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20130030, (c) Trustor shall deposit, in an account with a Beneficiary approved depository and subject to Beneficiary's control (the "Deposit Account "), on the first (1St) day of each month (A) an amount equal to one - twelfth (1/12) of the annual real property and similar taxes next to become due upon the Mortgaged Property; and (B) an amount equal to one - twelfth (1/12) of the annual premiums coming due on the insurance required to be maintained hereunder. The amount of such periodic deposits (the "Deposits ") shall be set by Beneficiary on the basis of its reasonable estimate as to the amount and schedule of taxes and premiums for Insurance next to be payable. Notwithstanding the preceding sentence, in the case of the first Deposit, there shall be deposited, in addition to the specified periodic Deposit, an amount which, when added to the aggregate amount of the periodic sums next payable under this Section 1.10, will result in a sufficient reserve to pay the taxes and premiums on the Insurance next becoming due at least one month prior to the date when such taxes or premiums are due and payable. Any interest accruing on the funds in the Deposit Account shall be added to the Deposit Account. The aggregate Deposits shall be accrued until the next date on which an installment of taxes or premium for Insurance is due and shall be applied by Beneficiary, so long as no Event of Default has occurred hereunder and is continuing, to the payment of taxes and premiums for Insurance. Borrower shall furnish to Beneficiary with evidence of the taxes and premiums for Insurance no later than thirty (30) days prior to the last date on which the same are due and payable without penalty or premium of any kind. If the Deposits then in the Deposit Account shall not be sufficient to pay all the taxes and premiums for the Insurance when the same shall become due, then Borrower shall immediately deposit in the Deposit Account an amount equal to the deficiency. If the total of the Deposits exceeds the amount required to pay the taxes and premiums for the Insurance, such excess shall be held and credited against the obligation to make subsequent Deposits. (d) Subject to the provisions of subparagraph (e) of this Section 1.10, Trustor covenants to furnish Beneficiary within thirty (30) days after the date upon which any such Imposition is due and payable to Trustor, official receipts of the appropriate taxing authority, or other proof satisfactory to Beneficiary, evidencing the payment thereof. (e) Subject to the applicable state law provisions, Trustor shall have the right before any delinquency occurs to contest or object to the amount or validity of any Imposition by appropriate legal proceedings, but this shall not be deemed or construed in any way as relieving, modifying or extending Trustor's covenant to pay any such Imposition at the time and in the manner provided in this Section 1.10, unless Trustor has given prior written notice to Beneficiary of Trustor's intent to so contest or object to an Imposition, and unless, at Beneficiary's sole option: (i) Trustor shall demonstrate to Beneficiary's satisfaction that the legal proceedings shall conclusive operate to prevent the sale of the Mortgaged Property, or any part thereof to satisfy such Imposition prior to final determination of such proceedings; (ii) Trustor shall furnish a good and sufficient bond or surety as requested by and satisfactory to Beneficiary; and (iii) Trustor shall have provided a good and sufficient undertaking as may be required or permitted by law to accomplish a stay of such proceedings. (f) Trustor covenants and agrees not to suffer, permit or initiate the joint assessment of the Real Property and Personal Property, or any other procedure whereby the lien of the Real Property taxes and the lien of the Personal Property taxes shall be assessed, levied or charged to the Mortgaged Property as a single lien. (g) If requested by Beneficiary, Trustor shall cause to be furnished to Beneficiary, at Trustor's expense, a tax reporting service covering the Mortgaged property of the type and duration and with a company satisfactory to Beneficiary. Section 1.11 Utilities. Trustor shall pay when due all utility charges which are incurred for the benefit of the Mortgaged Property or which may become a charge or lien against the Mortgaged Property for gas, electricity water or sewer services furnished to the Mortgaged Property and all other assessments or charges of a similar nature, whether public or private, affecting the Mortgaged Property or any portion thereof, whether or not such taxes, assessments or charges are liens thereon. Section 1.12. Actions Affecting Mortgaged Property. Trustor shall appear in and contest any action or proceeding purporting to affect the title of Trustor in the Mortgaged