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201503389
<br />payment of losses. All policies and certificates of insurance shall name Beneficiary as loss payee, and
<br />shall provide that the insurance cannot be terminated as to Beneficiary except upon a minimum of ten
<br />(10) days' prior written notice to Beneficiary. Immediately upon any request by Beneficiary, Trustor shall
<br />deliver to Beneficiary the original of all such policies or certificates, with receipts evidencing annual
<br />prepayment of the premiums.
<br />4.6 Tax and Insurance Impounds. Unless otherwise required by applicable law, at Beneficiary's option
<br />and upon its demand, Trustor shall, until all Secured Obligations have been paid in full, pay to
<br />Beneficiary monthly, annually or as otherwise directed by Beneficiary an amount estimated by
<br />Beneficiary to be equal to: (a) all taxes, assessments, levies and charges imposed by any public or
<br />quasi - public authority or utility company which are or may become a lien upon the Real Property and will
<br />become due for the tax year during which such payment is so directed; and (b) premiums for fire, other
<br />hazard and mortgage insurance next due. If Beneficiary determines that amounts paid by Trustor are
<br />insufficient for the payment in full of such taxes, assessments, levies and /or insurance premiums,
<br />Beneficiary shall notify Trustor of the increased amount required for the payment thereof when due, and
<br />Trustor shall pay to Beneficiary such additional amount within thirty (30) days after notice from
<br />Beneficiary. All amounts so paid shall not bear interest, except to the extent and in the amount required
<br />by law. So long as there is no Default, Beneficiary shall apply said amounts to the payment of, or at
<br />Beneficiary's sole option release said funds to Trustor for application to and payment of, such taxes,
<br />assessments, levies, charges and insurance premiums. If a Default exists, Beneficiary at its sole option
<br />may apply all or any part of said amounts to any Secured Obligation and /or to cure such Default, in
<br />which event Trustor shall be required to restore all amounts so applied, as well as to cure any Default
<br />not cured by such application. Trustor hereby grants and transfers to Beneficiary a security interest in all
<br />amounts so paid and held in Beneficiary's possession, and all proceeds thereof, to secure the payment
<br />and performance of each Secured Obligation. Upon assignment of this Deed of Trust, Beneficiary shall
<br />have the right to assign all amounts collected and in its possession to its assignee, whereupon
<br />Beneficiary and Trustee shall be released from all liability with respect thereto. The existence of said
<br />impounds shall not limit Beneficiary's rights under any other provision of this Deed of Trust or any other
<br />agreement, statute or rule of law. Within ninety -five (95) days following full repayment of all Secured
<br />Obligations (other than as a consequence of a foreclosure or conveyance in lieu of foreclosure of the
<br />liens and security interests securing any Secured Obligation), or at such earlier time as Beneficiary in its
<br />discretion may elect, the balance of all amounts collected and in Beneficiary's possession shall be paid
<br />to Trustor, and no other party shall have any right of claim thereto.
<br />4.7 Damages; Insurance and Condemnation Proceeds.
<br />(a) (i) All awards of damages and all other compensation payable directly or indirectly by reason of a
<br />condemnation or proposed condemnation (or transfer in lieu thereof) for public or private use affecting
<br />the Real Property; (ii) all other claims and awards for damages to or decrease in value of the Real
<br />Property; (iii) all proceeds of any insurance policies payable by reason of loss sustained to the Real
<br />Property; and (iv) all interest which may accrue on any of the foregoing, are all absolutely and
<br />irrevocably assigned to and shall be paid to Beneficiary. At the absolute discretion of Beneficiary,
<br />whether or not its security is or may be impaired, but subject to applicable law if any, and without regard
<br />to any requirement contained in any other Section hereof, Beneficiary may apply all or any of the
<br />proceeds it receives to its expenses in settling, prosecuting or defending any such claim and apply the
<br />balance to the Secured Obligations in any order, and release all or any part of the proceeds to Trustor
<br />upon any conditions Beneficiary may impose. Beneficiary may commence, appear in, defend or
<br />prosecute any assigned claim or action, and may adjust, compromise, settle and collect all claims and
<br />awards assigned to Beneficiary; provided however, that in no event shall Beneficiary be responsible for
<br />any failure to collect any claim or award, regardless of the cause of the failure.
<br />Deed0fTrust-NE Job 2027330610 - 1966041276 Term Loan Vers.1 05/15/2015 Page 6 of 20
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