HomeMy WebLinkAbout2215 Corporation assigned its interest in said Mortgage and Note .
to First Newport Realty Investors, a California business
trust; and -
WiiEREAS, at the date hereof, the unpaid principal
balance on the note is $60,104.73 and interest has
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been paid thereon to December 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 Mortgage; and
WHEREAS, under the-terms of the Mortgage, Mort-
gagee may declare the indebtedness secured by the tiortyage
due and payable at once because of said conveyance; and
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W}iEREAS, upon condition that this Ayreemet;t be -
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executed, Mortgagee has agreed to waive the aforesaid right
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of acceleration in this instance and its right to payment in
~ full of the indebtedness secured by the Mortgage at this
time; and
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WHEREAS, the Mortgage provides that should hiort-
e
gagee permit an assumption of the indebtedness, the Mort-
yagor shall be released from liability.
NOW TiiL•'REr'ORE, in consideration of l-he foreyoiny,
the covenants and conditions contained herein, and other
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t.
B~~K 301 P„CE2210