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Corporation assigned its interest in said Forty: ge ~~nd Note
to First Newport Realty Investors, a Californil business
trust; and
WHEREAS, at the date hereof, t:he unpaid principal s
balance on the Note is $ 62,763.35 and interest has r
been paid thereon to February 1 19 79; and
WHEREAS, P]ortgagors have con~~eyed or will convey
the premises described in the Mortgage to Grantees, and as
part of consideration for such conveyance Granl~es have
agreed to assume and agree to pay the indebtedness secured
by the h]ortgage; and
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~r'fIEREAS, under the terms of the N,ortga~3e, b]ort-
gayce may d~ciare the indebtedness secured by L-he I•lortgage
due and payable at once because of said conveyance; and
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H'}}EREAS, upon Condition that this Ayreemetlt be
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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 ~]ortgagc- at this
time; and
WHL~RF:AS, the 1•]ortgaye provides that should Mort-
gagee permit an assumption of the indebtedness, the t]ort-
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gayor shall be released from li.~hility.
NOW TI]L•'RL'F'OP.E, in consideration of the foregoing,
the covenants and conditions contained herein, and other {
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