Mortgage Assumption Agreement

(Original Mortgage Borrower Remains Obligated)

THIS AGREEMENT made as of Date of Assumption Agreement (Should be the same date as
sale of home to purchaser) among Name of Original Homeowner (Original Mortage
Borrower), of Address of Original Homeowner (the "Original Mortgagor"), Name of Mortgage
Lender, of Address of Mortgage Lender (the "Mortgagee") and Name of Purchaser of Home,
of Address of Purchaser of Home (the "Purchaser").

WHEREAS:

(A) By mortgage dated Date of Mortgage (the "Mortgage"), and registered on Date of
Registration/Recordal of Mortgage as Number Registration Number of Mortgage, the
Mortgagor mortgaged the property described as Brief Description of Property (ie. 123
Whiteacre Road, Anyplace, Anywhere) (the "Property"), to secure payment of the
principal sum of Original Principal Amount of Mortgage (ie. $85,000.00) and interest as
therein set out;

(B) The Purchaser has purchased the Property and has agreed with the Mortgagor to assume
payment of the Mortgage and to covenant with the Mortgagee to pay the moneys secured
thereby and to observe and perform and be bound by the terms, conditions, covenants and
provisions therein contained;

(C) The principal sum of Principal Amount Outstanding on Mortgage as of Date of

Assignment (ie. $76,555.21) remains outstanding on the Mortgage as of the date hereof;

(D) The Mortgagee is prepared to permit the Purchaser to assume the obligations of the
Original Mortgagor under the Mortgage, provided that the Original Mortgagor remains
responsible for all of the terms, conditions, covenants and provisions contained in the
Mortgage;

NOW THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the

premises and of the premises, the mutual covenants and agreements hereinafter contained, and for
other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, it is hereby agreed that:

1. The parties hereto acknowledge and agree that the recitals herein are true and correct in
all material respects.

2. The Purchaser hereby covenants, promises and agrees to and with the Mortgagee to pay
all moneys now or hereafter due or payable under the Mortgage, and to observe, perform,
keep and be bound by every covenant, attornment, term, condition and agreement
contained in the said Mortgage to the same extent as if the Purchaser had been the original
mortgagor and as such had executed the Mortgage.
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3. The Original Mortgagor hereby covenants, promises and agrees to and with the
Mortgagee as principal debtor and not as surety, to pay all moneys now or hereafter due
or payable under the Mortgage and to observe, perform, keep and be bound by every
covenant, term, condition and agreement contained in the Mortgage, and the Original
Mortgagor hereby waives notice of default under the Mortgage. The Original Mortgagor
further agrees that the Mortgagee may at any time or times and from time to time release
or discharge any part or parts of the said Property or any securities now or hereafter held
as collateral or otherwise to the Mortgage for such consideration as the Mortgagee may
see fit and that the Mortgagee may allow the principal moneys and/or interest or any part
or parts thereof to be in arrears and may alter, extend or revise in any way whatsoever the
terms and conditions of repayment and may refrain from enforcing payment or otherwise
deal with the Mortgage and with the Mortgagor in whatseover manner the Mortgagee
shall think proper from time to time without prior approval or knowledge of or ntoice to
the Original Mortgagor.

4. The Purchaser hereby acknowledges and agrees that the Mortgage is and shall be and
remain a first mortgage or charge and shall have priority for the full amount of the said
principal sum over any right, title or interest which the Purchaser may have as Purchaser
of the Property and the Purchaser covenants, promises and agrees not to alienate the
interest of the Purchaser in the Property until the full amount of the said principal sum has
been paid to the Mortgagee.

5. Except as herein provided nothing shall alter or prejudice the rights and priorities of the
Mortgagee as against the Original Mortgagor or any surety or any subsequent
encumbrancer or other person whomsoever interested in the Property or liable for the
Mortgage debt or any part thereof and not a party hereto, or the rights of any such
Mortgagor, surety, subsequent encumbrancer or other person, all of which rights and
priorities are hereby reserved.

6. Without prejudice to its rights against the Purchaser and the Original Mortgagor under this
Agreement the Mortgagee may release and discharge the Original Mortgagor and any
other person or persons from all liability under his or their personal covenants in the
Mortgage for payment of the moneys hereby secured or other moneys payable under the
Mortgage but any such release shall be without prejudice to the rights of the Mortgagee
under all other covenants and provisions contained in the Mortgage and to their rights and
remedies against the Property, all of which rights and remedies of the Mortgagee are
hereby reserved.

7. This Agreement shall be binding upon and enure to the benefit of the respective heirs,
executors, administrators, successors and assigns of the parties hereto, and wherever the
singular and masculine genders are used in this Agreement the same shall be construed as
meaning the plural and feminine or neuter genders where the fact or context so requires,
and if there be more than one Purchaser or Original Mortgagor all covenants shall be
deemed to be joint and several.
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IN WITNESS WHEREOF the parties hereto have executed this Agreement as of the date first
above written.

Witness Name of Original Homeowner (Original

Mortage Borrower)