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9�- 1t1612'� t 2. Payment of/ndebtedness. Trustor shall promptly pay o�cause to be paid when due the Obligations and all other indebtedness. The � Trustor shall also promptly and faithfully observe all of its obligaiions under any other deed of irust encumbering all or part of the Trust Property and, if applicable, any promissory note,guaranty, o�other term of contractual indebtedness secured by such other deed of t�ust, whether junior or senior to the lien of this Deed of Trust, and any other obligations secured by a lien on the Trust Property, whether ansing consensually or by operation of law. 3. Construction of/mprovements. Trustor shall complete in good and workmanlike manner any buildings, improvements or repai�s relating thereto which may be begun on the Trust Property or contemplated by the Obligations secu�ed hereby, to pay when due all costs and liabilities incuned therefor, and not to permit any construction lien against such Trust Property. ln the event construction of buildings, improvements or repairs are contemp/ated, Trustor a/so agrees, anything in this Deed oi Trust to the contrary notwithstanding; (a) to promptly commence any such work and to complete the p�oposed improvements promptly, (b) to complete the same in accordance with the plans and specifications as app�oved by Beneficiary, (cJ to comply with all the te�ms of a building loan agreement, if any, between Trustor and Beneficiary, the terms of which a�e incorporated herein by reference and made a part hereof, /d1 to allow Beneficiary to inspect the Trust Property at all times during construction, and(e1 to�eplace any work or materials unsatisfactory to Beneficiary within fifteen (151 days after w�itten notice from Beneficiary of such fact. 4. Funds for Payment of Charges. lf�equested at any time or fiom time to time by the Beneficiary, T�ustor shall pay to Beneficia�y on the first day of each month, or such other date each month as may be specified by Beneficiary, until the Obligations are paid in full, a sum (hereinafter the "Funds"1 equal to 1/12th of the yearly taxes and assessments which may attain priority ove�this Deed of Trust and ground �ents on the Trust Property, if any,plus 1/12th of the yearly p�emium installments for hazard insurance,plus 1/12th of the yearly p�emium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Beneficia�on the basis of assessments and bi//s and reasonab/e estimates thereof. The Funds sha//be he/d in an institution, the deposits or accounis of which are insu�ed or guaranteed by a fede�a/or state agency inc/uding Beneficiary. Beneficiary sha//app/y the Funds to pay said taxes, assessments, insurance premiums and ground rents. Beneficia�y shall not be required to pay Tiustor any interest or earnings on the Funds. Beneficiary shall give to Trustor, without charge, an annua/accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security fo�the Obligations secured by this Deed of Trust. lf the amount of the Funds held by Beneficia�y, together with the futu�e monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground�ents as ihey fall due, such excess shall be, at Trustor's option, either promptly repaid to Trustor or credited to Trustor against future month/y insta//ments of Funds. /f the amount of the Funds he/d by Beneficiary sha//not be sufficient to pay taxes, assessments, insurance premiums and g�ound rents as they fa//due, Tiustor sha//pay to Beneficia�y any amount necessary to make up the deficiency within thirty days from the date notice is mailed by Beneficiary to Trusto�requesting paymeni ihereof. Upon payment in full of all Obligations, Beneficiary shall promptly�efund to Trustor any Funds held by Beneficiary. lf ihe Trust Property is sold under the power o/sale or the Trust P�operty 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 Obligations. lf Beneficiary executes a written waiver of Trustor's obligations under this Section, T�usto�covenanis and agrees to pay, before the same become delinquent, all taxes, assessments, insurance premiums, ground rents, and all other charges whatsoever levied upon or assessed,placed or made against the Trust Property. Trustor further agrees, upon wiitten request by Beneficiary, to promptly deliver to Beneliciary all receipts for the payment of such charges. Trustor lrkewise agrees to pay all taxes, assessments and other charges levied upon or assessed,placed or made against, or measured by, this Deed of Tiust or the recordation hereof. 5. App/ication of Payments. All payments received by Beneficiary as to any debt, liability or obligation owed to Beneficia�y by Trustor may be applied by Beneficiary to the payment of the Obligations in any orde�o�manne�of application which Beneficiary, in its absolute disc�etion, deems approp�iate. 6. Charges;Liens. Trustor will keep the Trust Property free fiom all liens and encumbrances, whether prior or subordinate to this Deed of Trust, other than the/ien of cunent rea/estate taxes and insta//ments of officia/assessments with respect to which no pena/ty is yet payable;provided, however, that Trustor need not discharge any such lien so long as Trustor shal!agree, in writing, to pay the obligation secured by such lien in a manner acceptab/e to Beneficiary and shal!in good faith contest such lien by appropriate legal proceedings effective to p�event the enforcement of the lien o�the loss of any interest in o�part of the Trust Property, and shall also give such�easonable secu�ity to Beneficia�y as may be demanded by Beneficiary to insure compliance therewith. The Beneficiary may in its so%disc�etion defend ihe lien of this Deed of Trust and all costs and attorneys'fees incuned by Beneficiary in said defense shall be reimbursed by Trusto�or added to the Obliga tions. 7. Hazard/nsurance. Trustor shall keep the buildings and other improvements now existing or he�eafter e�ected on the Trust Property insured by insurance ca�riers satisfacto�y to Beneficiary against loss by fi�e,hazards included in the te�m "extended coverage"and such other hazards, casua/ties and contingencies, inc/uding war damage insurance, as may be required by Beneficiary, in such amounts and for such periods as may be required by Beneficiary. The po/icy of insurance sha//be in form acceptab/e to Beneficiary and sha//not contain a defense based on coinsurance, and shall contain the standard provision that no act of the Beneficiary or of the Beneficiary's agents or representatives will render ihe policy void as to the Beneficiary or affect the Beneficiary's right to recover in case of loss, and the policy or policies shall provide that the same may not be canceled or modified without fifteen (151 days prior written notice to Bene/iciary, and have /oss payab/e provisions in favor of and in form acceptab/e to Beneficiary. A//premiums on insurance po/icies sha//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 /151 days prior to the due date, directly to the insurance carrier. Beneficiary sha!l have the right to hold the policies and renewals thereof and Trustor shall promptly furnish to Beneficiary all renewal notices and all paid premium receipts�eceived by it. ln no event shall Beneficia�y or Trustee be held responsible for failure fo pay insu�ance p�emiums or for any loss or damage arising out of a defect in any policy or a�ising out of any failure of any insurance company to pay for any loss or damage insu�ed against or for failure by Trusror to effect the insurance required hereunder. ln the event of loss, T�ustor shall give prompt notice by mail to the insu�ance ca�rier and Beneficiary. Beneficiary may make proof of loss if not made promptly or in proper fo�m by Trusto�. All policies of insurance and any and all refunds of unea�ned premiums are hereby assigned to Beneficiary as additional security for the payment of the Obligations. ln the event of Beneficiary's exercise of the powe�of sale contained he�ein, 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 forec%sure sale. ln case of any loss, the insu�ance proceeds may, at the option of Beneficiary, be applied by Beneficiary upon the Obligations, or any part thereof, and in such order and amount as Beneficiary may determine;or said insurance proceeds, at the option of Beneficiary, may either be used in replacing o�restoring the Trust P�operry partially or totally destroyed to a condition satisfacto�y to Beneficiary;or said insurance proceeds, or any portion thereof, may be released to Trustor. Unless Beneficiary and T�ustor otherwise ag�ee in writing, any such application of insurance proceeds shall not extend or postpone the due date of any note or agreement evidencing the Obligations, or any installments called for therein, or change the amount of such installments. lf the Tiust Propeny is acquired by Beneficiary pursuant to the exercise of the power of sale or other foreclosure, all right, title and interest of Trustor in and to any insurance proceeds payable as a�esult of damage to the Trust Property prior to the sale or acquisition sha//pass to Beneficiary and sha//be app/ied first to the costs and expenses, inc/uding attorneys'fees, incur�ed in co/%cting such proceeds, then in the manner and in the orde�provided herein. Notwithstanding anything contained in this Section to the contrary, if this Deed of Trust is on a condominium or a town house and there is a maste�insurance policy in fo�ce covering the common areas and facilities and all condominiums and town houses located in that development, then, unless otherwise notified in writing by the Beneficiary, the Trustor shall have no obligation to maintain the insu�ance required hereunder, and will assign all benefiis and proceeds received ihereon to the Beneficiary and, in the 8eneficiary's so/e disc�etion,name the Beneficia�y as the named insured on said po/icy. Wheneve�such insurance is in force (regardless of whether requested by the Beneficiary or notJ the Trustor hereby authorizes the Beneficiary to cancel such insurance whenever the Beneficiary determines that such insurance does noi adequately protect the Beneficia�y's inte�esi. 8. Preservation and Meintenance of Trust Propeity. Trustor will keep the buildings and other improvements now or hereafter erected on the T�ust Property in good repair and condition, o�dinary depreciation excepted, and shall provide all utility services necessary for the operation and preservation of the Trust Prope�ty. T�ustor will not commit or permit waste, will not alter the design or structural character constituting any building now or he�eafter erected on and constituting the Trust Property without the prior written consent of Beneficiary, will not do any act or thing which would unduly impair or depreciate the value of the T�ust Property and will not abandon the T�ust Property. T�ustor will not �emove any fixtures constituting the Trust Property unless the same are immediately replaced with like property subject to the lien and security inte�est of this Deed of Trust and of at/east equa/va/ue and uti/ity. T�ustor wi//comp/y with a//present and future ordinances, regulations and requirements of any governmental body which are applicable to the Trust Property and to the occupancy and use thereof. lf this Deed of Trust is on a unit in a condominium or a planned unit development, Trusior shall perform all of T�ustor's obligations under the declarations or covenants c�eating or governing the condominium o�the planned unit deve%pment, the bylaws and regulations of the condominium or planned unit development, and ihe constituent documents. 9. /nspection. Beneficiaiy or its agents may, at all reasonable times, enter upon the Trust Property fo�the purpose of inspection including, but not limited to environmental testing. Beneficiary shall have no duty to make such inspection and shall not be liable to T�ustor or to any person in possession if it makes o�fails to make any such inspection. 70. Protection of Security. lf Trustor fails to perform any of the covenants and agreements contained in this Deed of Trust, or if any action or proceeding is commenced which does or may adve�sely affeci the Trust P�operty or the interest of T�usto�or Beneficiary therein or the tiile of Trusto�thereto, then Beneficia�y, at its option, may perform such covenants and agreements, make such appea�ances, defend against and/or investigate such action or p�oceeding and take such othe�action as Beneficiary deems necessary to proteci its interest including, but not limited to, disbursement of reasonable attorneys'fees and ent�y upon the Trust Property to make repai�s. Any amounts disbursed or incuned by Beneficiary pursuant to this Section, including, but not limited to, reasonable attorneys'fees, with interest thereon, shall constitute additional Obligations secured by this Deed of Trust. Beneficiary is hereby given an inevocable power of attorney(which power is coupled with an interest for purposes of securityJ to ente�upon the Trust P�operty as the Trustor's agent and in the Trusto�'s name to perform any and all covenants and agreements to be performed by the Trustor as herein provided. Unless Trustor and Beneficiary agree to other terms of payment, such amounts shall be payab/e upon notice fiom Beneficiary to Tiustor requesting payment thereof, and shall bear inierest f�om ihe date of disbursement o�the date incuned ai the rate set forth in the Note or the rate provided in the most recent obligation covered by the Guaranty, unless payment of interest at such rate wou/d be contrary to applicab/e law, in which event such amounts shall bear interest at the highest rate permitted by applicab/e/aw. Nothing contained in this paragraph shall require Beneficiaiy to incur any expense or take any action hereunder. Beneficiary sha//, at its option, be subrogated to any encumbrance, /ien, c/aim or demand and to a// rights and securities for the paymeni thereof paid or discha�ged by Beneficiary under the provisions hereof and any such subrogation rights ..,,..,,�._ ,..�..:.:---�--�- -- �--° - --- -____r___,_._ ,._ . .