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<br />Trustor pay to Beneficiary additional installments in a Reserve for
<br />Replacements Fund, in a separate account with Beneficiary, of an
<br />amount not to exceed ten percent (10 %) of the principal and
<br />interest portion of the installment payments on the indebtedness.
<br />Such account and the funds deposited therein shall at all times be
<br />under the control of Beneficiary. Disbursements by Beneficiary of
<br />such funds, for the purpose of replacements of structural elements,
<br />mechanical equipment, non - realty items, or any other maintenance
<br />and repairs, may be made at Beneficiary's sole option and in its
<br />sole discretion or by Trustor only with Beneficiary's written
<br />consent. In the event of a default in the terms and conditions of
<br />this Deed of Trust, pursuant to which the loan is accelerated,
<br />Beneficiary may apply any balance of such funds to the amount due
<br />on the indebtedness.
<br />15. Payment of Impositions. Trustor shall duly pay and
<br />discharge, or cause to be paid and discharged, the following items
<br />(hereinafter referred to as "Impositions"):
<br />(a) all real estate and personal property taxes, special
<br />assessments, w-ater, sewer and solid waste collection rates and
<br />charges. and all other taxes and governmental charges and any
<br />interest or penalties with respect thereto, and charges for any
<br />easement or agreement maintained for the benefit of the Trust
<br />Property, general and special, ordinary and extraordinary, foreseen
<br />and urtforeseen, of any kind and nature whatsoever which at any time
<br />prior, to or after the execution of this Deed of Trust may be
<br />assessed, levied, or imposed upon the Trust Property, or the rent
<br />or income received therefrom, or any use or. occupancy thereof; and
<br />W. all other taxes, assessments, fees and governmental
<br />charges levied, imposed or assessed 4on or against Trustor or amy
<br />of its properties.
<br />trustor. shall pay all taxes and assessments levied upon any of
<br />the Trust Property not less than ten (10) days prior to the
<br />delinc
<br />guent date of the particular payment or installment and shall
<br />exhibit. rece l' 'ts to teneficiary. Trustor shall pay all other
<br />ImpostUat,, *- or installments thereof not later ther. the due date
<br />thereo_f,:'at tte day any fine, penalty, interest or costs may be
<br />added th,.eretcr or imposed by law for the nonpayment thereof ( if such
<br />day ia.used to determine the due date of the respective item).
<br />However, if, by law, any Imposition may at the option of the
<br />taxpayer or other person obliged to pay it be paid in installments
<br />(whether or not interest shall accrue on the unpaid balance of such
<br />imposition) Trustor may exercise the option to pay the same in such
<br />installments.
<br />16. Insurance.
<br />(a) The Trust Property and every part thereof shall be
<br />kept insured at all times by Trustor against loss or damage from
<br />fire, hazards included within the temp "ektended coverage ", and any
<br />other hazards for which Beneficiary may require insurance
<br />(including flooding if the Trust Property is located within a flood .
<br />prone area), in a coverage amount of no less than one million two
<br />hundred fifty thousand dollars ($1,250,000.00). The insurance
<br />company providing such insurance and the amount of the deductible,
<br />if any, shall be subject to approval by Beneficiary. Trustor shall
<br />cause each insurance policy issued in connection therewith to
<br />provide, and the insurer issuing such policy to certify to
<br />Beneficiary, that (i) loss payments shall be payable to Beneficiary
<br />as its interest may appear; (ii) the interest of Beneficiary shall
<br />be insured regardless of any breach or violation by Trustor of any
<br />warranties, declarations or conditions in such policy; (iii) if any
<br />such insurance policy be subject to cancellation or be endorsed or
<br />sought to be endorsed to effect a change in coverage for any reason
<br />Whatsoever, such insurer shall promptly notify Beneficiary and such
<br />cancellation or change shall not be effective as to Beneficiary for
<br />thirty (30) days after receipt by Beneficiary of such notice; (iv)
<br />Beneficiary nay, but shall not be obligated to, make premium
<br />payments to prevent such cancellation, and that such payment shall
<br />be accepted by the insurer; and (v) refunds of insurance premiums
<br />U: \L0AfJD0C \11EALTH. DOT
<br />April 10, 1989 7
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