We perform multiwavelength time-distance analysis of a fan loop system anchored in an isolated sunspot region AR 12553. The active region was observed by the Atmospheric Imaging Assembly on board the Solar Dynamics Observatory. We measure the phase speeds of the propagating intensity disturbances by employing cross-correlation analysis, as well as by obtaining the slopes in xt-plots. We obtain original as well as de-trended light curves at different heights of the time-distance maps and characterize them by performing Fourier and Wavelet analysis, respectively. The time-distance maps reveal clear propagation of intensity oscillations in all the coronal EUV channels except AIA 94 and 335~{AA}. We determine the nature of the intensity disturbances as slow magnetoacoustic waves by measuring their phase speeds. The time-distance maps, as well as the de-trended light curves, show an increase and decrease in the amplitude of propagating 3-min oscillations over time. The amplitude variations appear most prominent in AIA 171~{AA}, though other EUV channels also show such signatures. Fourier power spectrum yield the presence of significant powers with several nearby frequencies between 2--3 minutes (5--8 mHz), along with many other smaller peaks between 2--4 minutes. Wavelet analysis shows an increase and decrease of oscillating power around 3-min simultaneous to the amplitude variations. We obtain the modulation period to be in the range of 20--30 minutes. Our results provide the viability of occurrence of phenomenon like `Beat among the nearby frequencies giving rise to the observed amplitude modulation. However, we cannot, at this stage, rule out the possibility that the modulation may be driven by variability of an underlying unknown source.
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