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201406901 TRUSTORS COVENANT that Trustors are lawfully seized of the estate hereby conveyed and have the right to grant and convey the Property and that the Property is unencumbered, except for easements, covenants and restrictions of record. Trustors warrant and will defend generally the title to the Property against all claims and demands, subject to any such easements, covenants and restrictions of record. Trustors and Beneficiary covenant and agree as follows: 1. Payment of Principal and Interest: Prepayment and Late Charges. Trustors shall promptly pay when due the principal of and interest on the debt evidenced by the Note. 2. Application of Payments. All payments received by Beneficiary under Section 1 shall be applied: first to late charges due under the Note; second to interest due; and last to principal due. 3. Charges; Liens. Trustors shall pay all taxes, assessments, charges, fines and impositions attributable to the Property which may attain priority over this Deed of Trust, and leasehold payments or ground rents, if any. Trustors shall pay them on time directly to the person owed payment. Trustors shall promptly furnish to Beneficiary all notices of amounts to be paid under this Section. Trustors shall promptly furnish to Beneficiary receipts evidencing the payments. Trustors shall promptly discharge any lien which has priority over this Deed of Trust, unless Trustors: (a) agree in writing to the payment of the obligation secured by the lien in a manner acceptable to Beneficiary; (b) contest in good faith the lien by, or defends against enforcement of the lien in, legal proceedings which in the Beneficiary's opinion operate to prevent the enforcement of the lien or forfeiture of any part of the Property; or (c) secure from the holder of the lien an agreement satisfactory to Beneficiary subordinating the lien to this Deed of Trust. If Beneficiary determines that any part of the Property is subject to a lien which may attain priority over this Deed of Trust, Beneficiary may give Trustors a notice identifying the lien. Trustors shall satisfy the lien or take one or more of the actions set forth above within ten (10) days of the giving of notice. 4. Insurance. Trustors shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage" and any other hazards for which Beneficiary requires insurance. This insurance shall be maintained in an amount equal to 100% of the full replacement value of the improvement without deduction for depreciation. The insurance carrier providing the insurance shall be chosen by Trustors subject to Beneficiary's approval which shall not be unreasonably withheld. Trustors shall keep the improvements now existing or hereafter erected on the Property insured against liability, with liability insurance for the benefit of the Beneficiary and Trustee to protect the Beneficiary and Trustee from any and all claims of personal injury or property damage arising from or out of the Property. All insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard mortgage clause. Beneficiary shall have the right to hold the policies and renewals. If Beneficiary requires, Trustors shall promptly give to Beneficiary all receipts of paid premiums and DEED OF TRUST PAGE 2 OF 8