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than annually throughout the term of the Notes and any extensions or renewals
<br />thereof. Trustor shall not obtain or carry any separate insurance whatsoever which is
<br />concurrent in form, or contributing in the event of loss, with that required herein
<br />unless Beneficiary are also named therein as an insured, with loss payable as
<br />provided herein. Trustor shall notify Beneficiary at least 30 days before any such
<br />separate insurance is obtained and shall deliver to the Beneficiary the policy or
<br />policies or certificates evidencing such insurance immediately after such policy or
<br />policies or such certificates are issued.
<br />1.05 Condemnation or Casualty Damage. Trustor, upon obtaining knowledge
<br />of the institution of any proceedings for the condemnation of the Property or any
<br />material portion thereof or knowledge of any material casualty damage to the Property
<br />or material damage of any other kind, will promptly notify Beneficiary. Beneficiary
<br />may participate in any proceedings and join Trustor in adjusting any loss covered by
<br />insurance. All compensation, awards, proceeds, damages, claims, rights of action and
<br />payments to which Trustor may become entitled shall be paid over to Beneficiary.
<br />Beneficiary may, in its sole discretion, apply any of the amounts collected in
<br />connection with any condemnation proceeding: (i) upon any indebtedness secured
<br />hereby and in such order as Beneficiary may determine or (ii) to the reimbursement of
<br />Beneficiary for expenses incurred by it in the restoration of the Property. Such
<br />application shall not cure or waive any default or notice of default hereunder.
<br />1.06 Taxes, Assessments, and Charges.
<br />(a) Trustor will pay prior to delinquency all real estate taxes, personal
<br />property taxes, special assessments, assessments, charges, fines and
<br />impositions imposed upon, assessed against or otherwise relating to the
<br />Property or any part thereof, and any leasehold payments or ground rents, if
<br />any, except no such tax, assessment, charge, fine or imposition need be paid
<br />which is being contested in good faith and by appropriate legal proceedings and
<br />as to which adequate reserves shall have been established, and as to which no
<br />foreclosure, distraint, sale or similar proceedings have commenced. Trustor
<br />will, upon the request of Beneficiary, deliver to Beneficiary receipts evidencing
<br />such payments.
<br />(b) Trustor will pay when due all lawful claims and demands of mechanics,
<br />materialmen, laborers, and others which might result in the creation of a lien
<br />on the Property unless contested in good faith and by appropriate legal
<br />proceedings, and as to which adequate reserves shall have been established
<br />1.07 Conversion of Security. All right, title and interest of Trustor in and to
<br />all extensions, improvements, betterments, renewals, substitutions and replacements
<br />of, and all additions and appurtenances to the Property, hereafter acquired by, or
<br />released to, Trustor or constructed, assembled or placed by Trustor on the Premises,
<br />and all conversions of the security constituted thereby, immediately upon such
<br />acquisition, release, construction, assembling, placement or conversion, as the case
<br />may be, and in each such case, without any further deed of trust, conveyance,
<br />assignment or other act by Trustor, shall become subject to the lien of this Deed of
<br />Trust as fully and completely, and with the same effect, as though now owned by
<br />Trustor and specifically described in the granting clause hereof, but at any and all
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