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TRUSTOR COVENANTS AND PROMISES: 201602086 1. Payment of Principal. The Trustor agrees to pay the amounts that it owes to Beneficiary promptly when it is due. The payments are to be made according to the terms and conditions of the Promissory Note. Trustor also agrees to pay any prepayment or late charges that may be provided for in the Promissory Note. In addition, Trustor agrees to pay any Future Advances that may be secured by this Deed. 2. Taxes and Assessments. The Trustor agrees to pay all real estate taxes and special assessments levied on the property when they become due and before they become delinquent. 3. Application of Payments. Beneficiary agrees to apply any payments received from the Trustor first to reimburse advancements made by Beneficiary for protection of the trust property, second to interest, and the balance to principal. 4. Insurance. The Trustor shall keep the Property insured against loss by fire, hazards included within the term "extended coverage" and such other hazards as Beneficiary may require. The insurance shall be in the same amounts required by Beneficiary and for such periods as Beneficiary may require. Beneficiary, however, may not require that such coverage be greater than the amount of coverage required to pay the sum secured by this Deed. The insurance carrier for the insurance required under this Deed shall be chosen by Trustor, subject to the approval of Beneficiary which approval shall not be unreasonably withheld. Trustor shall pay the premiums for the insurance. The insurance policies and renewals shall be acceptable to Beneficiary and shall include a standard mortgage clause in favor of and in a form acceptable to Beneficiary. In the event of loss, Trustor shall give prompt notice to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made promptly by Trustor. Unless agreed in writing by Trustor and Beneficiary, the proceeds of any insurance shall be applied to the restoration or repair of the Property damaged, provided that such restoration or repair is economically feasible and the security of this Deed is not impaired. In the event that such restoration or repair is unfeasible, the insurance proceeds shall be applied to the sums secured by this Deed, with the excess, if any, to be paid to Trustor. 5. Preservation and Maintenance of Property. The Trustor shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property. 6. Protection of Beneficiary's Security. If the Trustor fails to perform the covenants and agreements contained in this Deed, or if any legal action or legal proceeding is started which materially affects Beneficiary's interest in the Property, Beneficiary, at its option with prior written notice to Trustor, may make any appearances or payments and may take any other action necessary to protect Beneficiary's interest. Legal actions or proceedings under this Paragraph shall include, but not be limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent. Any amounts disbursed by Beneficiary under this paragraph may, at Beneficiary's option, become additional indebtedness of Trustor that shall be secured by this Deed. Unless otherwise agreed by Beneficiary and Trustor, amounts disbursed under this paragraph shall be payable upon demand of Beneficiary. This paragraph shall not and does not require Beneficiary to incur any expense or to take any action. 2