental order prohibiting Closing shall be in effect.

     15.4. Adverse Proceedings. No injunction, order, decree or judgement of
           -------------------
any court, agency or other governmental entities shall have been rendered
against NextMedia, the Trust or Cumulus which would render it unlawful as of the
Closing Date, to effect the transactions contemplated by this Agreement in
accordance with its terms.

                                   ARTICLE 16

                                    EXPENSES
                                    --------

     16.1. Expenses.  Each party shall be solely responsible for all costs and
           --------
expenses incurred by it in connection with the negotiation, preparation and
performance of and compliance with the terms of this Agreement, except that (i)
all recordation, transfer and documentary taxes, fees and charges, and any
excise, sales or use taxes, applicable to the transfer of the Cumulus Stations
Assets shall be paid by Cumulus, (ii) all recordation, transfer and documenting
taxes, fees and charges, and any excise, sales or use taxes, applicable to the
transfer of the Trust Station Assets shall be paid by

                                                                              28
<PAGE>

NextMedia, and (iii) all FCC filing fees shall be paid one-half by NextMedia and
one-half by Cumulus

                                   ARTICLE 17

                      DOCUMENTS TO BE DELIVERED AT CLOSING
                      ------------------------------------
     17.1. Cumulus' Documents.  At Closing, Cumulus shall deliver or cause to be
           ------------------
delivered to NextMedia and the Trust:

               (i)   certified copies of resolutions authorizing execution,
delivery and performance of this Agreement, including the consummation of the
transactions contemplated hereby;

               (ii)  the certificates described in Sections 14.1 and 14.2;

               (iii) such bills of sale, assignments, special warranty deeds,
documents of title and other instruments of conveyance, assignment and transfer
as may be necessary to convey, transfer and assign good and marketable title of
the Cumulus Stations Assets to NextMedia, free and clear of Liens, except for
Cumulus Permitted Liens; and

               (iv)  such documents and instruments of assumption as may be
necessary to assume the Cumulus Assumed Obligations.

     17.2. Trust's Documents.  At Closing, the Trust shall deliver or cause
           -----------------
to be delivered to Cumulus:

               (i)   the certified copies of resolutions authorizing its
execution, delivery and performance of this Agreement, including the
consummation of the transactions contemplated hereby;

               (ii)  the certificates described in Sections 15.1 and 15.2;

               (iii) such bills of sale, assignments, special warranty deeds,
documents of title and other instruments of conveyance, assignment and transfer
as may be necessary to convey, transfer and assign good and marketable title of
the Trust Station Assets to Cumulus, free and clear of Liens, except for Trust
Permitted Liens; and

     17.3. NextMedia's Documents.  At Closing, NextMedia shall deliver or cause
           ---------------------
to be delivered to Cumulus:

               (i)   certified copies of resolutions authorizing its execution,
delivery and performance of this Agreement, including the consummation of the
transactions contemplated

                                                                              29
<PAGE>

hereby;

               (ii)  the certificates described in Sections 13.1 and 13.2; and

               (iii) such documents and instruments of assumption as may be
necessary to assume the NextMedia Assumed Obligations.

                                   ARTICLE 18

                           SURVIVAL; INDEMNIFICATION.
                           -------------------------

     18.1. Survival.  The covenants, agreements, representations and
           --------
warranties in this Agreement shall survive Closing for a period of one (1) year
from the Closing Date whereupon they shall expire and be of no further force or
effect, except those under (i) this Article 18 that relate to Damages (as
hereinafter defined) for which written notice is given by the indemnified party
to the indemnifying party prior to the expiration, which shall survive until
resolved and (ii) the following provisions (the "Expense Provisions"):  Sections
2.1 and 2.3 (Assumed Obligations), 3.2 (Adjustments), 3.3 (Allocation), 7.1 and
7.2 (Accounts Receivable) and 16.1 (Expenses), and indemnification obligations
with respect to such provisions, which shall survive until performed.

     18.2. Indemnification.
           ---------------

           (a) From and after the Closing, Cumulus shall defend, indemnify and
hold harmless NextMedia and/or the Trust from and against any and all losses,
costs, damages, liabilities and expenses, including reasonable attorneys' fees
and expenses ("Damages") incurred by NextMedia and/or the Trust arising out of
or resulting from: (i) any material breach or material default by Cumulus under
this Agreement; (ii) the Cumulus Retained Obligations or the business or
operation of the Cumulus Stations before Closing; or (iii) the Cumulus Assumed
Obligations or the business or operation of the Trust Station after Closing;
provided, however, that, except for the Expense Provisions (which shall not be
subject to such limitations), (i) Cumulus shall have no liability to NextMedia
and/or the Trust hereunder until, and only to the extent that, each of
NextMedia's and the Trust's aggregate Damages exceed $50,000 and (ii) the
maximum liability of Cumulus hereunder shall not exceed $500,000.00 per station.

           (b) From and after the Closing, NextMedia and the Trust shall defend,
indemnify and hold harmless Cumulus from and against any and all Damages
incurred by Cumulus arising out of or resulting from: (i) any material breach or
material default by NextMedia or the Trust under this Agreement; (ii) the Trust
Retained Obligations or the business or operation of the Trust Station before
Closing; or (iii) the NextMedia Assumed Obligations or the business or operation
of the Cumulus Stations after Closing; provided, however, that, except for the
Expense Provisions (which shall not be subject to such limitations), (i) neither
NextMedia nor the Trust shall have liability to Cumulus hereunder until, and
only to the extent that, Cumulus's aggregate Damages exceed $50,000 and (ii) the
aggregate maximum liability of NextMedia and the Trust hereunder shall be

                                                                              30
<PAGE>

$500,000.00.

     18.3. Procedures.  The indemnified party shall give prompt written notice
           ----------
to the indemnifying party of any demand, suit, claim or assertion of liability
by third parties or other circumstances that could give rise to an
indemnification obligation hereunder against the indemnifying party (a "Claim"),
but a failure to give such notice or delaying such notice shall not affect the
indemnified party's right to indemnification and the indemnifying party's
obligation to indemnify as set forth in this Agreement, except to the extent the
indemnifying party's ability to remedy, contest, defend or settle with respect
to such Claim is thereby prejudiced. The obligations and liabilities of the
parties with respect to any Claim shall be subject to the following additional
terms and conditions:

           (a) The indemnifying party shall have the right to undertake, by
counsel or other representatives of its own choosing, the defense or opposition
to such Claim.

           (b) In the event that the indemnifying party shall elect not to
undertake such defense or opposition, or, within twenty (20) days after written
notice (which shall include sufficient description of background information
explaining the basis for such Claim) of any such Claim from the indemnified
party, the indemnifying party shall fail to undertake to defend or oppose, the
indemnified party (upon further written notice to the indemnifying party) shall
have the right to undertake the defense, opposition, compromise or settlement of
such Claim, by counsel or other representatives of its own choosing, on behalf
of and for the account and risk of the indemnifying party (subject to the right
of the indemnifying party to assume defense of or opposition to such Claim at
any time prior to settlement, compromise or final determination thereof).

           (c) Anything herein to the contrary notwithstanding: (i) the
indemnified party shall have the right, at its own cost and expense, to
participate in the defense, opposition, compromise or settlement of the Claim;
(ii) the indemnifying party shall not, without the indemnified party's written
consent, settle or compromise any Claim or consent to entry of any judgment
which does not include as an unconditional term thereof the giving by the
claimant or the plaintiff to the indemnified party of a release from all
liability in respect of such Claim; and (iii) in the event that the indemnifying
party undertakes defense of or opposition to any Claim, the indemnified party,
by counsel or other representative of its own choosing and at its sole cost and
expense, shall have the right to consult with the indemnifying party and its
counsel or other representatives concerning such Claim and the indemnifying
party and the indemnified party and their respective counsel or other
representatives shall cooperate in good faith with respect to such Claim.

           (d) All claims not disputed shall be paid by the indemnifying party
within thirty (30) days after receiving notice of the Claim.  "Disputed Claims"
shall mean claims for Damages by an indemnified party which the indemnifying
party objects to in writing within thirty (30) days after receiving notice of
the Claim.  In the event there is a Disputed Claim with respect to any Damages,
the indemnifying party shall be required to pay the indemnified party the amount
of such Damages for which the indemnifying party has, pursuant to a final
determination, been found liable within ten

                                                                              31
<PAGE>

(10) days after there is a final determination with respect to such Disputed
Claim. A final determination of a Disputed Claim shall be (i) a judgment of any
court determining the validity of a Disputed Claim, if no appeal is pending from
such judgment and if the time to appeal therefrom has elapsed; (ii) an award of
any arbitration determining the validity of such disputed claim, if there is not
pending any motion to set aside such award and if the time within which to move
to set aside such award has elapsed; (iii) a written termination of the dispute
with respect to such claim signed by the parties thereto or their attorneys;
(iv) a written acknowledgment of the indemnifying party that it no longer
disputes the validity of such claim; or (v) such other evidence of final
determination of a disputed claim as shall be acceptable to the parties. No
undertaking of defense or opposition to a Claim shall be construed as an
acknowledgment by such party that it is liable to the party claiming
indemnification with respect to the Claim at issue or other similar Claims.

     18.4. Guaranty. NextMedia hereby irrevocably and unconditionally guarantees
           --------
to Cumulus the full and timely performance, payment and discharge by NextMedia
of the Trust's indemnification obligations under Article 18 or any other
liabilities of the Trust arising out of this Agreement, and hereby agrees that
if the Trust fails to pay any amount when due or otherwise to timely to perform
and discharge its obligations thereunder, NextMedia will forthwith make such
payment or perform and discharge any such obligation or liability.  The guaranty
in the preceding sentence is an absolute, present and continuing guaranty of
payment and of performance of obligations and not of collectibility and is in no
way conditional or contingent upon any attempt to seek recourse from the Trust
or upon any other actions, occurrence or circumstance whatsoever.  It will not
be necessary for Cumulus, in order to enforce such guaranty by NextMedia, first
to institute suit or exhaust its remedies against the Trust or any other person
liable with respect to the foregoing obligations.

                                   ARTICLE 19

                                  TERMINATION
                                  -----------

     19.1. Termination.  This Agreement may be terminated at any time prior to
           -----------
Closing as follows:

           (a) by mutual written consent of each of the Trust, Cumulus and
NextMedia;

           (b) by written notice of Cumulus to NextMedia and/or the Trust, if
NextMedia and/or the Trust (i) does not satisfy the material conditions or
perform the obligations to be satisfied or performed by them on the Closing
Date; or (ii) otherwise breaches in any material respect any of their
representations or warranties or defaults in any material respect in the
performance of any of their covenants or agreements herein contained and such
breach or default is not cured within the Cure Period;

           (c) by written notice of NextMedia and/or the Trust to Cumulus, if
Cumulus (i) does not satisfy the conditions or perform the obligations to be
satisfied or performed by it on the Closing Date; or (ii) otherwise breaches in
any material respect any of its representations or warranties or defaults in any
material respect in the performance of any of its covenants or

                                                                              32
<PAGE>

agreements herein contained and such breach or default is not cured within the
Cure Period;

           (d) [Intentionally Omitted]

           (e) by written notice of either party to the other if the FCC
consents contain a condition that materially reduces the value of this
transaction to such party and the time for reconsideration or court review under
the Communication Laws with respect to such condition(s) has expired without the
filing with respect thereto of a timely petition for reconsideration or request
for review;

           (f) by a party whose qualifications are not at issue, if, for any
reason, the FCC denies or dismisses the FCC Application and the time for
reconsideration or court review under the Communication Laws with respect to
such denial or dismissal has expired and there is not pending with respect
thereto a timely filed petition for reconsideration or request for review; and

           (g) by written notice of either party to the other if the Closing
shall not have been consummated on or before the end of the eighteenth (18th)
month following the date of this Agreement.

     The term "Cure Period" as used herein means a period commencing the date a
party receives from the other written notice of breach or default hereunder and
continuing until the earlier of (i) thirty (30) days thereafter or (ii) the
Closing Date; provided, however, that if the breach or default cannot reasonably
be cured within such period but can be cured before the Closing Date, and if
diligent efforts to cure promptly commence, then the Cure Period shall continue
as long as such diligent efforts to cure continue, but not beyond the Closing
Date.  Except as set forth below, the termination of this Agreement shall not
relieve any party of any liability for breach or default under this Agreement
prior to the date of termination.

     19.2. Remedies.  If a party breaches this Agreement, the non-defaulting
           ---------
parties may elect one of the following remedies:

           (a) Specific Performance.  The parties recognize that if any party
               --------------------
refuses to consummate the Closing pursuant to the provisions of this Agreement
or any party otherwise breaches or defaults such that the Closing has not
occurred ("Breaching Party"), monetary damages alone will not be adequate to
compensate the non-breaching party ("Non-Breaching Party") for its injury.  Such
Non-Breaching Party shall therefore be entitled to obtain specific performance
of the terms of this Agreement in lieu of, and not in addition to, any other
remedies, including but not limited to monetary damages, that may be available
to it. If any action is brought by the Non-Breaching Party to enforce this
Agreement, the Breaching Party shall waive the defense that there is an adequate
remedy at law. In the event of a default by the Breaching Party which results in
the filing of a lawsuit for damages, specific performance, or other remedy, the
Non-Breaching Party shall be entitled to reimbursement by the Breaching Party of
reasonable legal fees and expenses incurred by the Non-Breaching Party at the
trial and appellate levels, provided that the Non-Breaching Party is successful
in such lawsuit.

                                                                              33
<PAGE>

           (b) Liquidated Damages.  If this Agreement is terminated by Cumulus
               ------------------
due to NextMedia's and/or the Trust's failure to consummate the Closing on the
Closing Date in accordance with this Agreement, then NextMedia and/or the Trust
shall pay Cumulus as liquidated damages an amount equal to the NextMedia
Deposit.  If this Agreement is terminated by NextMedia and/or the Trust due to
Cumulus' failure to consummate the Closing on the Closing Date in accordance
with this Agreement, then Cumulus shall pay NextMedia and/or the Trust as
liquidated damages an amount equal to the Cumulus Deposit.  It is understood and
agreed that such liquidated damages amount represents the parties' reasonable
estimate of actual damages and does not constitute a penalty.

                                   ARTICLE 20

                            MISCELLANEOUS PROVISIONS
                            ------------------------

     20.1. Casualty Loss.
           -------------

           (a) Cumulus. The risk of loss or damage to the Cumulus Station Assets
               -------
shall be upon Cumulus at all times prior to the Closing Date.  In the event of
loss or damage, Cumulus shall promptly notify NextMedia thereof, and if the lost
or damaged Cumulus Station Assets are capable of being replaced or repaired for
an aggregate amount less than One Hundred Thousand US Dollars ($100,000.00),
then Cumulus shall, at its sole cost and expense, replace or repair such Station
Assets prior to the Closing Date or deliver to NextMedia at the Closing an
amount in cash equal to the cost of replacement or repair of such Cumulus
Station Assets, as mutually agreed in good faith by NextMedia and Cumulus.
Notwithstanding the foregoing, if the amount required to replace or repair such
Cumulus Station Assets exceeds One Hundred Thousand US Dollars ($100,000.00),
Cumulus may  elect not to replace or repair such Cumulus Station Assets;
provided, however, that in such event NextMedia, at its option, may elect to
terminate this Agreement or agree to accept from Cumulus,  at the Closing, an
amount in cash equal to the cost to replace or repair such Cumulus Station
Assets, as mutually agreed in good faith by NextMedia and Cumulus, and waive any
default or breach with  respect to the loss or damage.   Any party may extend
the Closing Date by up to thirty (30) days in order to allow Cumulus to complete
any repair or replacement, required or authorized by this Section.

           (b) Trust.  The risk of loss or damage to the Trust Station Assets
               -----
shall be upon the Trust at all times prior to the Closing Date.  In the event of
loss or damage, Trust shall promptly notify Cumulus thereof, and if the lost or
damaged Trust Station Assets are capable of being replaced or repaired for an
aggregate amount less than One Hundred Thousand US Dollars ($100,000.00), then
Trust shall, at its sole cost and expense, replace or repair such Trust Station
Assets prior to the Closing Date or deliver to Cumulus at the Closing an amount
in cash equal to the cost of replacement or repair of such Trust Station Assets,
as mutually agreed in good faith by Trust and Cumulus. Notwithstanding the
foregoing, if the amount required to replace or repair such Trust Station Assets
exceeds One Hundred Thousand US Dollars ($100,000.00), Trust may elect not to
replace or repair such Station Assets; provided, however, that in such event
Cumulus, at its option, may elect to

                                                                              34
<PAGE>

terminate this Agreement or agree to accept from Trust, at the Closing, an
amount in cash equal to the cost to replace or repair such Trust Station Assets,
as mutually agreed in good faith by Trust and Cumulus, and waive any default or
breach with respect to the loss or damage. Either party may extend the Closing
Date by up to thirty (30) days in order to allow Trust to complete any repair or
replacement, required or authorized by this Section.

     20.2. Further Assurances.  After the Closing, each party shall from time to
           ------------------
time, at the request of and without further cost or expense to the other,
execute and deliver such other instruments and take such other actions as may
reasonably be requested in order to more effectively consummate the transactions
contemplated hereby to exchange assets and assume obligations as contemplated by
this Agreement.

     20.3. Assignment.  Except as set forth in Sections 12.5 (1031 Exchange), no
           ----------
no party may assign this Agreement without the prior written consent of the
other parties hereto; provided, however, that without releasing any party from
any of its obligations or liabilities hereunder (a) nothing in this Agreement
shall limit any party's ability to assign this Agreement (including the right to
acquire the Trust FCC Licenses and/or the Cumulus FCC Licenses, as applicable,
at the Closing) to any subsidiary, affiliate or related entity of such party
without the consent of the remaining parties and (b) nothing in this Agreement
shall limit any party's ability to make a collateral assignment of its rights
under this Agreement to any institutional lender that provides funds to such
party without the consent of the remaining party; provided, further, that no
such assignment shall result in any (i) major change to the FCC Applications
under applicable FCC rules and regulations or (ii) delay of the consummation of
the transactions contemplated hereunder.

     20.4. Amendments.  No amendment, waiver of compliance with any provision or
           ----------
condition hereof or consent pursuant to this Agreement shall be effective unless
evidenced by an instrument in writing signed by the party against whom
enforcement of any waiver, amendment, change, extension or discharge is sought.

     20.5. Headings.  The headings set forth in this Agreement are for
           --------
convenience only and will not control or affect the meaning or construction of
the provisions of this Agreement.

     20.6. Governing Law.  The construction and performance of this Agreement
           -------------
shall be governed by the laws of the State of Delaware without giving effect to
the choice of law provisions thereof.

     20.7. Barter and Trade.
           ----------------

           (a) Cumulus Stations.  NextMedia shall not assume any Cumulus Time
               ----------------
Sales Agreements, or Cumulus Trade Agreements, hereunder unless (a) NextMedia
obtains the value of the goods and services provided in exchange for the
advertising to be broadcast and (b) those goods and services are useful to the
business of the Cumulus Stations.  If the value of trade, barter, and similar
arrangements for the sale of advertising time for other than cash that are
assumed by

                                                                              35
<PAGE>

NextMedia under this Agreement is $25,000 or more with respect to the Cumulus
Stations, then Cumulus shall pay NextMedia the excess above the first $25,000
for such Stations at Closing.

           (b) Trust Station.  Cumulus, shall not assume any Trust Time Sales
               -------------
Agreements or Trust Trade Agreements, hereunder unless (a) Cumulus, as
applicable, obtains the value of goods and services provided in exchange for the
advertising to be broadcast and (b) those goods and services are useful to the
business of the Trust Station.  If the value of trade, barter, and similar
arrangements for the sale of advertising time for other than cash that are
assumed by Cumulus, under this agreement is $25,000 or more with respect to the
Trust Station, then NextMedia shall pay Cumulus, the excess above the first
$25,000 for such Station at Closing.

     20.8. Notices.  Any notice, demand or request required or permitted to be
           -------
given under the provisions of this Agreement shall be in writing, including by
facsimile, and shall be deemed to have been received on the date of personal
delivery, on the third day after deposit in the U.S. mail if mailed by
registered or certified mail, postage prepaid and return receipt requested, on
the day after delivery to a nationally recognized overnight courier service if
sent by an overnight delivery service for next morning delivery or when
delivered by facsimile transmission, and shall be addressed as follows (or to
such other address as any party may request by written notice):

if to Cumulus:                     c/o Cumulus Broadcasting, Inc.
                                   3060 Peachtree Road NW
                                   Suite 730
                                   Atlanta, GA 30305
                                   Attention: President
                                   Facsimile: (404) 949-0740

with a copy (which shall not
constitute notice) to:             Paul Hastings Janofsky & Walker
                                   1299 Pennsylvania Avenue, NW
                                   Washington, D.C. 20004-2400
                                   Attention: Bruce D. Ryan, Esq.
                                   Facsimile: (202) 508-9700

if to NextMedia:                   Mr. Samuel Weller
                                   NextMedia Operating, Inc.
                                   6312 South Fiddler's Green Circle
                                   Suite 360-E
                                   Englewood, CO 80111

with a copy (which shall not
constitute notice) to:             Matthew L. Leibowitz, Esq.
                                   Leibowitz & Associates, P.A.
                                   1 SE Third Avenue, Suite 1450

                                                                              36
<PAGE>

                                   Miami, FL 33131

if to the Trust:                   c/o John Mackin Ade
                                   9 Cross Tree Drive
                                   Hilton Head, SC 29926

with a copy (which shall not
constitute notice) to:             Anthony L. Lepore, Esq.
                                   P.O. Box 823662
                                   South Florida, FL 33082-3662

     20.9.  Counterparts.  This Agreement may be executed in one or more
            ------------
counterparts, each of which will be deemed an original and all of which together
will constitute one and the same instrument.

     20.10. No Third Party Beneficiaries.  Nothing herein expressed or implied
            ----------------------------
is intended or shall be construed to confer upon or give to any person or entity
other than the parties hereto and their successors or permitted assigns, any
rights or remedies under or by reason of this Agreement.

     20.11. Severability.  The parties agree that if one or more provisions
            ------------
contained in this Agreement shall be deemed or held to be invalid, illegal or
unenforceable in any respect under any applicable law, this Agreement shall be
construed with the invalid, illegal or unenforceable provision deleted, and the
validity, legality and enforceability of the remaining provisions contained
herein shall not be affected or impaired thereby.

     20.12. Entire Agreement.  This Agreement embodies the entire agreement and
            ----------------
and understanding of the parties hereto and supersedes any and all prior
agreements, arrangements and understandings relating to the matters provided for
herein. This Agreement does not supersede any confidentiality agreement relating
to the Cumulus Stations or the Trust Station.

                   [REMAINDER OF PAGE INTENTIONALLY OMITTED]

                                                                              37
<PAGE>

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first set forth above.

                                  CUMULUS BROADCASTING, INC.,
                                  a ___________ corporation

                                  By:  ________________________________
                                       ____________________,___________

                                  CUMULUS WIRELESS SERVICES INC.,
                                  a____________corporation

                                  By:  ________________________________
                                       ____________________,___________

                                  CUMULUS LICENSING CORP.,
                                  a ___________ corporation

                                  By:  ________________________________
                                       ____________________,___________

                                  NEXTMEDIA OPERATING, INC.,
                                  a Delaware corporation

                                  By:  ________________________________
                                       Matthew L. Leibowitz, Secretary

                                  MYRTLE BEACH STATIONS TRUST,
                                  a South Carolina Trust

                                  By:  __________________________
                                       John Mackin Ade, Trustee

                                                                              38<PAGE>

                                                                   Exhibit 10.16

                           ASSET PURCHASE AGREEMENT

                                by and between

                          MYRTLE BEACH STATIONS TRUST
                                  (as Seller)

                                      and

                       FIDELITY BROADCASTING CORPORATION
                                  (as Buyer)

                          Dated as of August 31, 2000
<PAGE>

                               TABLE OF CONTENTS

                           ASSET PURCHASE AGREEMENT
<TABLE>
<S>                                                                       <C>
1.1     Transfer of Assets.............................................   2
        ------------------
        1.1.1  Licenses and Permits....................................   2
               --------------------
        1.1.2  Tangible Personal Property..............................   2
               --------------------------
        1.1.3  Contract Rights.........................................   2
               ---------------
        1.1.4  Books and Records.......................................   2
               -----------------
        1.1.5  Manufacturers' and Vendors' Warranties..................   2
               --------------------------------------

1.2     Excluded Assets................................................   3
        ---------------
        1.2.1  Cash....................................................   3
               ----
        1.2.2  Notes Receivable and Accounts Receivable................   3
               ----------------------------------------
        1.2.3  Tangible and Intangible Personal Property...............   3
               -----------------------------------------
        1.2.4  Contracts...............................................   3
               ---------
        1.2.5  Corporate Records.......................................   3
               -----------------
        1.2.6  Contracts of Insurance and Insurance Proceeds...........   3
               ---------------------------------------------
        1.2.7  Employee Benefit Plans..................................   3
               ----------------------
        1.2.8  Name Usage..............................................   3
               ----------
        1.2.9  Other Excluded Assets...................................   3
               ---------------------
        1.2.10 Causes of Action........................................   3
               ----------------
        1.2.11 Tax Refunds.............................................   4
               -----------

2.1     Assumption of Obligations......................................   4
        -------------------------

2.2     Retained Liabilities...........................................   4
        --------------------

3.1     Delivery of Consideration......................................   5
        -------------------------

3.2     Allocation of Consideration....................................   5
        ---------------------------

3.3     Allocations and Prorations.....................................   5
        --------------------------

4.1.    Closing........................................................   6
        -------

5.1     FCC Consent....................................................   6
        -----------

5.2     FCC Applications...............................................   6
        ----------------
</TABLE>

                                       i

<PAGE>

<TABLE>
<S>                                                                      <C>
6.1     Representations and Warranties of Seller.......................   6
        ----------------------------------------
        6.1.1  Organization, Good Standing, Etc........................   7
               ---------------------------------
        6.1.2  Authority...............................................   7
               ---------
        6.1.3  Compliance with Applicable Laws; FCC Matters............   7
               --------------------------------------------
        6.1.4  Litigation..............................................   8
               ----------
        6.1.5  Insurance...............................................   8
               ---------
        6.1.6  Liens and Encumbrances..................................   8
               ----------------------
        6.1.7  Taxes...................................................   8
               -----
        6.1.8  Broker, Commission or Finder's Fees.....................   9
               -----------------------------------
        6.1.9  Full Disclosure.........................................   9
               ---------------

7.1     Representations and Warranties of Buyer........................  10
        ---------------------------------------
        7.1.1  Organization and Standing...............................  10
               -------------------------
        7.1.2  Authorization and Binding Obligation....................  10
               ------------------------------------
        7.1.3  Qualification...........................................  10
               -------------
        7.1.4  Absence of Conflicting Agreements or Required Consents..  10
               ------------------------------------------------------
        7.1.5  Financial Ability.......................................  11
               -----------------

7.2     Litigation: Compliance with Law................................  11
        -------------------------------

7.3     Broker, Commission or Finder's Fees............................  11
        -----------------------------------

7.4     Full Disclosure................................................  11
        ---------------

8.1     Seller Covenants...............................................  11
        ----------------
        8.1.1  Conduct of Stations prior to the Closing Date...........  11
               ---------------------------------------------

8.2     Access.........................................................  12
        ------

8.3     Other Consents.................................................  12
        --------------

8.4     No Inconsistent Action.........................................  12
        ----------------------

8.5     Updating of Schedules..........................................  12
        ---------------------

8.6     Enforcement of Agreements......................................  12
        -------------------------

8.7     FCC Filings....................................................  12
        -----------

8.8     Indemnification................................................  13
        ---------------
</TABLE>

                                      ii
<PAGE>

<TABLE>

          <S>                                                            <C>
          8.9  Asset Purchase Agreement...............................   13
               ------------------------

          9.1  Buyer Covenants........................................   13
               ---------------
               9.1.1  Notification....................................   14
                      ------------
               9.1.2  No Inconsistent Action..........................   14
                      ----------------------
               9.1.3  Post-Closing Access.............................   14
                      -------------------
               9.1.4  Other Consents..................................   14
                      --------------
               9.1.5. Indemnification..................................  14
                      ---------------

         10.1  Confidentiality........................................   15
               ---------------

         10.2  Cooperation............................................   15
               -----------

         10.3  Control of Stations....................................   15
               -------------------

         10.4  Public Announcements...................................   15
               --------------------

         11.1  Representations and Warranties.........................   16
               ------------------------------

         11.2  Compliance with Agreement..............................   16
               -------------------------

         11.3  Third Party Consents and Approvals.....................   16
               ----------------------------------

         11.4  Closing Certificates...................................   16
               --------------------

         11.5  Governmental Consents..................................   16
               ---------------------
               11.5.1 FCC.............................................   16
                      ---
               11.5.2 Other Consents..................................   16
                      --------------
         11.6  Adverse Proceedings....................................   17
               -------------------

         11.7  Closing Documents......................................   17
               -----------------

         11.8  Opinion of Counsel.....................................   17
               ------------------

         12.1  Representations, Warranties and Covenants..............   17
               -----------------------------------------

         12.2  Compliance with Agreement..............................   17
               -------------------------

         12.3  Certifications, etc....................................   17
               -------------------
</TABLE>
                                      iii
<PAGE>

<TABLE>
         <S>                                                             <C>
         12.4  Governmental Approval..................................   17
               ---------------------
               12.4.1  FCC............................................   17
                       ---
               12.4.2  Other Consents.................................   18
                       --------------

         12.5  Adverse Proceedings....................................   18
               -------------------

         12.6  Closing Documents......................................   18
               -----------------

         12.7  Opinion of Buyer's Counsel.............................   18
               --------------------------

         13.1  Documents to be Delivered by Seller....................   18
               -----------------------------------
               13.1.1  Transfer Documents.............................   18
                       ------------------
               13.1.2  Certified Resolutions..........................   18
                       ---------------------
               13.1.3  Seller's Certificate...........................   18
                       --------------------
               13.1.4  Opinion........................................   18
                       -------
               13.1.5  Good Standing Certificates.....................   18
                       --------------------------
               13.1.6  Other Documents................................   19
                       ---------------

         13.2  Documents to be Delivered by Buyer.....................   19
               ----------------------------------
               13.2.1  Purchase Price.................................   19
                       --------------
               13.2.2  Assumption Agreement...........................   19
                       --------------------
               13.2.3  Certified Resolutions..........................   19
                       ---------------------
               13.2.4  Officer's Certificate..........................   19
                       ---------------------
               13.2.5  Opinion........................................   19
                       -------
               13.2.6  Good Standing Certificates.....................   19
                       --------------------------
               13.2.7  Other Documents................................   19
                       ---------------

         14.1  Expenses...............................................   19
               --------

         14.2  Transfer Taxes and Similar Charges.....................   19
               ----------------------------------

         14.3  Governmental Filing or Grant Fees......................   20
               ---------------------------------

         15.1  Escrow Deposit.........................................   20
               --------------

         15.2  Liquidated Damages.....................................   20
               ------------------

         15.3  Specific Performance...................................   21
               --------------------

         16.1  Termination............................................   21
               -----------

         17.1  Risk of Loss...........................................   22
               ------------
</TABLE>
                                      iv
<PAGE>
<TABLE>
         <S>                                                             <C>
         18.1  Survival of Representations and Warranties.............   23
               ------------------------------------------

         18.2  Certain Interpretive Matters and Definitions...........   23
               --------------------------------------------
               18.2.1  In General.....................................   23
                       ----------
               18.2.2  Affiliate......................................   23
                       ---------
               18.2.3  Money..........................................   23
                       -----
               18.2.4  Knowledge......................................   23
                       ---------

         18.3  Further Assurances.....................................   23
               ------------------

         18.4  Assignment.............................................   24
               ----------

         18.5  Amendments.............................................   24
               ----------

         18.6  Headings...............................................   24
               --------

         18.7  Governing Law..........................................   24
               -------------

         18.8  Notices................................................   24
               -------

         18.9  Schedules..............................................   25
               ---------

        18.10  Entire Agreement.......................................   25
               ----------------

        18.11  Severability...........................................   25
               ------------

        18.12  Counterparts...........................................   26
               ------------

        18.13  Authority..............................................   26
               ---------

        18.14  Conflict with TBA......................................   26
               -----------------
</TABLE>

                                       v
<PAGE>

                                   EXHIBITS
                                   --------

1.    Exhibit 11.8  Opinion of Seller's Counsel

2.    Exhibit 12.7  Opinion of Buyer's Counsel

3.    Exhibit 15.1  Earnest Money Escrow Agreement

                                      vi
<PAGE>

                                   SCHEDULES
                                   ---------

1.    Schedule 1.1.1  Station Licenses

2.    Schedule 1.1.2  Tangible Personal Property

3.    Schedule 1.1.3  Contracts

4.    Schedule 6.1.5  Insurance

                                      vii
<PAGE>

                            ASSET PURCHASE AGREEMENT

     THIS ASSET PURCHASE AGREEMENT (this "Agreement") is made this 30/th/ day of
August 2000 by and between FIDELITY BROADCASTING CORPORATION, a South Carolina
corporation ("Buyer") and the MYRTLE BEACH STATIONS TRUST ("Seller"), a South
Carolina business trust established pursuant to a certain Myrtle Beach Stations
Trust Agreement (the "Trust Agreement"), dated as of April 19, 2000, between
Seller and NextMedia Group II, Inc., a Delaware corporation ("NMG").

                             W I T N E S S E T H :

     WHEREAS, NMG acquired various licenses, permits and authorizations with
respect to various radio stations in the Myrtle Beach, South Carolina radio
market controlled by Pinnacle Broadcasting Company, Inc., a Delaware corporation
("Pinnacle");

     WHEREAS, the principals of NMG have attributable interests in NextMedia
Licensing, Inc., a Delaware corporation ("Licensing") which has acquired various
stations in the Myrtle Beach, South Carolina radio market controlled by Hirsh
Broadcasting Group, L.P., a Delaware limited partnership ("Hirsh");

     WHEREAS, the Communications Act of 1934, as amended, and the rules,
regulations and policies (collectively, the "Communication Laws") of the Federal
Communications Commission ("FCC") do not permit common ownership control of all
of the Pinnacle and Hirsh radio stations;

     WHEREAS, as a result of complying with the conditional grant from the FCC,
the Seller, pursuant to the Trust Agreement, acquired from NMG, radio station
WRNN (FM), 94.5 Mhz, Murrells Inlet, South Carolina (FCC Facility ID#34901) (the
"Station") for the purpose of holding and operating the same and selling such
station to a FCC-approved buyer or buyers; and

     WHEREAS, Seller desires to sell the Station Licenses (as hereinafter
defined) and the antenna and transmission equipment, and Buyer desires to
purchase such licenses and equipment which are used or useful in connection with
the business and operations of the Station in accordance with the terms and
conditions set forth in this Agreement.

     NOW, THEREFORE, in consideration of the foregoing premises and the mutual
covenants and agreements hereinafter set forth, the parties hereto, intending to
be legally bound hereby agree as follows:
<PAGE>

                                   ARTICLE 1

                              PURCHASE OF ASSETS
                              ------------------

      1.1 Transfer of Assets.  On the terms and subject to the conditions
          ------------------
contained in this Agreement, on the Closing Date (as hereinafter defined),
Seller shall assign, transfer, convey and deliver to Buyer and Buyer shall
acquire and assume from Seller, all of the right, title, ownership and interest
of Seller in and to all of the following assets, properties, interests and
rights of Seller (collectively, the "Station Assets") free and clear of any and
all Liens (as hereinafter defined), claims, judgments, or encumbrances,
whatsoever, other than Permitted Liens (as hereinafter defined):

          1.1.1     Licenses and Permits.  All of Seller's rights in and to the
                    --------------------
licenses, permits and other authorizations issued to Seller by any governmental
authority, including those issued by the Federal Communications Commission (the
"FCC") (hereinafter referred to collectively as the "Station Licenses"), used in
connection with the business or operations of the Station, along with renewals
or modifications of such items from the date hereof through the Closing Date, as
such items are listed in Schedule 1.1.1 hereto;
                         --------------

          1.1.2     Tangible Personal Property.  All antenna, transmission and
                    --------------------------
studio equipment owned, leased or held by Seller and used in connection with the
business or operations of the Station, as such items are described or listed in
Schedule 1.1.2 hereto, together with any replacements thereof or improvements or
--------------
additions thereto, made from the date hereof through the Closing Date, and less
any retirements or dispositions thereof, made between the date hereof and the
Closing Date in the ordinary course of Seller's business consistent with past
practices;

          1.1.3     Contract Rights.  All of the Seller's rights in and under
                    ---------------
those contracts, agreements, leases and legally binding contractual rights of
any kind, written or oral, relating to the business or operations of the Station
(collectively, the "Contracts") which are (a) listed in Schedule 1.1.3 hereto
                                                        --------------
and (b) entered into by Seller from the date hereof through the Closing Date in
the ordinary course of Seller's business consistent with past practices, subject
to Sections 1.2, 2.2 and 8.1.

          1.1.4     Books and Records.  All of Seller's rights in and to the
                    -----------------
Station's public files, technical information and engineering data, and filings
with the FCC, originals of all written Contracts to be assigned hereunder; and

          1.1.5     Manufacturers' and Vendors' Warranties.  All of Seller's
                    --------------------------------------
rights under manufacturers', distributors', wholesalers', retailers',  and
vendors' warranties relating to items included in the Station Assets and all
similar rights derived from, for, and/or against any and all third parties
relating to items included in the Station Assets.

                                       2
<PAGE>

      1.2 Excluded Assets.  Notwithstanding anything to the contrary contained
          ---------------
herein, it is expressly understood and agreed that the Station Assets shall not
include any of the following assets or any right, title or interest therein
(collectively, the "Excluded Assets"):

          1.2.1    Cash.  All cash, marketable securities, and cash equivalents
                   ----
of Seller on hand and/or in banks;

          1.2.2    Notes Receivable and Accounts Receivable.  All notes
                   ----------------------------------------
receivable and accounts receivable of Seller;

          1.2.3    Tangible and Intangible Personal Property.  All tangible and
                   -----------------------------------------
intangible personal property of Seller disposed of or consumed in the ordinary
course of business of Seller consistent with past practices between the date
hereof and the Closing Date, as permitted hereunder;

          1.2.4    Contracts.  All Contracts which have terminated or expired
                   ---------
on or prior to the Closing Date in the ordinary course of business of Seller,
including Contracts for (i) the sale of advertising time for cash and (ii)
consideration other than cash, such as merchandise, services or promotional
consideration;

          1.2.5    Corporate Records.  Seller's minute books, charter
                   -----------------
documents, record books and such other books and records as pertains to the
organization and/or existence of Seller, and all financial records of Seller;

          1.2.6    Contracts of Insurance and Insurance Proceeds.  Contracts of
                   ---------------------------------------------
insurance and all insurance proceeds or claims made by Seller arising out of or
related to the Station Assets to the extent that such contracts, proceeds or
claims relate to expenditures (a) which were made by Seller prior to the Closing
Date or (b) which Seller remains obligated to make after the Closing Date;
provided, however, that all such contracts, proceeds or claims made or received
on or after the date of this Agreement shall be included under Station Assets;

          1.2.7    Employee Benefit Plans.  The Employee Benefit Plans (as
                   ----------------------
hereinafter defined hereinafter) and the assets thereof;

          1.2.8    Name Usage.  Any right to use the name "Myrtle Beach
                   ----------
Stations Trust"or any variation thereof;

          1.2.9    Other Excluded Assets.  Any asset not specifically
                   ---------------------
identified in Section 1.1 above, including studio equipment (except for the
studio equipment specifically identified on Schedule 1.1.1 hereto), office
furniture and fixtures and any other asset not located at the transmitter site;

          1.2.10   Causes of Action.  All of Seller's rights in and to all
                   ----------------
causes of action; and

                                       3
<PAGE>

          1.2.11    Tax Refunds.  All Tax (as hereinafter defined) refunds
                    -----------
relating to the period prior to the Closing (as hereinafter defined).

                                   ARTICLE 2

                           ASSUMPTION OF OBLIGATIONS
                           -------------------------

      2.1 Assumption of Obligations.  Subject to the provisions of Sections 2.1
          -------------------------
and 2.2,  on the Closing Date, Buyer shall assume the obligations of Seller
arising or to be performed after the Closing Date under the Contracts referred
to in Section 1.1.3 in effect on the Closing Date, and all liabilities and
obligations that arise from the ownership or operation of the Station Assets
after the Closing Date.  All of the foregoing liabilities and obligations shall
be referred to herein collectively as the "Assumed Liabilities."

      2.2 Retained Liabilities.  Notwithstanding anything contained in this
          --------------------
Agreement to the contrary, Buyer does not assume or agree to pay, satisfy,
discharge or perform, and will not be deemed by virtue of the execution and
delivery of this Agreement or any document delivered at the execution of this
Agreement, or as a result of the consummation of the transactions contemplated
by this Agreement, to have assumed, or to have agreed to pay, satisfy, discharge
or perform, any liability or obligation of Seller other than the Assumed
Liabilities, including, without limitation,  any of the following liabilities or
obligations of Seller (the "Retained Liabilities"):

          (a) all obligations or liabilities of Seller or any Predecessor (as
hereinafter defined) or Affiliate (as hereinafter defined) of Seller which in
any way relate to, or arise out of,  any of the Excluded Assets;

          (b) other than Taxes expressly allocated pursuant to other provisions
of this Agreement, any and all Tax liabilities of Seller;

          (c) all liabilities or obligations of Seller owed to Seller or any of
its Affiliates;

          (d) all liabilities or obligations arising out of any breach by Seller
or any Predecessor or Affiliate of Seller of any of the terms or conditions of
any provision of any Contract;

          (e) all liabilities or obligations of Seller for borrowed money or for
interest on such borrowed money;

          (f) all liabilities and obligations of Seller or any Predecessor or
Affiliate of Seller resulting from, caused by or arising out of, any violation
of law, including but not limited to any statute, regulation, ordinance, decree,
or judgment;

          (g) any claims, liabilities, settlements, judgments, proceedings,
executions, losses, damages, or expenses relating to any litigation, claim,
action, suit, proceeding, or

                                       4
<PAGE>

investigation of any nature arising out of the business or operations of the
Stations on or prior to the Closing Date, including, without limitation, any
claims against or any liabilities for personal injury to or death of, persons or
damage to or destruction of property, any workers' compensation claims, and any
warranty claims;

          (h) except as may otherwise be provided herein, any accounts payable,
other indebtedness, obligations and accrued liabilities of Seller; and

          (i) any fees and expenses incurred by Seller in connection with
negotiating, preparing, closing, performing, complying with, and  carrying out
this Agreement and the transactions contemplated by this Agreement, including,
without limitation, the fees and expenses of Seller's attorneys, accountants,
investigators, auditors,  consultants and brokers.

                                   ARTICLE 3

                                 CONSIDERATION
                                 -------------

      3.1 Delivery of Consideration.  In exchange for the Station Assets, and in
          -------------------------
addition to Buyer's assumption of the Assumed Liabilities, Buyer shall, at the
Closing deliver to Seller the sum of One Million and No/100 Dollars
($1,000,000.00) (subject to adjustment, as set forth in this Agreement, the
"Purchase Price") by wire transfer of immediately available funds, adjusted
pursuant to the provisions of Section 3.3.

      3.2 Allocation of Consideration.  Within thirty (30) days after the
          ---------------------------
Closing Date, Seller and Buyer shall negotiate in good faith an allocation of
the total consideration provided herein among the Station Assets (the
"Allocation").  If the Allocation is not agreed upon within thirty (30) days
after the Closing Date, Buyer and Seller will order an appraisal of the Station
Assets from Broadcast Investments Analysts ("BIA") and BIA will determine the
Allocation.  The appraisal, if required, shall be provided to each of Buyer and
Seller within forty five (45) days after it is ordered. Buyer and Seller agree
to prepare and file all Tax Returns and reports (including, if applicable, Form
8594) in a manner consistent with the Allocation and will not in connection with
the filing of such returns make any allocation that is contrary to the
Allocation.  Buyer and Seller agree to consult with each other with respect to
all issues related to the Allocation in connection with any Tax audits,
controversy or litigation. The fees for BIA shall be borne equally by Buyer and
Seller.

      3.3 Allocations and Prorations.
          --------------------------

          3.3.1       The business and the operations of the Station and the
expenses attributable thereto through 11:59 p.m. on the Closing Date (the
"Effective Time") shall be for the account of Seller and thereafter shall be for
the account of Buyer; provided, however, that any and all income whatsoever
shall always be for the account of Seller.

                                       5
<PAGE>

          3.3.2     All prorations shall be made in a manner that does not
affect the economic arrangements set out in the parties' TBA.  The prorations
for any and all Contracts shall be calculated as of 12:01 a.m. on September 1,
2000 (the "TBA Commencement Date").

                                   ARTICLE 4

                                    CLOSING
                                    -------

      4.1.     Closing.   The consummation of the transactions contemplated
               -------
herein (the "Closing") shall occur, except as may be otherwise mutually agreed
upon by Buyer and Seller, (a) within ten (10) business days after the FCC
Consents (as hereinafter defined) to the assignments of the Station Licenses
have become Final Orders (as hereinafter defined), or (b) at such later date
that all other terms and conditions as set forth in Articles 11 and 12 have been
satisfied, or (c) such other date as may be mutually agreed to by the parties in
writing ("Closing Date").  For purposes of this Agreement, "Final Order" means
action by the FCC granting an application consenting to the assignments
contemplated by this Agreement which is not reversed, stayed, enjoined, set
aside, annulled or suspended, and with respect to which action no timely request
for stay, petition for rehearing, or reconsideration, application for review or
appeal is pending, and as to which the time for filing any such request,
petition or appeal or reconsideration by the FCC on its own motion has expired.
The Closing shall be held in the offices of Leibowitz & Associates, P.A., One SE
Third Avenue, Suite 1450, Miami, Florida 33131, or at such place as the parties
hereto may agree.

                                   ARTICLE 5

                             GOVERNMENTAL CONSENTS
                             ---------------------

      5.1 FCC Consent.  It is specifically understood and agreed by Buyer and
          -----------
Seller that the Closing, the assignments of the Station Licenses and the
transfer of the Station Assets are expressly conditioned on, and are subject to,
the prior written consent and approval of, the FCC ("FCC Consent").

      5.2 FCC Applications.  Within ten (10) business days after the execution
          ----------------
of this Agreement, Buyer and Seller shall file applications with the FCC for the
FCC Consent ("FCC Applications").  Buyer and Seller shall prosecute the FCC
Applications with all reasonable diligence and otherwise use their best efforts
to obtain the FCC Consent as expeditiously as practicable.

                                   ARTICLE 6

                    REPRESENTATIONS AND WARRANTIES OF SELLER
                    ----------------------------------------

                                       6
<PAGE>

      6.1 Representations and Warranties of Seller.  Seller hereby makes the
          ----------------------------------------
following representations and warranties to Buyer, each of which is true and
correct as of the date hereof, and shall be true and correct as of the Closing
Date:

           6.1.1    Organization, Good Standing, Etc.
                    --------------------------------

                    (a) Seller is a business trust validly existing and in good
standing under the laws of the State of South Carolina, has all requisite trust
power and authority to own, lease, operate or otherwise hold the Station Assets
owned, leased or otherwise held by it and to carry on the business and
operations of the Station as now being conducted.

                    (b) Seller has all requisite trust power and authority to
enter into this Agreement and to consummate the transactions contemplated
hereby. The execution and delivery of this Agreement by Seller and the
consummation of the transactions contemplated hereby have been duly authorized
by all necessary trust action on the part of Seller and its trustee. This
Agreement has been duly executed and delivered by Seller and, assuming the due
execution and delivery of this Agreement by Buyer, constitutes the legal, valid
and binding obligation of Seller, enforceable against Seller in accordance with
its terms.

          6.1.2     Authority.  Assuming the consents contemplated by this
                    ---------
Section 6.1.2 are obtained, neither the execution and delivery of this Agreement
nor the consummation of the transactions contemplated hereby shall (a) violate,
conflict with or result in any breach or default of any provision of the Trust
Agreement or (b) violate any order, writ, judgment, injunction, decree, statute,
rule, ordinance or regulation of any court, administrative agency or commission
or other governmental authority or instrumentality (a "Governmental Entity")
applicable to Seller or any of its properties or assets. No consent, approval,
order or authorization of, or registration, declaration or filing with, any
Governmental Entity is required by or with respect to Seller in connection with
the execution and delivery of this Agreement by Seller or the consummation by
Seller of the transactions contemplated hereby, except for consents of the FCC
to the assignments of the Station Licenses.

          6.1.3     Compliance with Applicable Laws; FCC Matters.  To Seller's
                    --------------------------------------------
knowledge, except as permitted or contemplated hereby, the business and
operations of the Station have been, and now are being, conducted in substantial
compliance in all material respects with the Station Licenses, with each law,
ordinance, regulation, judgment, decree, injunction, rule or order of the FCC or
any other Governmental Entity binding on Seller, the Station or its properties
or assets. No investigation or review by any Governmental Entity with respect to
Seller or the Station is pending or, to the Seller's knowledge, threatened.
Without limiting the generality of the foregoing and with respect to the
Station, the Station complies in all material respects with the Communication
Laws of the FCC, all obligations with respect to equal opportunity under
applicable law, and all rules and regulations of the FCC and the Federal
Aviation Administration ("FAA") applicable to the towers used by the Station
(including all rules regulating hazards to air navigation, registration of radio
towers, and exposure of humans to non-ionizing radio frequency radiation).  In
addition, Seller has

                                       7
<PAGE>

duly and timely filed, or caused to be filed, with the appropriate Governmental
Entities all applications, reports, statements, fees, documents, registrations,
filings or submissions with respect to the business or operations of the Station
and the ownership thereof, including, without limitation, applications for
renewal of authority required to be filed by applicable law. All such filings
complied in all material respects with applicable laws when made, and no
material deficiencies have been asserted with respect to any such filings. All
the material required by 47 C.F.R. (S) 73.3526 to be kept in the public
inspection file of the Station is in such file. Seller has no knowledge of any
material fact or circumstance relating to Seller or the Station arising from
noncompliance with the Communication Laws of the FCC in effect on the date of
this Agreement that could reasonably be expected to (i) disqualify Seller from
assigning the Station Licenses to the Buyer or (ii) prevent or delay the
consummation by the parties of the transactions contemplated by this Agreement.

          6.1.4     Litigation.  Except as stated in Seller's Disclosure Letter,
                    ----------
(a) there is no action, suit, litigation, inquiry, judicial or administrative
proceeding, or arbitration pending or, to the knowledge of Seller, threatened
against the Seller or the Station or any of their respective properties or
assets by or before any arbitrator or Governmental Entity, and there are no
investigations relating to Seller or the Station or any of their respective
properties or assets pending or threatened by or before any arbitrator or
Governmental Entity, (b) there is no material judgment, settlement, order,
decree, injunction, or order of any Governmental Entity or arbitrator
outstanding against the Seller or the Station or any of their respective
properties or assets and (c) there is no action, suit, litigation, inquiry,
claim, judicial or administrative proceeding pending or threatened against the
Seller or the Station by a third party relating to the Seller or the Station
Assets or any of the transactions contemplated by this Agreement.

          6.1.5     Insurance.  Seller has in full force and effect insurance on
                    ---------
the Station Assets pursuant to the insurance policies which are listed in
Schedule 6.1.5 hereto, and Seller will continue to maintain such insurance in
--------------
full force and effect, up to and including, the Closing Date.

          6.1.6     Liens and Encumbrances.  As of the Closing, all of the
                    ----------------------
Station Assets, including leases, are free and clear of all liens, pledges,
claims, orders, security interests, writs, judgments, restrictions, mortgages
(real or personal), tenancies and other possessory interests, conditional sale
or other title retention agreements, assessments, easements, rights of way,
covenants, restrictions, rights of first refusal, defects in title,
encroachments and other burdens, options or encumbrances of any kind
(collectively, "Liens"), which do not materially interfere with the use, value
and/or operation of the Station and/or the Station Assets, except (a) statutory
Liens securing payments not yet delinquent or the validity of which are being
contested in good faith by appropriate actions, (b) Liens for taxes not yet
delinquent, (c) Liens securing indebtedness, all of which Liens will be fully
discharged by Seller at the Closing upon repayment of all amounts due and owing,
(d) Liens on leases arising from the provisions of such leases, and (e) zoning
ordinances (the Liens referred to in clauses (a) through (e) being "Permitted
Liens").

           6.1.7    Taxes.
                    -----

                                       8
<PAGE>

            (a) All Tax Returns that are required to be filed on or before the
execution of this Agreement by Seller have been duly filed on a timely basis
under the statutes, rules and regulations of each applicable jurisdiction and
Seller will file or will cause to be duly filed, all Tax Returns required to be
filed by Seller as of the Closing Date and with respect to any taxable period
prior to or which includes the Closing Date. All such Tax Returns are (or will
be) complete and accurate in all material respects. Except as stated in Seller's
Disclosure Letter, all Taxes, whether or not reflected on the Tax Returns, which
are due with respect to the Seller have been timely paid by the Seller, whether
or not such Taxes are disputed;

            (b) No claim, judgment, Lien, settlement, writ, or order for
assessment or collection of Taxes has been asserted against the Seller.  Seller
is not a party to any pending audit, action, suit, claim, litigation, proceeding
or investigation by any Governmental Entity for the assessment or collection of
Taxes, and does not have knowledge of any threatened audit, suit, claim,
litigation, action, proceeding or investigation;

            (c) Seller has not waived or extended any statutes of limitation for
the assessment or collection of Taxes. No claim has ever been made by a
Governmental Entity in a jurisdiction where the Seller does not currently file
Tax Returns that the Seller may be subject to taxation by that jurisdiction, and
Seller is not aware that any such assertion of Tax jurisdiction is pending or
threatened.   No Liens, other than Permitted Liens (whether filed or arising by
operation of law) have been imposed upon or asserted against any of the Station
Assets as a result of or in connection with any failure, or alleged failure to
pay any Tax;

            (d) Seller has withheld and paid all Taxes required to be withheld
in connection with any amounts paid or owing to any employee, creditor,
independent contractor or other third party; and

            (e) For purposes of this Agreement, the terms "Tax" and "Taxes"
shall mean all federal, state, local, or foreign income, payroll, Medicare,
Medicaid, withholding, unemployment insurance, social security, Federal
Insurance Contribution Act, sales, use, service, service use, leasing, leasing
use, excise, franchise, gross receipts, value added, alternative or add-on
minimum, estimated, occupation, real and personal property, stamp, duty,
document, transfer, workers' compensation, windfall profits, environmental
(including taxes under Section 59A of the Code), or other tax, charge, fee, levy
or assessment of the same or of a similar nature, including any interest,
penalty, or addition thereto, whether disputed or not. The term "Tax Return"
means any return, declaration, report, claim for refund, or information return
or statement relating to Taxes or any amendment thereto, and including any
schedule or attachment thereto.

     6.1.8  Broker, Commission or Finder's Fees.  Neither Seller nor any entity
            -----------------------------------
acting on behalf of Seller has agreed to pay a broker, commission, finder's fee
or similar payment in connection with this Agreement or any matter related
hereto.

                                       9
<PAGE>

          6.1.9     Full Disclosure.  No representation or warranty by Seller
                    ---------------
contained in this Agreement (including the Schedules hereto) or in Seller's
Disclosure Letter or in any certificate furnished pursuant to this Agreement
contains or will contain any untrue statement of a material fact, or omits or
will omit to state any material fact necessary, in light of the circumstances
under which it was or will be made, in order to make the statements herein or
therein not misleading.

                                   ARTICLE 7

                    REPRESENTATIONS AND WARRANTIES OF BUYER
                    ---------------------------------------

      7.1 Representations and Warranties of Buyer.
          ---------------------------------------

          Buyer hereby makes the following representations and warranties to
Seller, each of which is true and correct as of the date hereof, and shall be
true and correct as of the Closing Date, and shall be unaffected by any
investigation heretofore or hereafter made by Seller:

          7.1.1     Organization and Standing.  Buyer is a corporation duly
                    -------------------------
organized, validly existing and in good standing under the laws of the State of
South Carolina and has all requisite corporate power and authority to own, lease
and operate its properties and to carry on its business as now being conducted.

          7.1.2     Authorization and Binding Obligation.  Buyer has all
                    ------------------------------------
requisite corporate power and authority to enter into and perform this Agreement
and the transactions contemplated hereby, and Buyer has all requisite corporate
power to own or lease the Station Assets and to carry on the business and
operations of the Station upon the consummation of the transactions contemplated
by this Agreement. Buyer's execution, delivery and performance of this Agreement
and the transactions contemplated hereby have been duly and validly authorized
by all necessary corporate action on behalf of Buyer, and constitutes the valid
and binding obligations of Buyer, enforceable in accordance with its terms.

          7.1.3     Qualification.  To Buyer's knowledge, there is no fact,
                    -------------
allegation, condition, or circumstance relating to Buyer that could reasonably
be expected to prevent the grant of the FCC Consent.  Buyer knows of no fact
that would, under the Communication Laws of the FCC, disqualify Buyer from
becoming the licensee of the Station.  There are no proceedings, complaints,
notices of forfeiture, claims or investigations pending or, to the knowledge of
Buyer, threatened against any, or in respect of any, of the broadcast stations
licensed to Buyer or its Affiliates that would materially impair the
qualifications of Buyer to become a licensee of the Station or delay the FCC
consent.

          7.1.4     Absence of Conflicting Agreements or Required Consents.
                    ------------------------------------------------------
Except for the FCC Consent contemplated herein and except as stated in Buyer's
Disclosure Letter, the execution, delivery and performance of this Agreement by
Buyer shall not: (i) violate or conflict with any of the terms, conditions or
provisions of the organizational documents of Buyer or General Partner; (ii)
require the consent of any third party not affiliated with Buyer; (iii) violate
any applicable statute,

                                      10
<PAGE>

ordinance, law, judgment, settlement, order, injunction, decree, rule,
regulation or ruling of any Governmental Entity applicable to Buyer; and (iv)
either alone or with the giving of notice or the passage of time, violate the
terms, conditions or provisions of, or constitute a default or breach under, any
agreement, instrument, license or permit to which Buyer is now subject.

          7.1.5  Financial Ability.  Buyer has the financial ability and/or
                 -----------------
resources to consummate the transactions contemplated hereunder.

      7.2 Litigation: Compliance with Law.  There is no litigation,
          -------------------------------
administrative action, suit, claim, arbitration or other proceeding, or
petition, complaint or investigation before any court or Governmental Entity
pending against Buyer that would adversely affect Buyer's ability to perform its
obligations pursuant to this Agreement or the agreements to be executed by Buyer
in connection herewith. Buyer has committed no violation of any applicable law,
statute, regulation or ordinance or any other requirement of any Governmental
Entity or court which would have an adverse effect on Buyer or its ability to
perform its obligations pursuant to this Agreement or the agreements to be
executed in connection herewith.

      7.3 Broker, Commission or Finder's Fees.  Neither Buyer nor any entity
          -----------------------------------
acting on behalf of Buyer has agreed to pay a broker, commission, finder's fee
or similar payment in connection with this Agreement or any matter related
hereto.

      7.4 Full Disclosure.  No representation or warranty by Buyer contained in
          ---------------
this Agreement (including the Schedules hereto) or in the Buyer's Disclosure
Letter or in any certificate furnished pursuant to this Agreement contains or
will contain any untrue statement of a material fact, or omits or will omit to
state any material fact necessary, in light of the circumstances under which it
was or will be made, in order to make the statements herein or therein not
misleading.

                                   ARTICLE 8

                              COVENANTS OF SELLER
                              -------------------

      8.1 Seller Covenants.  Seller covenants and agrees with Buyer that,
          ----------------
pending the Closing and except as otherwise agreed to in writing by Buyer:

          8.1.1  Conduct of Stations prior to the Closing Date.  Seller, from
                 ---------------------------------------------
and after the date hereof through the Closing Date, shall:

                 (a) operate in the usual and ordinary course of business in
accordance with past practices and conduct its business in all material respects
in compliance with the terms of the Station Licenses and all applicable laws,
rules, and regulations, including, without limitation, the applicable rules and
regulations of the FCC;

                 (b) use, repair, and, if necessary, replace any of the
Station's transmission assets in a reasonable manner consistent with Seller's
historical practice and maintain the Station Assets in substantially their
current condition, ordinary wear and tear excepted;

                                      11
<PAGE>

                 (c)  not lease, sell, convey, transfer, assign, license,
encumber, mortgage, pledge, or subject to a Lien, claim, or encumbrance (other
than Permitted Liens ) any of the Station Assets or sell or transfer any of the
Station Assets without replacing such Station Assets with assets of
substantially the same value and utility; and

                 (d)  agree to do any of the foregoing.

      8.2 Access.  Upon reasonable written notice from Buyer, Seller shall (a)
          ------
give or cause the Station to give Buyer and Buyer's counsel, accountants,
engineers and other representatives, including environmental consultants,
reasonable access during normal business hours to all of Seller's Contracts,
buildings and equipment relating to the Station, in order that Buyer may have
full opportunity to make such investigation, including, but not limited to,
environmental assessments, as it desires of the affairs of the  Station and  (b)
furnish Buyer with information and copies of all Contracts, operating data and
other information concerning the operations of the Station, that Buyer may
reasonably request. The rights of Buyer under this Section shall not be
exercised in such a manner as to interfere unreasonably with the business and/or
operation of the Station; provided, however, that such investigations shall not
adversely effect or diminish the effect of any and all representation and
warranties made by Seller herein.

      8.3 Other Consents.  Seller will use its best efforts to obtain all
          --------------
consents, authorizations, or approvals required for the consummation of the
transactions contemplated by this Agreement.

      8.4 No Inconsistent Action.  Seller shall not take any action which is
          ----------------------
inconsistent with its obligations under this Agreement. Seller may change the
call signs of the Station one or more times prior to the Closing, but will
advise Buyer prior to any change.

      8.5 Updating of Schedules.  From time to time after FCC Consent and prior
          ---------------------
to the Closing, Seller will promptly supplement or amend the Schedules and
Seller's Disclosure Letter delivered in connection herewith with respect to any
matter which exists or occurs after the date of this Agreement and which, if
existing or occurring at or prior to the date of this Agreement, would have been
required to be set forth or described in the Schedules or Seller's Disclosure
Letter or which is necessary to correct any information therein; provided,
however, that the provisions of this Section are informational only and Buyer
shall not be bound to the terms of any changed Schedules unless they are
incorporated into this Agreement by a written amendment signed by Buyer.

      8.6 Enforcement of Agreements.   During the period prior to Closing,
          --------------------------
Seller shall enforce, if necessary, the terms of any and all Contracts.

      8.7 FCC Filings.  Seller shall file or cause to be filed on a current
          -----------
basis until the Closing Date all applications, fees, reports and documents
required to be filed with the FCC with respect to the Station. Copies of each
such application, fee filing, report and document filed between the date hereof
and the Closing Date shall be furnished to Buyer promptly after its filing.

      8.8 Indemnification.
          ---------------

                                      12
<PAGE>

          (a) From and after the Closing Date, Seller shall defend, indemnify
and hold Buyer, its officers, directors, employees, agents and Affiliates, and
its assigns forever harmless from and against all costs, suits, actions, claims,
settlements, judgments, losses and damages (including reasonable attorney fees
at all levels) incurred by Buyer or such officers, directors, employees, agents,
Affiliates or assigns as a result of or arising out of (i) the breach by Seller
of any of its representations and warranties contained in this Agreement, (ii)
the failure by Seller to perform its covenants set forth in this Agreement,
(iii) the conduct of the business or operations of the Station or the use or
ownership of the Station Assets on or before the Closing Date, including any and
all liabilities arising under any of the Station Licenses or Contracts which
relate to events occurring prior to the Closing Date, (iv) any and all
obligations or liabilities of Seller under any contract or agreement not
expressly assumed by Buyer pursuant to the terms hereof, and (v) any acts or
omissions of negligence, gross negligence, illegal or wrongful conduct, or any
claims for personal injury, death, or property damage committed by Seller or its
agents, servants, and employees, which accrued prior to the Closing Date;
provided, however, that Seller shall not be required to defend any claims
asserted by Buyer hereunder unless and until the aggregate amount of such claim
equals or exceeds $25,000; and, provided, further, that the aggregate amount of
all claims asserted by Buyer hereunder shall in no event exceed $100,000.  This
covenant shall survive the Closing Date, and the expiration or termination of
this Agreement, subject to Section 18.1.

          (b) Seller hereby covenants and agrees that if, during the term of
this Agreement, Seller is or becomes obligated to indemnify Buyer under this
Section 8.8, Seller shall not sell, lease, transfer or otherwise dispose of,
whether in one transaction or in a series of transactions, all or substantially
all of its assets.

          (c) Buyer shall give prompt written notice to Seller of any claim
asserted by Buyer hereunder; provided, however, that failure to give such notice
or delaying such notice shall not affect Buyer's right to indemnification and
Seller's obligation to indemnify as set forth in this Agreement, except to the
extent Seller's ability to remedy, contest, defend or settle with respect to
such claim is thereby prejudiced.  The obligations and liabilities of the
parties with respect to any claim asserted hereunder shall be subject to Section
18.1.

      8.9 Asset Purchase Agreement.  Seller shall place a complete copy of this
          ------------------------
Agreement in the local public inspection file of the Station and shall append a
complete copy of this Agreement to the application to the FCC for the FCC
Consent.

                                   ARTICLE 9

                              COVENANTS OF BUYER
                              ------------------

      9.1 Buyer Covenants.  Buyer covenants and agrees that, pending the Closing
          ---------------
and except as otherwise agreed to in writing by Seller:

          9.1.1     Notification.  Buyer shall promptly notify Seller in writing
                    ------------
of (a) any litigation, arbitration or administrative proceeding pending or, to
its knowledge, threatened against Buyer which challenges the transactions
contemplated hereby, (b) the failure of Buyer, or any employee or agent of Buyer
to comply with or satisfy in any material respect any covenant, condition

                                      13
<PAGE>

or agreement to be complied with or be satisfied by it hereunder or (c) the
occurrence of any event that would entitle Seller to terminate this Agreement
pursuant to Section 16.1.

          9.1.2     No Inconsistent Action.   Buyer shall not take any action
                    ----------------------
which is inconsistent with its obligations under this Agreement.

          9.1.3     Post-Closing Access.  Buyer, for a period of one (1) year
                    -------------------
following the Closing Date, shall make available during normal business hours
for audit and inspection by Seller and Seller's representatives, for any
reasonable purpose and upon reasonable notice, all records, files, documents and
correspondence transferred to it hereunder  relating to the pre-closing period.
All information, records, files, documents and correspondence made available or
disclosed under this Section 9.1.3 shall be kept confidential.  Buyer shall
assume cost of all expenses incurred in connection with this Section.

          9.1.4     Other Consents.  Buyer will use its best efforts to obtain
                    --------------
all necessary consents, authorizations, or approvals, in each case, required for
Buyer's consummation of the transactions contemplated by this Agreement.

          9.1.5.    Indemnification.  From and after the Closing Date, Buyer
                    ---------------
shall defend, indemnify and hold Seller, its officers, directors, employees,
agents and Affiliates, and its assigns forever harmless from and against all
costs, suits, actions, claims, settlements, judgments, losses and damages
(including reasonable attorney fees at all levels) incurred by Seller or such
officers, directors, employees, agents, Affiliates or assigns as a result of or
arising out of (i) the breach by Buyer of any of its representations and
warranties contained in this Agreement, (ii) the failure by Buyer to perform its
covenants set forth in this Agreement, (iii) the conduct of the business or
operations of the Station or the use or ownership of the Station Assets on or
before the Closing Date, including any and all liabilities arising under any of
the Station Licenses or Contracts which relate to events occurring prior to the
Closing Date, (iv) any and all obligations or liabilities of Buyer under any
contract or agreement not expressly assumed by Seller pursuant to the terms
hereof, and (v) any acts or omissions of negligence, gross negligence, illegal
or wrongful conduct, or any claims for personal injury, death, or property
damage committed by Buyer or its agents, servants, and employees, which accrued
prior to the Closing Date; provided, however, that Buyer shall not be required
to defend any claims asserted by Seller hereunder unless and until the aggregate
amount of such claim equals or exceeds $25,000; and, provided, further, that the
aggregate amount of all claims asserted by Seller hereunder shall in no event
exceed $100,000.  This covenant shall survive the Closing Date, and the
expiration or termination of this Agreement, subject to Section 18.1.

                                   ARTICLE 10

                                JOINT COVENANTS
                                ---------------

     Buyer and Seller covenant and agree that, pending the Closing and except as
otherwise agreed to in writing, they shall act in accordance with the following:

      10.1     Confidentiality.  Buyer and Seller shall not disseminate,
               ----------------
disclose, reveal, divulge, inform, or communicate, directly or indirectly,
through any person or entity, including, but not

                                      14
<PAGE>

limited to, its managers, members, officers, directors, employees,
representatives, agents, advisors, and attorneys, and shall preserve and keep
confidential all information ("Confidential Information") obtained by any of
them with respect to the other party hereto in connection with this Agreement
and the negotiations preceding this Agreement, and will use such information
solely in connection with the transactions contemplated by this Agreement, and
if the transactions contemplated hereby are not consummated for any reason, each
shall return to each other party hereto, without retaining a copy thereof, any
schedules, contracts, records, properties, extracts, summaries, documents or any
other written information obtained from such other party in connection with this
Agreement and the transactions contemplated hereby except to the extent required
or useful in connection with any claim made with respect to the transactions
contemplated by this Agreement or the negotiation thereof. Notwithstanding the
foregoing, no party shall be required to keep confidential or return any
information which (a) is known or available through other lawful sources, not
bound by a confidentiality agreement with the disclosing party, (b) is or
becomes publicly known through no fault of the receiving party or its agents,
(c) is required to be disclosed pursuant to an order or request of a judicial or
government authority (provided the non-disclosing party is given reasonable
prior notice such that it may seek, at its expense, confidential treatment of
the information to be disclosed), (d) is developed by the receiving party
independently of the disclosure by the disclosing party or (e) is required to be
disclosed under applicable law or rule, as determined by counsel for the
receiving party. This covenant shall survive the Closing Date, and the
expiration or termination of this Agreement.

      10.2     Cooperation.  Buyer and Seller shall cooperate fully with one
               -----------
another in taking any actions, including actions to obtain the required consent
of any Governmental Entity or any third party necessary or helpful to accomplish
the transactions contemplated by this Agreement.

      10.3     Control of Stations.  Prior to Closing, Buyer shall not, directly
               -------------------
or indirectly, control or direct the business or operations of the Station.
However, this shall not preclude the parties from entering into a Time Brokerage
Agreement ("TBA") prior to Closing.

      10.4     Public Announcements.  Prior to the Closing, neither Buyer nor
               --------------------
Seller shall issue any press release or make any public disclosure with respect
to the transactions contemplated by this Agreement without the prior written
approval of the other party, except (a) Buyer and Seller may make any disclosure
as may be required by applicable law or by obligations pursuant to any listing
agreement with any securities exchange or any stock exchange regulations; and
(b) Buyer and Seller may each continue such communications with employees,
customers, suppliers, franchises, lenders, lessors, shareholders, and other
particular groups as may be legally required or necessary or appropriate and not
inconsistent with the best interests of the other party or the prompt
consummation of the transactions contemplated herein.

                                   ARTICLE 11

                         CONDITIONS OF CLOSING BY BUYER
                         ------------------------------

     The obligations of Buyer hereunder are, at its option, subject to
satisfaction at or prior to the Closing Date of  all of the following
conditions:

                                      15
<PAGE>

      11.1     Representations and Warranties.  All representations and
               ------------------------------
warranties of Seller made in Seller's Disclosure Letter, or in this Agreement or
in any exhibit, schedule or document delivered pursuant hereto, shall be true
and complete in all material respects as of the date hereof and on and as of the
Closing Date as if made on and as of that date, except for changes expressly
permitted or contemplated by the terms of this Agreement.

      11.2     Compliance with Agreement.  All of the terms, covenants and
               -------------------------
conditions to be complied with and performed by Seller on or prior to the
Closing Date shall have been complied with or performed in all material respects
to the satisfaction of the Buyer.

      11.3     Third Party Consents and Approvals.  Seller shall have obtained
               ----------------------------------
all third-party consents and approvals, if any, required for the transfer or
continuance, as the case may be, of the Contracts on Schedule 1.1.3 (and
                                                     --------------
contracts that would have been on Schedule 1.1.3  had they been in existence on
                                  ---------------
the date of this Agreement).

      11.4     Closing Certificates.  Buyer shall have received a certificate,
               --------------------
dated as of the Closing Date, from the Seller, executed by an authorized officer
of Seller certifying, in such detail as Buyer may reasonably request that the
conditions set forth in Sections 11.1 and 11.2 hereto have been fulfilled.

      11.5     Governmental Consents.
               ---------------------

          11.5.1 FCC.  The FCC  Consent shall have been issued by the FCC
                 ---
without any conditions that would otherwise permit Buyer to terminate this
Agreement pursuant to Section 16.1(d), below, and each such FCC Consent shall
have become a Final Order.

          11.5.2 Other Consents.  All other material authorizations, consents,
                 --------------
approvals, and clearances of any Governmental Entity required to permit the
consummation of the transactions contemplated by this Agreement shall have been
obtained.

      11.6     Adverse Proceedings.  No injunction, order, stipulation,
               -------------------
settlement, writ, decree or judgment of any court, agency or other Governmental
Entity shall have been rendered against Seller or Buyer which would render it
unlawful, as of the Closing Date, to effect the transactions contemplated by
this Agreement in accordance with its terms.

      11.7     Closing Documents.  Seller shall have executed and delivered or
               -----------------
caused to be delivered to Buyer, on the Closing Date (a) all bills of sale,
endorsements, titles, licenses, assignments and other instruments of conveyance
and transfer consistent with the terms hereof and otherwise reasonably
satisfactory in form and substance to Buyer, effecting the sale, transfer,
assignment and conveyance of the Station Assets to Buyer and (b) all other
documents, instruments, certificates and agreements required of Seller under the
terms of this Agreement.

      11.8     Opinion of Counsel.  Buyer shall have received a written opinion
               ------------------
of Seller's counsel dated as of the Closing Date as to the matters set forth in
Exhibit 11.8 hereto in form and substance reasonably satisfactory to Buyer.
------------

                                      16
<PAGE>

                                  ARTICLE 12

                        CONDITIONS OF CLOSING BY SELLER
                        -------------------------------

     The obligations of Seller hereunder are, at its option, subject to
satisfaction at or prior to the Closing Date of  all of the following
conditions:

      12.1     Representations, Warranties and Covenants.  All representations
               -----------------------------------------
and warranties of Buyer made in this Agreement or in Buyer's Disclosure Letter
or in any Exhibit, Schedule or document delivered pursuant hereto, shall be true
and complete in all material respects as of the date hereof and on and as of the
Closing Date as if made on and as of that date, except for changes expressly
permitted or contemplated by the terms of this Agreement and except those given
as of a specified date.

      12.2     Compliance with Agreement.  All the terms, covenants, and
               -------------------------
conditions to be complied with and performed by Buyer on or prior to the Closing
Date shall have been complied with or performed in all material respects.

      12.3     Certifications, etc.  Seller shall have received a certificate,
               -------------------
dated as of the Closing Date, from the General Partner of Buyer, executed by an
authorized officer of General Partner certifying, in such detail as Seller may
reasonably request that the conditions set forth in Sections 12.1 and 12.2
hereto have been fulfilled.

      12.4     Governmental Approval.
               ---------------------

           12.4.1   FCC.  The FCC Consent shall have been issued by the FCC and
                    ---
each such FCC Consent shall have become a Final Order.

          12.4.2    Other Consents.  All other material authorizations,
                    --------------
consents, approvals, and clearances of any Governmental Entity required to
permit the consummation of the transactions contemplated by this Agreement shall
have been obtained.

      12.5     Adverse Proceedings.  No injunction, order, stipulation,
               -------------------
settlement, decree or judgment, writ, of any court, agency or other Governmental
Entity shall have been issued or rendered, as the case may be, against Buyer or
Seller which would render it unlawful, as of the Closing date, to effect the
transactions contemplated by this Agreement in accordance with its terms.

      12.6     Closing Documents.  Buyer shall have delivered or caused to be
               -----------------
delivered to Seller, on the Closing Date, an assumption agreement with respect
to Assumed Liabilities reasonably satisfactory in form and substance to Seller.

      12.7     Opinion of Buyer's Counsel.  Seller shall have received a written
               --------------------------
opinion of Buyer's counsel dated as of the Closing Date as to the matters set
forth in Exhibit 12.7 hereto in form and substance reasonably satisfactory to
         ------------
Seller.

                                      17
<PAGE>

                                  ARTICLE 13

                   DOCUMENTS TO BE DELIVERED AT THE CLOSING
                   ----------------------------------------

      13.1     Documents to be Delivered by Seller.  At the Closing, Seller will
               -----------------------------------
deliver to Buyer the following, at the expense of Seller and in proper form for
recording when appropriate:

          13.1.1    Transfer Documents.   Such bills of sale, assignments and
                    ------------------
other good and sufficient instruments of transfer as Buyer may reasonably
request in order to convey and transfer to Buyer title to the Station Assets
(collectively, the "Transfer Documents").

          13.1.2    Certified Resolutions.  Certified resolutions of the trustee
                    ---------------------
of Seller  approving the execution and delivery of this Agreement and each of
the other documents delivered by Seller pursuant thereto and authorizing the
consummation of the transactions contemplated hereby and thereby.

          13.1.3    Seller's Certificate.  A certificate, dated as of the
                    --------------------
Closing Date, executed on behalf of the Seller in the form described in Section
11.4.

          13.1.4    Opinion.  Written opinion of Law Offices  Anthony T. Lepore,
                    -------
Esq., P.A. in substantially the form attached hereto as Exhibit 11.8, dated as
                                                        ------------
of the Closing Date.

          13.1.5    Good Standing Certificates.  Governmental certificates
                    --------------------------
showing that Seller is duly incorporated and in good standing in the state of
its incorporation, certified as of a date not more than ten (10) days before the
Closing Date.

           13.1.6   Other Documents.  Such additional information and materials
                    ---------------
as Buyer shall reasonably request.

      13.2     Documents to be Delivered by Buyer.  At the Closing, Buyer will
               ----------------------------------
deliver to Seller, at the expense of Buyer:

          13.2.1    Purchase Price.  Evidence of a wire transfer in immediately
                    --------------
available funds of the amount of the Purchase Price, subject to any adjustments.

          13.2.2    Assumption Agreement.  An assumption agreement relating to
                    --------------------
Buyer's assumption of the Assumed Liabilities in form and substance mutually
agreeable to the parties hereto.

          13.2.3    Certified Resolutions.  Certified resolutions of the Board
                    ---------------------
of Directors of Buyer approving the execution and delivery of this Agreement and
each of the other documents delivered by Buyer pursuant hereto and authorizing
the consummation of the transactions contemplated hereby and thereby.

          13.2.4    Officer's Certificate.  A certificate, dated the Closing
                    ---------------------
Date, executed on behalf of the Buyer in the form described in Section 12.3.

                                      18
<PAGE>

          13.2.5    Opinion.  A written opinion of  Klovsky, Kuby and Harris, in
                    -------
substantially the form attached hereto as Exhibit 12.7, dated as of the Closing
                                          ------------
Date.

          13.2.6    Good Standing Certificates.  Governmental certificates
                    --------------------------
showing that each of Buyer and its General Partner is duly incorporated and in
good standing in the state of its incorporation, certified as of a date not more
than ten (10) days before the Closing Date.

           13.2.7   Other Documents.  Such additional information and materials
                    ---------------
as Seller shall reasonably request.

                                   ARTICLE 14

                       TRANSFER TAXES: FEES AND EXPENSES
                       ---------------------------------

      14.1     Expenses.  Except as set forth in Sections 14.2 and 14.3  below,
               --------
each party hereto shall be solely responsible for all costs and expenses
incurred by it in connection with the negotiation, preparation and performance
of and compliance with the terms of this Agreement.

      14.2     Transfer Taxes and Similar Charges.   All recordation, transfer
               ----------------------------------
and documentary taxes and fees, stamps, and any excise, sales or use taxes, and
all similar costs of transferring the Station Assets in accordance with this
Agreement the shall be borne equally by Seller and Buyer.  Buyer and Seller
shall, in good faith, attempt to calculate all such taxes and fees prior to
Closing and to settle their respective obligations therefore on or before the
Closing Date.

      14.3     Governmental Filing or Grant Fees.  Any filing or grant fees
               ---------------------------------
imposed by any governmental authority, the consent of which is required for the
consummation of the transactions contemplated hereby, including, but not limited
to, the FCC shall be borne equally by Buyer and Seller.

                                   ARTICLE 15

            ESCROW DEPOSIT, LIQUIDATED DAMAGES, SPECIFIC PERFORMANCE
            --------------------------------------------------------

      15.1     Escrow Deposit.  Within five (5) business days of the execution
               --------------
and delivery of this Agreement by all parties, Buyer will deposit with Media
Services Group, Inc., a Virginia corporation,

                                      19
<PAGE>

("Earnest Money Escrow Agent"), cash in the amount of Fifty Thousand and No/100
Dollars ($50,000) (the "Earnest Money Escrow Deposit"). The Earnest Money Escrow
Deposit shall be held and disbursed by Earnest Money Escrow Agent pursuant to
the terms of the Earnest Money Escrow Agreement, appended hereto as Exhibit 15.1
                                                                    ------------
(the "Earnest Money Escrow Agreement"), which Earnest Money Escrow Agreement has
been entered into by the Seller, Buyer and Earnest Money Escrow Agent. At
closing, the Earnest Money Escrow Deposit shall be returned to Buyer. If the
Closing does not occur solely because Buyer materially breached this Agreement
or defaulted in the performance of any of its material obligations hereunder and
Seller has not breached this Agreement or defaulted in the performance of any of
its material obligations hereunder, Buyer and Seller shall execute written
instructions to the Earnest Money Escrow Agent directing it to deliver the
Earnest Money Escrow Deposit to Seller as liquidated damages, as provided in
Section 15.2. If the Closing does not occur because Seller materially breached
this Agreement or defaulted in the performance of any of its material
obligations hereunder and Buyer has not breached this Agreement or defaulted in
the performance of any of its material obligations hereunder, Buyer and Seller
shall execute written instructions to the Earnest Money Escrow Agent directing
it to deliver the Earnest Money Escrow Deposit to Buyer and Buyer may seek
specific performance of this Agreement, as provided in Section 15.3.

     15.2     Liquidated Damages.  If this Agreement is terminated by Seller
              ------------------
pursuant to Section 16.1 (b)(ii), the parties agree and acknowledge that Seller
will suffer damages that are not practicable to ascertain.  Accordingly, in such
event, Seller shall be entitled to the sum of $50,000, as liquidated damages,
payable solely and exclusively through the Earnest Money Escrow Agreement. The
parties agree that the foregoing liquidated damages are reasonable considering
all the circumstances existing as of the date hereof and constitute the parties'
good faith estimate of the actual damages reasonably expected to result from the
termination of this Agreement pursuant to Section 16.1 (b)(ii).  Seller agrees
that, to the fullest extent permitted by law, the right to receive the Earnest
Money Escrow Deposit shall be its sole and exclusive remedy if the Closing does
not occur with respect to any damages whatsoever that Seller may suffer or
allege to suffer as a result of any claim, suit, proceeding, litigation, or
cause of action asserted by Seller relating to or arising from breaches of the
representations, warranties or covenants of Buyer contained in this Agreement
and to be made or performed at or prior to the Closing.  Except for a
termination pursuant to Section 16.1 (b)(ii) (for which the sole recourse of
Seller shall be as  provided in this Section 15.2) or pursuant to Sections
16.1(a) or 16.1(g) (for which no party shall have any liability to the other),
the termination of this Agreement shall not relieve the parties for any
liability or obligation relating to their breaches of this Agreement occurring
prior to such termination, or for any liability or obligation which survives the
expiration or termination of this Agreement.

      15.3     Specific Performance.  In addition to any other remedies which
               --------------------
Buyer may have at law  or in equity, Seller hereby acknowledges that the Station
Assets are unique, and that the harm to Buyer resulting from a breach by the
Seller of its obligations to sell the Station Assets to Buyer cannot be
adequately compensated by damages.  Accordingly, Seller agrees that Buyer shall
have the right to have this Agreement specifically performed by Seller and
hereby agrees not to assert any

                                      20
<PAGE>

objections to the imposition of the remedy of specific performances by any court
of competent jurisdiction.

                                  ARTICLE 16

                              TERMINATION RIGHTS
                              ------------------

     16.1  Termination.  This Agreement may be terminated at any time prior to
           -----------
Closing as follows:

           (a) by the mutual consent of Buyer and Seller;

           (b) by written notice of (i) Buyer to Seller if Seller breaches in
any material respect any of its representations or warranties or defaults in any
material respect in the observance or in the due and timely performance of any
of its covenants or agreements herein contained and such breach or default shall
not be cured within thirty (30) days of the date of notice of breach or default
served by Buyer, or (ii) Seller to the Buyer if Buyer breaches in any material
respect any of its representations or warranties or defaults in any material
respect in the observance or in the due and timely performance of any of its
covenants or agreements herein contained and such breach or default shall not be
cured within thirty (30) days of the notice of breach or default served by
Seller; but such notice and cure period shall not apply in the case of Buyer's
or Seller's failure to consummate the transactions in accordance with the terms
and times specified in Section 4.1 of this Agreement;

           (c) by Buyer or Seller by written notice to the other, if a court of
competent jurisdiction or other Governmental Entity shall have issued an order,
decree or ruling or taken any other action (which order, decree or ruling the
parties hereto shall use their best efforts to lift, dismiss, vacate, or set
aside), in each case permanently restraining, permanently enjoining or otherwise
prohibiting the transactions contemplated by this Agreement, and such order,
decree, ruling or other action shall have become final and nonappealable;

           (d) by the party whose qualifications are not at issue, if, for any
reason, the FCC denies or dismisses any of the FCC Applications and the time for
reconsideration or court review under the Communication Laws with respect to
such denial or dismissal has expired and there is not pending with respect
thereto a timely filed petition for reconsideration or request for review;

           (e) by written notice of Buyer to Seller if the FCC Consents contain
a condition that reduces the value of this transaction to Buyer and the time for
reconsideration or court review under the Communication Laws with respect to
such condition(s) has expired without the filing with respect thereto of a
timely petition for reconsideration or request for review;

                                      21
<PAGE>

           (f) by written notice of Buyer to Seller, or by Seller to the Buyer,
if the Closing shall not have been consummated within nine months after
acceptance for filing of the FCC Applications; or

           (g) by either party, in the event the Closing does not occur at or
before 5:00 p.m. eastern standard time on the one year anniversary of this
Agreement.

Notwithstanding the foregoing, no party hereto may effect a termination hereof
if such party is in material default or breach of this Agreement.

                                  ARTICLE 17

                                 RISK OF LOSS
                                 ------------

      17.1 Risk of Loss.  The risk of loss or damage to the Station Assets shall
           ------------
be upon the Seller at all times prior to the Closing Date. In the event of loss
or damage, Seller shall promptly notify Buyer thereof, and if the lost or
damaged Station Assets are capable of being replaced or repaired for an
aggregate amount less than Twenty-Five Thousand Dollars ($25,000), then Seller
shall, at its sole cost and expense, replace or repair such Station Assets prior
to the Closing Date or deliver to Buyer at the Closing an amount in cash equal
to the cost of replacement or repair of such Station Assets, as mutually agreed
in good faith by Buyer and Seller. Notwithstanding the foregoing, if the amount
required to replace or repair such Station Assets exceeds Twenty-Five Thousand
Dollars ($25,000), Seller may elect not to replace or repair such Station
Assets; provided, however, that in such event Buyer, at its option, may elect to
terminate this Agreement or agree to accept from Seller, at the Closing, an
amount in cash equal to any and all insurance proceeds with respect to such
Station Assets, and waive any default or breach with respect to the loss or
damage. Either party may extend the Closing Date by up to 30 days in order to
allow Seller to complete any repair or replacement, required or authorized by
this Section.

                                  ARTICLE 18

                           MISCELLANEOUS PROVISIONS
                           ------------------------

      18.1 Survival of Representations and Warranties.  The representations and
           ------------------------------------------
warranties contained in this Agreement and in any Exhibit, Schedule, instrument
or certificate delivered pursuant hereto, shall survive the Closing until one
(1) year after the Closing Date. Buyer's rights to reimbursement or
indemnification for damages resulting from any untrue or incorrect
representation or warranty of the Seller shall not be affected or waived by any
investigation made by Buyer (or anyone on Buyer's behalf) irrespective of
whether Buyer relied upon such untrue or incorrect representation or warranty.

      18.2 Certain Interpretive Matters and Definitions.
           --------------------------------------------

                                      22
<PAGE>

            18.2.1  In General.  Unless the context otherwise requires, (a) all
                    ----------
references to Sections, Articles or Schedules are to Sections, Articles or
Schedules of or to this Agreement, (b) each term defined in this Agreement has
the meaning assigned to it, "or" is disinjunctive but not necessarily exclusive
and (c) words in the singular include the plural and vice versa.

            18.2.2  Affiliate.  Unless otherwise stated, the term "Affiliate"
                    ---------
has the meaning given it in Rule 12b-2 of Regulation 12B under the Securities
Exchange Act of 1934, as amended.

            18.2.3  Money.  All references to "$" or dollar amounts will be to
                    -----
lawful currency of the United States of America.

            18.2.4  Knowledge.  Representations made "to the best of a party's
                    ---------
knowledge" means to the actual knowledge of that party after (a) due inquiry of
all managers, department heads, engineers or other similar employees or agents,
including counsel of that party who are responsible for or who reasonably could
be expected to have substantial knowledge about the subject matters of the
representation being made and (b) due examination of any documents,
correspondence or other items in the records of the party pertaining to the
subject matter of the representation being made.

      18.3  Further Assurances.  At and after the Closing, Seller shall from
            ------------------
time to time, at the request of and without further cost or expense to Buyer,
execute and deliver such other instruments of assignment, conveyance and
transfer and take such other actions as may reasonably be requested in order to
more effectively consummate the transactions contemplated hereby, and Buyer
shall from time to time, at the request of and without further cost or expense
to Seller, execute and deliver such other instruments and take such other
actions as may reasonably be requested in order to more effectively assume the
Assumed Liabilities. This section shall survive the expiration or termination of
this Agreement.

      18.4  Assignment.  Neither this Agreement nor any of the rights, interests
            -----------
or obligations hereunder shall be assigned by any of the parties hereto, whether
by operation of law or otherwise, without the prior written consent of the other
party hereto; provided, however, that no such assignment shall release any party
from any of its obligations or liabilities hereunder or shall result in any (i)
major change to the FCC Applications under applicable FCC rules and regulations
or (ii) delay of the consummation of the transactions contemplated hereunder. In
the event of such an assignment, the provisions of this Agreement shall inure to
the benefit of and be binding on the parties, successors and assigns.

      18.5  Amendments.  No amendment, waiver of compliance with any provision
            ----------
or condition hereof or consent pursuant to this Agreement shall be effective
unless evidenced by an instrument in writing signed by the party against whom
enforcement of any waiver, amendment, change, extension or discharge is sought.
No waiver by a party of any condition, term, or covenant shall constitute that
party's waiver to enforce any other condition, covenant, term (or any default or
breach thereof by the other party) at any time.

                                      23
<PAGE>

      18.6  Headings.  The headings set forth in this Agreement are for
            --------
convenience only and will not control or affect the meaning or construction of
the provisions of this Agreement.

      18.7  Governing Law.  The construction and performance of this Agreement
            -------------
shall be governed by the laws of the State of South Carolina without giving
effect to the choice of law provisions thereof. Any proceedings to enforce or
interpret this Agreement shall be commenced in a court of competent jurisdiction
in the State of South Carolina. The parties agree not to assert nor interpose
any defenses, and do hereby waive the same, to the conferral of personal and
subject matter jurisdiction, and venue by such court in any suit, action, or
proceeding. The prevailing party in any such action or proceeding shall be
entitled to recover reasonable attorneys' fees (at all levels) and costs.

      18.8  Notices.  Any notice, demand or request required or permitted to be
            -------
given under the provisions of this Agreement shall be in writing and shall be
deemed to have been duly delivered and received on the date of personal
delivery; on the third day after deposit in the U.S. Mail if mailed by
registered or certified mail, postage prepaid and return receipt requested; on
the day after delivery to a nationally recognized overnight courier service if
sent by an overnight delivery service for next morning delivery and shall be
addressed to the following addresses:

            (i)  In the case of Seller, to:

                      Mr. John M. Ade
                      Trustee
                      Myrtle Beach Stations Trust
                      9 Cross Tree Drive
                      Hilton Head, South Carolina 29926
                      Facsimile: (843) 681-6805

                 With a copy to:

                      Anthony T. Lepore, Esq.
                      Law Offices Anthony T. Lepore, Esq., P.A.
                      P.O. Box 823662
                      South Florida, Florida 33082-3662
                      Facsimile: (954) 436-6288

            (ii) In the case of Buyer:

                      Mr. Jerry Bresson
                      President
                      Fidelity Broadcasting Corporation

                                      24
<PAGE>

                      107 Forrest Avenue
                      P.O. Box 186
                      Narberth, PA 19072
                      Facsimile: (610) 664-1503

                 With a copy to:

                      Paul N. Minkoff, Esquire
                      Klovsky, Kuby and Harris
                      437 Chestnut Street - Suite 1017
                      Philadelphia, PA 19106
                      Facsimile: (215) 592-7713

      18.9   Schedules.  The Schedules and Exhibits attached to this Agreement
             ---------
and the other documents delivered pursuant hereto are hereby made a part of this
Agreement as if set forth in full herein.

      18.10  Entire Agreement.  This Agreement contains the entire agreement
             ----------------
among the parties hereto with respect to its subject matter and supersedes all
negotiations, prior discussions, agreements, letters of intent, and
understandings, written or oral, relating to the subject matter of this
Agreement, and all conditions, terms, and covenants are hereby fully merged and
integrated herein. This Agreement shall not be amended nor modified, unless by a
written instrument, duly executed by both of the parties duly authorized
representatives.

      18.11  Severability.  If any provision of this Agreement is held to be
             ------------
unenforceable, invalid, or void to any extent for any reason, that provision
shall remain in force and effect to the maximum extent allowable, and the
enforceability and validity of the remaining provisions of this Agreement shall
not be affected thereby, and shall remain in full force and effect.

      18.12  Counterparts.  This Agreement may be executed in two or more
             ------------
counterparts, each of which will be deemed an original, but all of which
together shall constitute but one and the same instrument.

      18.13  Authority.  Buyer and Seller expressly acknowledge that the agents
             ---------
executing this Agreement on their behalf, possess the full agency and authority,
both actual and apparent, to fully bind their respective principals to this
Agreement. Neither party shall assert or interpose any defense in any
proceeding, which defenses are hereby waived, that said agents did not possess
the legal authority and agency to bind their respective principals to this
Agreement.

      18.14  Conflict with TBA.  The provisions of this Agreement are generally
             -----------------
modified to amend the parties' respective liabilities, obligations, agreements,
covenants, responsibilities and warranties hereunder to the extent that such
would otherwise be inconsistent with the TBA

                                      25
<PAGE>

                   [SIGNATURES BEGIN ON THE FOLLOWING PAGE]

                                      26
<PAGE>

     IN WITNESS WHEREOF, each of the parties has caused this Agreement to be
duly executed and delivered as of the date first above written.

                                   FIDELITY BROADCASTING CORPORATION, a
                                   South Carolina corporation

                                        By:  _____________________________
                                             Jerome Bresson, President

                                   MYRTLE BEACH STATIONS TRUST,
                                   a South Carolina Trust

                                        By:  _____________________________
                                             John M.Ade, Trustee

                                      27

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