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201203748 Beneficiary receipts for the payment of premiums on such insurance policies or other evidence of such payment reasonably satisfactory to Beneficiary in the event that such premiums have not been paid to Beneficiary pursuant to the terms of this Deed of Trust. In the event that Grantor does not deposit with Beneficiary a new policy of insurance with evidence of payment of premiums thereon at least thirty (30) days prior to the expiration of any policy, then Beneficiary may, but shall not be obligated to, procure such insurance and pay the premiums therefor and any money paid by Beneficiary for such premiums shall be reimbursed to Beneficiary in accordance with the terms of this Deed of Trust. (3) Flood Insurance. Intentionally Omitted; and (4) in the event of the construction of any Improvements on the Mortgaged Property, builder's risk insurance insuring against loss or damage from such causes of loss as are embraced by insurance policies of the type now known as "Builder's Risks" property insurance (written on an "all risks" or "open perils" basis), including, without limitation, fire and extended coverage, collapse of the Improvements (or any portion thereof) and earthquake coverage to agreed limits, all in form and substance acceptable to Beneficiary and (i) as to Improvements being or to be constructed with the proceeds of the Loan, in an amount not less than the completed value on a non -reporting form of the Improvements being constructed, (ii) as to property then subject to restoration pursuant to Section 2.1(h) or any restoration accomplished in connection with a condemnation, in an amount not less than the full replacement cost of such property, and (iii) as to any additional property then being constructed, in an amount not less than the completed value, on a non -reporting form, of the additional improvements then being constructed; provided, however, that such insurance shall be required only during the construction of the Improvements being financed hereby, and any period of restoration or any restoration accomplished in connection with a condemnation, or any subsequent period of construction of any additional Improvements. Such other insurance and in such amounts, as may, from time to time, be reasonably required by Beneficiary against other insurable hazards or risks, including, but not limited to, environmental. impairment liability coverage, nuclear reaction or radioactive contamination coverage and/or earthquake coverage, which hazards or risks at the time are commonly insured against, and provided such insurance is generally available, for property similarly situated, due regard being given to the height and type of building, its construction, use and occupancy. In the event of the foreclosure of this Deed of Trust or other transfer of the title to the Mortgaged Property in extinguishment, in whole or in part, of the Obligations, all right, title and interest of Grantor in and to any insurance policy, or Premiums (as hereinafter defined) or payments in satisfaction of claims or any other rights thereunder then in force, shall pass to the purchaser or grantee. Nothing contained herein shall prevent accrual of interest as provided in the Note on any portion of the Obligations to which the Insurance Proceeds are to be applied until such time as the Insurance Proceeds are actually received by Beneficiary and applied by Beneficiary to reduce the Obligations secured by this Deed of Trust. All of such insurance shall be subject to such deductibles as are approved by Lender. Bolton Farm - Loan 195618 JM MDAI 1095245 vi 0-0 05/03/2012 Page 7 of 31