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Corporation assigned its interast in said tdortgage 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 $_44,213.26 , and interest has
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been paid thereon to October 1 , 1978; 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 hiortgage; 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 ~his Agreement be
executed, Mortgagee has agreed to waive the aforesaid right .
of acceleration in this ins~tance and its right to payment in
full of the indebtedness secured by the I?iortgage at this
. time; and
~ WHEREAS, the Mortgage provides that should Mort-
gagee permit an assumption of the indebtedness, the Mort-
gagor shall be released from liability. .
NOW Tl1CREFORE, in consideration of the foregoing,
the covenants and conditions contained herein, and other
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