On April 27, 1984, plaintiffs entered into a contract to purchase defendants' one-family home located in the Village of Unadilla, Otsego County, for $38,000. By its terms, the contract was contingent on plaintiffs assuming an existing mortgage in the amount of $21,000 held by the Mechanic's Exchange Savings Bank (the Bank). At the closing held on June 22, 1984, defendants signed a document entitled...
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