HomeMy WebLinkAbout0357 .r,,
•
i
. = t
3•
i'
- -
T
47HEREAS, at the'date hereof, the unpaid principal
balance on the Note is $ 51,661.75 , and _
interest has been paid thereon to July 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, Mortgagee
may declare the-indebtedness secured by the Mortgage
due and payable at once because of said conveyance; and
WHEREAS, Grantees have made application to Mortgagee
..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
WHEREAS, upon condition that this Agreement be
executed, Mortgagee has agreed to forebear the aforesaid
right of acceleration in this instance and its right to ~
pay~rent in full of the indebtedness secured by the
Mortgage at this tir!~e, and to advance credit to Grantees
in the amount of the indebtedness; and
- WHEREAS, the Mortgage provides that should Mort-
. ~
gagee permit an assumption of the indebtedness, the
N,ortgagor shall be released from liability.
Btl~~~ ~ '
2 of 6