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Corporation assigned its interest in•said Mortgage 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 $ 39,386.88 and interest has
been paid thereon 'to July 1 1978 and
WHEREAS, Mortgagors have conveyed or will convey
° the premises described in the bortgage 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 declare the indebtedness secured by the Mortyage
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~ due and payable at once because of said conveyance; and
P 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 Mortgage at this
time; and '
WHEREAS, the Mortgage provides that should Mort-
a ~e ermit an assumption of the indebtedness, the Mort-
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gagor shall be released from liability.
d NOW THEREFORE, in consideration of the foregoing,
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the covenants and conditions contained herein,~and other i
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