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ZUUUI1126 2. Payment of Indebtedness. Trustor shall promptly pay, ce reose to be aid wh&,- d,,ia rhe,, Obligations and all other indebtedness. The Trustor shafl also prurnprly and faithfully observe air of its obtr*atibns under any oi.`.. r .fr c of trust encumbering all or part of the Trust P; oporry and, if app cable, any promissory note, guaranty, or usher term of contra,. tL al irdabredness s toured by such other load of trust, whether ;un;or or senior to the l,'en of this Deed of Trust, ar„a sr7y dblc}r obligations s uur•;ci by a lien on the Trust Property, whether arising consensually or by operation of law. ^t 1 Construction of Improvements, Trusror shall complete in good and workmanlike manner any buildings, improvements or repairs relating thereto which may be begun on he Trust Property or contemplated by the Obligations secured hereby, to nay when due all costs and tiabi'lities incurred therefor, and not to permit any construction lien against such Trust Property. In the event construction of buildings, improvements or repairs are contemplated, Trustor also agrees, anything in this Deed of Trust to the contrary notwithstanding; (a) to promptly commence any such work and to complete the proposed improvements promptly, (b) to complete the same in accordance with the plans and specifications as approved by Beneficiary, (cJ to comply with all the terms of a building loan agreement, if any, between Trustor and taeneficiarv, the terms of which are incorporated herein by reference and mad- a ;:art hereof, td) to allow Beneficiary to inspect the Trust Property at ell times outing construction, and le) to replace any work or materials unsatisfactory to Beneficiary wirhitr fifteen 1157 days after written notice from Beneficiary of such fact. 4. Funds for Payment of Charges. If requested at any time or from time to time by the Beneficiary, Yrustor shall pay to Beneficiary on the first day of each month, or such other date each month bs may be specified b;• Beneficiary, until iha Or igations are paid in full, a sum /hereinafter the 'Funds") equal to 1112th of the yearly taxes and assessments which may attain priority over this Deed of Trust and ground rents on the Trust Froperly, if any, plus 1112th of the yearly premium installments for hazard insurance, plus 1112th of the yearly premium insfalimen:s for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Beneficiary on the basis of assessments and bills and reasonable estimates thereof, The Funds shall be held ir an institution, the deposits or accounts of which are insured or guaranteed by a federal or stare agency including Beneficiary. Beneficiary shall apply the Funds to pay said taxes, assessments, insurance premiums and ground, ants. Beneficiary shall not be required to pay Trustor any interest or earnings on the Funds. Beneficiary sl all give to Trusror, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which eac•4 debit to the Funds was made. The Funds are pledged as additional security for the Obligations secured by this peed of Trust. If the amou;-.: of the Funds hero' by Benef.`ciary, togerhsr with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insult.roue premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Trustor's option, either promptly repaid to Trustor or credited to Trustor against future monthly installments of Funds. If the amount of the Funds held by Beneficiary shall not be suHic;ent to pay taxes, assessments, insurance premiums and ground rents as they fall due, Trustor shall pay to Beneficiary any amount necessary to make up the deficiency within thirty days from r," date notice is mailed by Beneficiary to Trustor requesting payment thereof, Upon payment in full of all Obligations, Benefi_iary shall promptly refund to Trustor any Funds hold by Beneficiary, If the Trust Property is sold under the power of sale or the Trust Propvrfy is otherwise acquired by Beneficiary, Beneficiary shall apply, immediately prior ra the sale of the Trust Property or its acquisition by Beneficiary, any Funds held by Beneficiary at the time of application as a credit against the Obligations. If Beneficiary executes a written waiver of Trustor's obligations under this Section, Trustot covenants and agrees to pay, before the same become definquent, all taxes, assessments, ins trrance preiniurns, ground rants, and all other charges whatsoever levied upon of assessed, placed or, made against the Trust Property. Trustor further agrees, upon written request by Beneficiary. to promptly deliver to Beneficiary all receipts for the payment of such Charges. Trustor likewise agrees to pay all taxes, assessments and other charges levied upon or assessed, place,. or made against, or measured by, :,,is Deed of Trust or the recordation hereof. 5. Application of Payments. All payments received by Beneficiary as to any debt, liability or obligation owed to Beneficiary by Trustor may be applied by Beneficiary to the payment of the Obligations.n any order or manner of application which Beneficiary, in its absolute discretion, deems appropriate, 6. Charges; Liens. Trustor will keep the Trust Property free from al/ liens and encumbrances, whether prior or subordinate to this Deed of Trusr, orher than the lien of current real estate taxes and insiah'ments of official assessments with respect to which no penalty is yet payable; provi(.ted, however, that Trustor need not discharge any such lien so long as Trustor shall agree, in writing, to pay the obligation secured by such lien in a manner acceptable to Beneficiary and shall in good faith contest such lien by appropriate legal proceedings effect va to prevent the enforcement of the lien or the loss of any interest in or part of the Trus" Property, and shall also give such reasonable security to Beneficiary as maybe demanded by Beneficiary to insure compliance therewith. The Beneficiary may in its sole discretion defend the fion of this peed of Trust and an costs and attorneys' fees incurred by Beneficiary in said defense shall be reimbursed by Trustor or added to the Obligations. 1, Hazard insurance. Trusror shall keep the buildings and other improvements now existing or hereafter erected on the Trust property insured by insurance carriers satisfactory to Beneficiary against loss by fire, hazards included in the term "extended coverage' and such other hazards, casualties and contingencies, including war damage insurance, as may be required by Beneficiary, in such amounts and for such periods as may be requirod by Beneficiary. fie policy of insurance shall be inform acceptable to Beneficiary and shall not contain a defense based on coinsurance, and shall contan: the standard provision that no act of the Beneficiary or of the Beneficiary's agents or representatives will render the policy void as to the Beneficiary or affect the Beneficiary's right to recover in case of loss, and the policy or policies sha/l provide that the some may not be canceled or modified without fifteen (15) days p.'ior written notice to Beneficiary, and have loss payable provisions in favor of and in form acceptable to Beneficiary. Al,' premiums on insurance policies shall be paid in the manner provided under the Section entitled "Funds for Payment of Charges' herein or, if not paid in such manner, by Trustor making payment at least fifteen If 5) days prior to the due date, directly to the insurance carrier. Beneficiary shall have the right to hold the policies and renewals thereof and ; rustor shall promptly furnish to Beneficiary all renewal notices and alt paid premium receipts received by it. In no event shat/ Beneficiary or Trustee be held ros;,cnsible for failure to pay insurance premiums or for any loss or damage arising out of a defect in any pv!/cy or arising out of any failure of any insurance company to pay for any loss or damage insured against or for failure by Trustor to effect the insurance required hereunder. In the event of loss, Trusror shall give prompt notice by mail to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made prwnptly or in proper form by Trustor. All policies of insurance and any and W1 refunds of unearned premiums are hereby assigned to Beneficiary as additional security fur the payment of the Obligations. In the event of Baneticsory's exercise of the power of Bale contained herein, or in the event of foreclosure, all right, title and interest of Trustor in and Pa any insurance polity then in force shall pass to the purchaser at the trustee's sale or foreclosure sole. Lt case of any loss, the insurance proceeds may, or the option of Beneficiary, be appid by Beneficiary upon the Obligations, or any part thereof, and in such order and amount as Beneficiary rrray drteirntne; or aoid insurance proceeds, at the option of Beneficiary, may either be used in replacing or rostonng the Trust Property partially or focally destroyed to a condition satisfactory to Beneficiary, or said insurance proceeds, or any portion thereof, may be released to Trusror. Urldss Beneficiary and Trustor otherwise agree in writing, any such application of Insurance proceeds shall not extend or postpone •hc due date of any note or agreement evidencing the Obligations, or any installments Called for therein, or change the amount of such irsteftments, If the Trusf Property is acquired by Beneficiary pursuant to the exercise of the power of sale or other foreclosure, all right, titte and rnrorasr of Trusror in and to any insurance proceeds payable as a result of damage to rho Trust Property prior to the sale or acquisition shall pass to Bcnefciary and shay! be applied first to the costs and expenses, including attorneys' foci, incurred in collecting such proceeds, then in the manner and in the order provided herein. Notwithstanding anything contaired in this Section to the contrary, if this Deed of Trust is on a condan.vntum or a townhouse and there is a master insurance policy in force covering the common areas anti facilities and all condotniNwr),; nrd town houses located in that development, than, unless otherwise notified in writing by the Beneficiary, the Trustor shall haver nn rrbr:y,uror, ro r•taintdin rho insurance required hereunder, and will assign all benefits and proceeds received rhereon to the Beneficiary and, t/7 the 6nn1ef1l:i,3ry'1 sole discretion, name rho Bor,eficiary as the named insured on si,id policy. Whenaver such insurance is in force (regard)ess of whether requested by the Beneficiary or not) the Trustor hereby owhori.res the Beneficiary to cancel such insurance whenever Mr, Beneficiary deltarnrrna.s that such insurance does nor adequately protect the Beneficiary s interest. B. Praservnhorr and Maintenance of Trust Property, Trustor will keop the buildings and other improvements now or hereafter erected on rhet Trust Property !o (food repair and conditon, ordinary depreciation excepted, and shall provide all utility sorvr<cs nucessury for Nee opv(arwr and preservation p1 the Trust Property. Trustor will not commit or permit waste, will not alter the design or structural choral. ter ccrnstituttny any building now or hereafter erected on and constituting the Trust Property without the prior wraren consent of Banphc•iarr, wifl our (Al ;env act or rhinq which would unduly impair or ddprecialo the value of the Trust Property and will nor abandon the Trust Property, 7rustor will nor ronro a any fixturtrs constituting the Trusf Property unless the saran are immediately ferplaCed with hke property subletc;f to rho hen and sccurtry inrrrresr of this Dood of rrusr and of at least cotta/ Volvo and utilrry. rreivtor will comply with all prrrsrnr anrf furune ordinances, tegul;rnnns ema icquircinonis of ar.y t)ovornmental body which tore pppl,coblrr tit 1111;• rruxr Iboparly and to rhea oer.erpanc'y and tixo thpratrf It this /Jerry of Tw-r is on it writ to a cur,dof iniuw or a planned unit ttpvafaprnunl, Purtur shall pelfotnr all of Trusfor's obhu•,sruas utntpr the d. cv:n.rr rr:; 0f i uv,rn;rr+U: ,:trot; g c,r clue; nun/J the condorrrird im of Nre phrnnn,t oln,r rJerr+liipntrrnt rho by/aw.r ,ante rovu il'orir of Nil, r tand(rrrirnr<.rrr or phtnned unit develupnrnnt, arm the constituent docurrrcanty. 9. InspaCNon, llcnrhr,iorv or mt slijewr rrray, of all reasonatge riena.a, pntor upon then Trutt Property for the purpose of ins//racoon rtrr:'ludmvp /rut tint tunitnrf to rnvrrnrrrnenfal terfurq. Bnnehci.arv ;heal/ hove no duty to rrrako such rnalraction and 1!141/ oar het hable to 71ushu or fir any p+rsnn ;n fro;s^:r:sine if it m!nkes of (trine to nrakcf ally ,ouch lnspvcflon. ICJ. Prurorrlnn of securlry. /f T/u.stot fut5 to i:Kfrfuun an of r170 Cpvairanta and arlfvamanfs contained ar this ()evil uI Trust, of if any action err procpo<hnrr i.v CrlrrrrnynCtrd vvh,cti Ours or' nary prlvafse~y affect Ih90 ]rust 11foppffY Of rho interact of rrustor or Lhrlratictnry 11190.10010 ut rho ttt/u of Trusror thoratu, than Bnnehi.ealy, at its Option, rrray pnffonn ypch covonants and ogreenrarrts, nrakor such appodroncas, dotond ag.,u nsr andiur urvear;gatd wcfch action or ptoceedarg nold rake.xuch other action as il90nelicinry deems nocosssev to protect its internist mcludioyi, bur nor lrrtirprl fit, rl:,aburselrnerrt of rnasu table offorneys' Ines arid entry upon the Truxr Property to make repaim, Any amounts drxbursdcf Or wcufted by Benofic,ary pursuant to this Section, including, but not Innlted to, reasonable attorneys' fees, with intarevt thefson, shall ronxunlto 0&1trotter Obligauoiis secured by this Vood of Trust Beneficiary is hereby given an IrrVkVcablrr power of orrorirey /which power is coupled wilt an inrerost for purposes of security/ to enter upon sha trust Property as the Trustor's agent and in the lrustor's name to nprtorrn any only rid covenants and aprooments to he performed by the Trusror a.s herein provided. Unlesx Trustor and Bonedeciory agree to other ti,rnrs of payment, such arnounr.s shall be paytebto upon notice !runt Beneficiary to Trusror raquosdng payment thereof and .shall bear nrnrdst from Me data of Flt-bursonrcnr or the date ihcofrel at the rate stet forth in the Note or the rare provided in the most reveor obloydtiort covered by Ulu Gu-tr,.rnty, wilds;, paymcnr of intui&dsr at such fare would bo Con6ary to rrpplicabld low, in wd,:61h event such amr7unts ;:Ir;itl hear a,cv,e.,. in rho nnJhe.•sr taro pearl,;:od by api.t/icablu law. Nothinrl cpnr,+rncd err N7is parayraph shall require llamaliciary ro incur tray expetists or take any oct/on herrcundef. Benahciary sha/l, at as option, be subrogated to any encurnbtance, hear, claim or demand tend to n// r..7)rrs ,and securities for thr• payment thereof paid or disrherged by Beneficiary, under rho provisions hereof end any such subrogation nghis ,0,111 be additional and cumulative security for rhis Deed of Trust, no()e : of b