HomeMy WebLinkAbout1903 ~ ` .
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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 $ 58,636.Ofl , and interest has
been paid thereon to April lst , 19 79; and -
WHEREAS, riortgagors have conveyed or will convey ~
the premises described in the.Mortgage to Grantees, and as
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part of consideration for such conveyance Grantees have
~ agreed to assume and agree to pay the indebtedness secured
f
~ by the Mortgage; and :
~ WHEREAS, under the terms of the Mortgage, Mort- #
~ gagee may declare the indebtedness ~ecured by the Mortgage
~ due and payable at once because of said conveyar~ce; and
WHEREAS, upon condition that this Agreement be ~
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~ executed, Mortgagee has agreed to waive the aforesaid right i
of acceleration in this instance and its right to payment in i
full of the indebtedness secnred by the ~?lor•tgage at this
time; and~ - ' ~ ' - -
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~ WNEREAS, the Mortgage provides.that should Mort- _
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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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~ NGW THEREFORE, in consideration of the foregoing,
- the covenants and conditions contained herein, and other
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~ ~~~K 311 ~?:,~:1902 ~
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