and deed of trust to appellants Otto and Laura Birkhofer to secure the payment of his note to them, on which there remains unpaid about $40,000.
 Prior to January 23, 1933, Murphy assigned the note and deed of trust to the Sebastopol National Bank to secure his note to the bank. This note was subsequently paid.
 Prior to January 23, 1933, interest on the note up to September 27, 1932, had been paid, but default had been made in the payment of $2,500 on the $5,000 principal falling due on March 27, 1932.
 On January 23, 1933, Krumm requested of Attwood, Murphy and the bank an extension of time within which to make payments of installments due, and to become due, and the following agreement was executed:
 "EXTENSIONAGREEMENT"
 "The undersigned desires and hereby requests that the time for payment of the principal of $2500.00 due on March 27, 1932, on that certain note in favor of Y. J. Attwood for $48,000.00, subsequently assigned to Leland S. Murphy and subsequently assigned to the Sebastopol National Bank, Sebastopol, California, which note bears date of March 27, 1928, and upon which there remains an unpaid principal balance of $30,500.00, the same being secured by a Deed of Trust recorded May 11, 1928, in Book 367, page 155, Official Records, San Bernardino County, California, be extended to March 27, 1934, and that $3000.00 which will become due on the same note March 27, 1933, be extended to March 27, 1934, and in consideration of such extension the undersigned guarantees