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4. Insurance. 200001502 A. Borrower shall keep the Property insured with an all risk policy (including builder's risk coverage during construction) insuring against loss or damage by fire with extended coverage and against any other risks or hazards, including liability, which in the reasonable opinion of Beneficiary, should be insured against, in amounts and with a company or companies and in such form and with such endorsements as may be reasonably approved or required by Beneficiary, including if applicable, boiler explosion coverage and sprinkler leakage coverage, with loss payable to Beneficiary. In case of loss under such policies, the Lender is authorized to adjust, collect and compromise, all claims thereunder and shall apply all or part of the insurance proceeds in the following order, as long as the Borrower is not in default: (i) first, in payment of the repair or restoration of the Property, if Borrower can demonstrate that the insurance proceeds together with any funds that the Borrower may contribute are sufficient to repair and restore the Property to its condition immediately prior to its casualty; (ii) second, to any indebtedness secured hereby and in such order as Lender may determine; (iii) third, for any other purpose or object satisfactory to Lender without affecting the lien of this Trust Deed for the full amount secured hereby before such payment ever took place. If a default has been declared, Lender has the option to apply said payment as it sees fit. Any application of proceeds to indebtedness shall not extend or postpone the due date of any payment under the Note, or cure any default thereunder or hereunder. B. Lender shall be provided with evidence that Borrower has obtained comprehensive general public liability insurance for an amount not less than $1,000,000.00 per occurrence, with an aggregate coverage of $2,000,000.00 and an umbrella policy in an amount not less than $1,000,000.00. C. Borrower shall maintain such other insurance, including but not limited to rent loss or business interruption insurance, hazard, boiler and sprinkler insurance, in such form and amounts and with such companies as are satisfactory to Lender. Borrower shall also carry insurance against flood if required by the Federal Flood Disaster Protection Act of 1973 and regulations issued thereunder. All insurance policies shall provide that all proceeds shall be payable to Lender under a standard noncontributory mortgagee clause in favor of and in form acceptable to Lender, that the policies may not be cancelled, modified, or not renewed except upon the giving of at least thirty (30) days' prior written notice to Lender, and shall also provide that any losses shall be payable notwithstanding (i) any act, failure to act or negligence contained in such policy by any named insured, if legally permissible, (ii) the occupation or use of the Property for purposes more hazardous than permitted by the terms thereof, (iii) any foreclosure or other action or proceeding taken by Lender or foreclosure pursuant to any provision of this Trust Deed, or (iv) any change in title or ownership of the Property and the policies shall otherwise be in such form and substance as shall be acceptable to Lender. D. During the construction of the proposed improvements, builder's risk insurance in a minimum amount of $720,000.00 shall be required. E. All of the above mentioned insurance policies or binder of such insurance satisfactory to Beneficiary, together with receipts for the payment of premiums thereon, shall be delivered to and held by Beneficiary, which delivery shall constitute assignment to Beneficiary of all return premiums to be held as additional security hereunder. All insurance policies shall name Lender as mortgagee. At no time shall the insured value be less than the total of all loans on the property. All renewal and replacement policies shall have been delivered to Beneficiary at least thirty (30) days before the expiration of the expiring 3