HomeMy WebLinkAbout2492 ' ,F
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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 i
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balance on the Note is $ 50,504.37 , and interest has ~
been paid thereon to June -lst , 1979 ; and ~
WHEREAS, Mortgagors have conveyed or will convey
the premises described in the Mortgage to Grantees, and as
part of .consideration for such conveyance Grantees have
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agreed to assume and agree to pay the indebtedness secured ~
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~ by the Mortgage; and ~
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WHEREAS, under the terms of the Mortgage, Mort- t
~ gagee may declare the indebtedness secured by the Mortgage ~
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due and payable at once because o~ said conveyance; and ~
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WHEREAS, upon condition that this Agreement be
executed, Mortgagee has agreed to waive the aforesaid right
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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-.
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~ gages permit an assumption of the indebtedness, the Mort-
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gagor shall be released from liability. ~
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PJOW THEREFORE, in consideration of the foregoing,
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~ the covenants and conditions contained herein, and other
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. . 2 of 6 ~~~~12 p~2488
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