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2. Payment of/ndebtedness. Trustor shall promptty pay or cause to be paid when due the Obligations and all other indebtedness. The Trustor sha//a/so prompt/y and faithfu//y observe a//of its ob/igations under any other deed of t�ust encumbering a//or part of the Trust P�operty and, if applicable, any promissory note, guaranty, o�other term of contractual indebtedness secured by such other deed of trust, whether junior or senio�to the lien of this Deed of Trust, and any other obligations secured by a lien on the Trust Property, whether arising consensually or by operation of law. 3. Construction of/mprovements. Trustoi shall complete in good and workmanlike manner any buildings, improvements or repairs relating thereto which may be begun on the Trust Property or contemplated by the Obligations secured hereby, to pay when due all costs and liabilities incurred the�efo�, and not to peimit any consiruction lien against such Trust Property. ln the event construction of buildings, � improvements or repairs are contemp/ated, Trusior a/so agrees, anything in this Deed of T�ust to the conrrary notwithstanding; (a/ to � promptly commence any such work and to complete the proposed improvements promptly, /bl to complete the same in accordance with the ' plans and specifications as approved by Beneficiary, (c) to comply with all the terms of a building loan agreement, if any, between Trustor Q and Beneficiary, the terms of which are incorporated herein by reference and made a part hereof, ldl to allow Beneficiary to inspect the Trust � Property at all times during construction, and(e) to replace any wo�k or materials unsatisfactory to Beneficiary within fifteen (15/days after � written notice from Beneficiary of such fact. Q 4. Funds for Payment of Charges. lf requested at any time or from time to time by the Beneficiary, Trusto�shall pay to Beneficiary on the O first day of each month, or such other date each monih as may be specified by Beneficiary, until the Obligations are paid in full, a sum (hereinafte�the "Funds")equal to 1/12th of the yearly taxes and assessments which may attain priority over ihis Deed of T�ust and ground � �ents on the T�ust Property, if any,plus 1/12th of the yearly premium installments for hazard insurance,plus 1/12th of ihe yea�ly premium � installments for mortgage insurance, if any, all as reasonably esiimated initially and from time to time by Beneficiary on the basis of assessments and bi//s and reasonab/e estimates thereof. The Funds sha//be he/d in an institution, the deposits or accounts of which are insured or gua�anteed by a federa/or state agency inc/uding Beneficiary. Beneficiary sha//appty the Funds to pay said taxes, assessments, insurance premiums and ground rents. Beneficiary shall not be required to pay Trusto�any interest or earnings on the Funds. Beneficiary shall give to Trustor, without charge, an annua/accounting of the Funds showing crediis and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are p/edged as additional security for the Obligations secured by this Deed of Trust. lf the amount of the Funds held by Beneficiary, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Trustor's option, eithe�promptly repaid to Trustor or credited to Trustor against future month/y insta//ments of Funds. /f the amount of the Funds he/d by Beneficiary sha//not be sufficient to pay taxes, assessments, insurance premiums and g�ound rents as they fa//due, Trustor sha//pay to Beneficiary any amount necessary to make up the deficiency within thirty days from the date notice is mailed by Beneficiary to Trusto�requesting payment thereof. Upon payment in full of all Obligations, Beneficiary shall p�omptly refund to Trustor any Funds held by Beneficiary. lf the Trust Property is sold under the power of sale or the Trust Property is otherwise acquired by Beneficia�y, Beneficiary shall apply, immediately prior to the sale of the Trust Prope�ty or its acquisition by Beneficiary, any Funds held by Beneficiary at the time of application as a credit against the Obligations. lf Beneficiary executes a written waiver of Trustor's obligations under this Section, Trustor covenants and agrees to pay, before the same become delinquent, all taxes, assessments, insurance premiums, ground rents, and all other charges whatsoever levied upon or assessed,placed or made againsr the Trust Prope�ty. Trustor further agrees, upon written request by Beneficiary, to promptly deliver to Beneficiary all receipts fo�the paymeni of such charges. Trustor likewise agrees to pay all taxes, assessments and other charges levied upon or assessed,placed or made against, or measured by, this Deed of T�ust or the recordation hereof. 5. Application of Payments. All payments received by Beneficiary as to any debt, liability oi obligation owed to Beneficiary by Trustor may be applied by Beneficiary to the paymeni of ihe Obligations in any order or manner of application which Beneficiary, in its absolute discretion, deems appropriate. 6. Charges;Liens. Trustor wi//keep the T�ust P�operty free from a///iens and encumbrances, whether prior or subordinate to this Deed of Trust, other than the/ien of current rea/estate taxes and insta//ments of officia/assessments with respect to which no pena/ty is yet payable;provided, however, that Trusto�need not discharge any such lien so long as T�ustor shall agree, in writing, to pay the obligation secured by such lien in a manner acceptable to Beneficiary and shall in good faith contest such lien by appropriate legal proceedings effective to prevent the enforcement of the lien or the loss of any interest in or part of the Trust Property, and shall also give such reasonable security to Beneficiary as may be demanded by Beneficiary to insure compliance therewith. The Beneficiary may in its sole discretion defend the lien of this Deed of Trust and all costs and attomeys'fees incuned by Benefieiary in said defense shall be reimbursed by Trustor or added to the Obligations. 7. Hazard/nsurance. T�ustor sha//keep the bui/dings and other improvements now existing or hereafter erected on the T�ust P�operty insured by insurance carriers satisfactory to Beneficiary against loss by fire, haza�ds included in the te�m "extended coverage"and such other hazards, casualties and contingencies, including war damage insu�ance, as may be required by Beneficiary, in such amounts and for such periods as may be required by Beneficiary, The policy of insurance shall be in form acceptable to Beneficiary and shall not contain a defense based on coinsurance, and sha//contain the standard provision that no act of the Beneficiary or of the Beneficiary's agents or representatives will render the policy void as to the Beneficiary or affect ihe Beneficiary's right to recover in case of loss, and the policy or policies shall p�ovide that the same may not be cance/ed or modified without fifteen (15)days prior written notice to Beneficia�y, and have /oss payab/e provisions in favor of and in form acceptab/e to Beneficiary. A!/premiums on insurance po/icies sha//be paid in the manner provided under the Section entided "Funds for Payment of Charges"herein or, if not paid in such manner, by Trustor making payment at least fifteen (151 days prior to the due date, directly to the insurance carrier. Beneficia�y shall have the right to hold the policies and renewals thereof and Trustor sha//prompt/y furnish to Beneficiary a//�enewa/,�otices and a//paid premium receipts received by it. /n no event sha// Beneficiary or Trustee be he/d�esponsib/e for fai/ure to pay insurance premiums or for any/oss or damage arising out of a defect in any policy or arising out of any failure of any insurance company to pay for any loss or damage insured against or for failure by Trustor to effect the insu�ance required hereunder. ln the event of loss, Trustor shall give prompt notice by mail to the insurance carrier and Beneficiary. Beneficia�y may make proof of loss if not made promptly or in pioper form by Trustor. All policies of insu�ance and any and all refunds of unearned premiums a�e he�eby assigned to Beneficiary as additional security for the payment of the Obligations. ln the event of Beneficrary's exe�cise of the powe�of sale contained herein, or in the event of foreclosure, all right, title and interest of Trustor in and to any insurance policy then in force shall pass to the purchaser at the trustee's sale or fo�ec%sure sale. ln case of any loss, the insu�ance p�oceeds may, at rhe option of Beneficiary, be applied by Beneficiary upon the Obligations, or any part the�eof, and in such order and amount as 8eneficiary may determine;o�said insurance proceeds, at the option of Beneficiary, may eithe�be used in replacing or restoring the Trust Property partially or totally destroyed to a condition satisfactory fo Beneficiary;or said insurance proceeds, o�any portion the�eof, may be released to Trustor. Unless Beneficiary and Trustor othe�wise agree in writing, any such application of insurance p�oceeds shall not extend or postpone the due date of any note or agreement evidencing the Obligations, or any installments called for therein, or change the amount of such installments. lf the Trusi Property is acquired by Beneficiary pursuant to the exercise of the power of sale or other foreclosure, all right, title and inte�est of Trustor in and to any insurance proceeds payable as a result of damage to the Trust Prope�ty prior to the sale o�acquisition shall pass to Beneficia�y and shall be applied firsi to the costs and expenses, including aitorneys'fees, incurred in col%cting such proceeds, then in the manner and in the order provided herein. Notwithstanding anything contained in ihis Section to the contrary, if this Deed of Trust is on a condominium or a town house and there is a master insurance policy in force covering the common areas and facilities and all condominiums and town houses located in that development, then, unless otherwise notified in w�iting by the Beneficiary, the Trustor shall have no obligation to maintain the insurance required he�eunder, and will assign all benefifs and proceeds received thereon to the Beneficiary and, in the Beneficiary's sole discretion, name the Beneficiary as the named insured on said policy. Whenever such insurance is in force (regardless of whether�equested by the Beneficiary or not) the Trustor hereby authorizes the Beneficiary to cancel such insurance whenever the Beneficiary determines ihat such insurance does not adequately p�otect the Beneficiary's interest. 8. Preservation and Maintenance of Tiust Properiy. Trustor will keep the buildings and other improvements now o�hereafter erected on the Trust Property in good repair and condition, ordinary depreciation excepted, and shall provide all utility services necessary for the ope�ation and preservation of the Tiust Prope�ty. Trustor will not commit or permit waste, will not alter the design or structural character constituting any building now or hereafter erected on and constituting the Trust Prope�ty without the prior written consent of Beneficiary, will not do any act or thing which would unduly impair or depreciate the value of the Trust Property and will not abandon the Trust Property. Trustor will not remove any fixtures constituting the Trust Property unless the same are immediately replaced with like property subject to the lien and secu�ity interest of this Deed of Trust and of at/east equal value and utility. Trustor will comply with all present and future o�dinances, regulations and requirements of any governmental body which are applicable to the Trust Property and to the occupancy and use the�eof. lf this Deed of Trust is on a unit in a condominium or a planned unit development, Trustor shall perform all of T�ustor's obligations unde�the declarations or covenants creating or gove�ning the condominium or the planned unit developmeni, the bylaws and regulations of the condominium or planned unit development, and the consiituent documents. 9. /nspection. Beneficiary or its agents may, at al!reasonable times, enter upon the Trust Property for the purpose of inspection including, but noi limited to environmental testing. Beneficiary shall have no duty to make such inspection and shall not be liable to Trustor or to any person in possession if it makes or fails to make any such inspection. 10. Protection of Security. lf Trustor fails to perform any of the covenants and agreements contained in this Deed of Trust, or if any action or proceeding is commenced which does or may adversely affect the Trust Property or the interest of Trustor or Beneficiary therein or the title of Trustor thereto, then Beneficiary, at its option, may perform such covenants and agreements, make such appearances, defend against and/or investigate such action or proceeding and take such othe�action as Beneficiary deems necessary to protect its interest including, but »ot/imited to, disbursement of reasonab/e attomeys'fees and entry upon the Trust P�operty to make repairs. Any amounts disbursed or incurred by Beneficiary pursuant to this Seciion, including, but not limited to, reasonable attorneys'fees, with interest thereon, shall constitute additional Obligations secured by this Deed of Tiust. Beneficiary is hereby given an irrevocable power of attomey/which power is coup/ed with an interest for purposes of security/ to ente�upon the Trust Property as the Trustor's agent and in the Trustor's name to perform any and all covenanis and agreements to be pe�formed by the Trustor as herein provided. Unless Trustor and Beneficiary ag�ee to other terms of payment, such amounts shall be payable upon notice f�om Beneficiary fo Trustor requesting payment thereof, and shall bear interest from the date of disbursement or the date incurred at the rate set forth in the Note or the rate provided in the most recent obligation covered by the Guaranty, unless payment of interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rate pe�mitted by applicable law. Nothing contained in this paiag�aph shall require Beneficiary to incur any expense or take any action he�eunder. Beneficiary shall, at its option, be subrogated to any encumbrance, lien, claim or demand and to all rights and securities for the payment thereof paid or discharged by Beneficiary unde�the provisions hereof and any such sub�ogation�ights cha//hP arlrlifinnal and r.um�dative.car.urifv fnr thi.c need nf Tru.ct_ a.._.. � ..:c �;