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gg_1�5969 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 Indebtedness or to any such other debt, liability or obligation, in 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 all charges, liens and encumbrances, whether consensual, statutory, voluntary or involuntary (other than the lien created by this Deed of Trust or any other instrument, document or agreement given to Beneficiary contemporaneously herewith as security for the Indebtedness), and whether superior or inferior to this Deed of Trust, excluding however, any lien for nondelinquent real estate taxes or nondelinquent special assessments. 7. Hazard and Other Insurance. Trustor 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 and abatement of rental income from, fire, hazards included in the term "extended coverage", vandalism, and malicious mischief, and such other hazards, casualties and contingencies as may be required by Beneficiary, in such amounts and for such periods of time as may be reasonably required by Beneficiary. The policy or policies of insurance shall be in form acceptable to Beneficiary, provide that the same may not be modified without thirty (30) days prior written notice to Beneficiary, and shall have non-contributing loss payable provisions in favor of and in form acceptable to Beneficiary, entitling Beneficiary to collect any and all proceeds payable under such insurance policies. Business interruption or loss of rental income insurance required to be carried pursuant to this Paragraph 7 shall be in an amount equal to at least six (6) months aggregate gross scheduled rents from the Trust Property. All premiums on insurance policies shall be paid in the manner provided under Paragraph 4 hereof, or if the payment of the Funds has been waived by Beneficiary, by Trustor making payment at least thirty (30) days prior to the due date, directly to the insurance carrier. Beneficiary shall have the right to hold the policies and renewals thereof and Trustor shall promptly furnish to Beneficiary all renewal notices and all paid premiums receipts received by Trustor. In no event shall Beneficiary or Trustee be held responsible for any loss or damage arising out of a defect in any policy 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. Beneficiary and Trustee shall not be held responsible for failure to pay any insurance premiums; provided, in the event Beneficiary is collecting Funds for the payment of insurance premiums pursuant to Paragraph 4 above, Beneficiary shall be held responsible for its own gross negligence or willful misconduct in connection with its disbursement of Funds for the payment of insurance premiums. In the event of loss, Trustor shall give prompt notice by mail to the insurance carrier and Beneficiary. Beneficiary may make proof of loss if not made promptly or in proper form by Trustor. All policies of insurance and any and all refunds of unearned premiums are hereby assigned to Beneficiary as additional security for the payment of the Indebtedness. In the event of Beneficiary's exercise of the power of sale contained herein, or in the event of foreclosure, all right, title and interest of Trustor in and to any insurance policy then in force shall pass to the purchaser at the trustee's sale or 4