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Corporation assigned its interest in said t•~ortgage 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 $ 50,207.84 , and interest has
been paid thereon to 19?~; and
WHEREAS, Mortgagors have conveyed or will convey _ s
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- ,
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~ gagee may aeclare the indebtedness secured by the Mortgage
I
j 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 payment in
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full of the indebtedness secured by the Mor-tgage at this
time; and
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WHEREAS, the Mortgage provides that should N1ort-
~ _
gagee permit an assumption of the indebtedness, the Mort-
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t gagor shall be released from liability.
NOW T}IEREFORE, in consideration of the foregoing,
the covenants and conditions contained herein, and other
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