HomeMy WebLinkAbout1062 a
, f
~ •
Y
Corporation assigned its interest in said Mortgage and Note
to First Newport Realty Investors, a California business
trust; and
WHEREAS, at the date liereof, the unpaid.principal
balance on the Note is $ 45,776.22 , and interest has
been paid thereon to May lst , 19~; and -
~ WHEREAS, Mortgagors have conveyed or will convey
the premises described in the t~lortgage 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 .
i
~
; - WHEREAS, under the terms of the Mortgage, Mort-
i .
E gagee may declare the indebtedness secured by the Mortgage
'k 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
t of acceleration in this instance and its right to payment in ~
~
~ full af the indebtedness secured by the Mor.tgage at this
~
~ .
time; and •
~ the Mort a e rovides that should Mort-
~ WHEREAS, g g P
~ gagee permit an assumption of the indebtedness, the Mort-
~
~ gagor shall be released from liability. i
g .
, NOW THEREFORE, in consideration of the foregoing,
~
~
~ .
~ the covenants and conditions contained herein, and other
2 of 6 Bi;(?K PAGE ~WV
~
- _ _ _ _ - - - .,y.-