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HIiEREAS, at the date hereof, the unpaid principal
balance on the Note is $ 49,848.51 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
~ WHEREAS, Grantees have made application to Mortgagee
and req~#~ested 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
payment in~full of the-indebtedness secured by the
Mortgage at this time, and to advance credit to Grantees
in the amount of the indebtedness; and
i
WHEREAS, the Mortgage provides that should Mort-
gagee permit an assumption of the indebtedness, the
Mortgagor shall be released from liability. t,
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