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WHEREAS, at the-date hereof, the unpaid principal
balance on the Note is $ 50,157.40 , and
interest has been paid thereon to July 1st , .
19 79 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 agreed to assume and agree to pay the indebtedness
secured by-the Mortgage; and
WHEREAS, under the terms of the Mortgage, Mortgagee
may declare the indebtedness secured by the Mortgage
due and payable at once because of said conveyance; and
~+IHEREAS, Grantees have made application to Mortgagee
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f and requested it to (a) approve Grantees' credit; (b)
waive Mortgagees' right to accelerate the indebtedness;
(c) advance credit to Grantees in accordance with this
Agreement; and
Y]HEREAS, upon condition that this Agreement be
executed, tortgagee has agreed to forebear the aforesaid
right of acceleration in this instance and its right to
payment in full of the indebtedness secured by the
t~!ortgage at this time, and to advance credit to Grantees
in the amount of the indebtedness; and
«EiEREAS, the Mortgage provides that should Mort-
gagee permit an assurcption of the indebtedness, the
. Mortgagor shall be released from liability.
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