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Corporation assigned its interest in said Mortgage and Note. r
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to First Newport Realty Investors, a California business
trust; and
. WHEREAS, at the date hereof, the unpaid principal
- balance on -the Note is $ 49,476.90 and interest has ~
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been paid thereon to ~ January 1 19 79 and
WHEREAS, Diortgagors 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 - f
! 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 payment in
full of the indebtedness secured by the 1?iortgage at this
time; and
~ - WHEREAS, the Mortgage provides that should Mort- E-
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- gagee permit an assumption of the indebtedness, the Mort-
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gagor shall be released from liability. ~
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NOW THL•'REFORE, in consideration of the foregoing,
the covenants and conditions contained herein, and other
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