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99- zc��sss9 3. Construction of Improvements. Trustor shall complete in good and workmanlike manner any buildings, improvements or repairs relating thereto which may be hereafter commenced upon or to the Trust Property or contemplated by the loan evidenced by the Note secured hereby, to pay when due all costs and liabilities incurred therefore, and not to permit any construction liens against the Trust Property. In the event construction of buildings, improvements or repairs are commenced, 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 such plans and specifications as shall be approved by Beneficiary, (c) to allow Beneficiary to inspect the Trust Property at all times during construction, and(d)to replace any materials or work unsatisfactory to Beneficiary within fifteen (15) days after written notice from Beneficiary of such fact. 4. Funds for Payment of Charges. Trustor shall pay to Beneficiary on the first day of each month, or such other date each month as may be specified by Beneficiary, until the Indebtedness is paid in full, a sum (hereinafter called the "Funds") equal to one-twelfth (1/12th) of the yearly taxes and assessments which may attain priority over this Deed of Trust, plus one-twelfth (1/12th) of the yearly premium installments for hazard insurance, 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 in an institution, the deposits or accounts of which are insured or guaranteed by a federal or state agency. Beneficiary shall apply the Funds to pay said taxes, assessments and insurance premiums. Beneficiary shall not be required to pay Tnstor any interest or earnings on the Funds. The Funds are hereby pledged as additional security for the Indebtedness secured by this Deed of Trust. If the amount of the Funds held by Beneficiary, together with the future monthly installments of the Funds payable prior to the due dates of taxes, assessments and insurance premiums, shall exceed the amount required to pay said taxes, assessments and insurance premiums as they fall due, such excess shall be credited to Trustor against future monthly installments of Funds. If the amount of the Funds held by Beneficiary shall not be sufficient to pay taxes, assessments and insurance premiums as they fall due, Trustor shall pay to Beneficiary any amount necessary to make up the deficiency within thirty(30) days from the date notice is mailed by Beneficiary to Trustor requesting payment thereof. Upon payment in full of all Indebtedness, Beneficiary shall promptly refund to Trustor any Funds held by Beneficiary. If the Trust Property is foreclosed by Beneficiary or the Trust Property is otherwise acquired by Beneficiary, Beneficiary shall apply, immediately prior to 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 Indebtedness. Notwithstanding the foregoing, and without waiving its right to the future enforcement of the escrow provisions set forth in this paragraph, the Beneficiary will permit the Trustor to pay directly all real estate taxes, hazard insurance premiums (as required by Paragraph No. 7) and special assessments, so long as (a) no Event of Default shall exist hereunder, and (b) evidence satisfactory to the Beneficiary is provided to the Beneficiary by the Trustor that such insurance premiums, real estate taxes and special assessments are paid on or before their due date, and (c) there is no change in the ownership of the Property. 3