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202108974 Trustor, or give Trustor any recourse against Beneficiary, except with respect to Beneficiary's gross negligence or willful misconduct. 1.11 Insurance. Fire and Casualty Insurance: Trustor shall keep such property insured against loss or damage by fire and other risk or risks which, in the opinion of the Beneficiary should be insured against, under policies of insurance with loss payable to Beneficiary in form, amount, and companies acceptable to Beneficiary; provide, that the amount of such insurance coverage shall not be less than the fair market value of any improvements located or hereinafter constructed upon the property. Said policies shall be delivered to and remain in possession of Beneficiary as further security for the faithful performance of these obligations, which delivery shall constitute an assignment by the Trustor to Beneficiary of any policy or policies renewing or extending any expiring insurance, with a receipt showing premiums paid at least thirty (30) days before expiration. If Trustor fails to so deliver any renewal policies, Beneficiary shall not be responsible for obtaining or maintaining such insurance. Beneficiary, from time to time, may furnish to any insurance agency or company, or any other person, any information contained in or extracted from any insurance policy theretofore delivered to the Beneficiary pursuant hereto and any information concerning the loan secured hereby. In no event and whether or not default hereunder has occurred shall Beneficiary, by the fact of approving, accepting or obtaining such insurance, incur any liability for the amount of such insurance, the form or legal sufficiency of insurance contracts, solvency of insurers, or payment of losses by insures, and Trustor hereby expressly assumes full responsibility, if any, thereunder. In the event of loss, Trustor shall give immediate written notice to Beneficiary, and Beneficiary may, but is not obligated to, make proof of loss if not made promptly by Trustor. In case of any loss the amount collected under any policy of insurance on such property may, at the option of the beneficiary, be applied by Beneficiary upon any indebtedness and/or obligation secured hereby and in such order and amount as Beneficiary may determine; or said amount or any portion thereof may, at the option of the Beneficiary, either be used in replacing or restoring the improvements partially or totally destroyed to a condition satisfactory to said Beneficiary, or said amount or any portion thereof may be released to the Trustor. In any event, neither the Trustee nor the Beneficiary shall be obligated to see the proper application thereof; nor shall the amount so released or used be deemed a payment on any indebtedness secured hereby. Such application, used, and/or released shall not cure or waive any default or notice of default hereunder or invalidate any act done pursuant such notice. Any unexpired insurance and all returnable insurance premiums shall inure to the benefit of and pass to the purchaser of the property covered thereby at any Trustee's sale held hereunder. If said prosperity is sold pursuant to the power of the sale contained herein or pursuant to any decree of foreclosure, all right, title and interest of Trustor in and to the proceeds of fire and other insurance policies for damage prior to the sale, which proceeds are not received prior to the date of said sale, shall belong to the Beneficiary. ARTICLE II EVENTS OF DEFAULT The occurrence of any of the following shall constitute an event of default ("Event of Default") hereunder: -6-