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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 $ 60,269.65 and interest has
been paid thereon to June lst 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, Mort-
garee may declare the indebtedness secured by the Mortgage
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
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of acceleration in this instance and its right to payment in
full of the indebtedness secured by the Mortgage at this
time; and
WHEREAS, the Mortgage-provides that should Mort-
a ee ermit an assumption of the indebtedness, the Mort-
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gagor shall be released from liability.
NOW THEREFORE, in consideration of_the foregoing,
the covenants and conditions contained herein, and other
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