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Corporation assigned its interest in said Mortgage and Note
to First Newport Realty Investors, a California business
trust; and ~
WHEREAS, at the date hereof, the unpaid principal
balance on the Note is $ 52,121.81 , and interest has
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~ been paid thereon to October 1 , 19 78; and .
WHEREAS, Mortgagors have conveyed or will convey '
the premises described in the Mortgage to Grantees, and as ;
part of consideration for such conveyance Grantees have
agreed to assume and agree to pay the indebtedness secured
by the Mortgage; and
~ WHEREAS, under the terms of the Mortgage, Mort-
gagee may declare the indebtedness secured by the Mortgage
due and payable at once because of said conveyance; and
WHEREAS, upon condition that this Agreement be •
executed, Mortgagee has agreed to waive the aforesaid right .
of acceleration in this instance and its right to paymPnt in
full~of the indebtedness secured by the Mortgage at this
time; and ~
- WHEREAS, the Mortgage provides tha~t should Mort- ~
gayee permit an assumption of the indebtedness, the Mort-
gagor shall be released from liability. ~
~ NOW TNEREFORE, in consideration of the foregoiny,
the covenants and conditions contained herein, and other
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