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99 11109� thereunder and sha11 have the option of applying all or part of the insurance proceeds, (i) to any indebtedness secured hereby in such order as Beneficiary may determine, (ii) to the Trustor to be used for the repair or restoration of the property, or(iii) for any other purpose or object appropriate under this Trust Deed as determined by Beneficiary without affecting the lien of this Trust Deed for the full amount secured hereby before such payment occurred. Any application of proceeds to indebtedness shall not e�end or postpone the due date of any payments under the Trust Deed Promissory Note, or cure any default under such Trust Deed Promissory Note or this Trust Deed. In addition, Trustors shall carry liability insurance with minimum limits of $500,000.00 each occurrence. Trustors shall furnish Beneficiary a certificate of insurance coverage at Beneficiary's request, with a provision in such certificate that the insurer shall provide Beneficiary 10 days advance notice of cancellation of the policy at any time for any reason, or of expiration of the policy without renewal thereof. 4. Environmental Compliance. Trustor shall comply with all federal, state and local environmental laws, ordinances, rules, requirements, regulations and publications as now existing or hereafter existing, amended, supplemented or supplanted relating to the preservation of the environment or the regulation or control of toxic or hazardous substances or materials. 5. Use & Preservation of Propertv. Trustor shall use the premises for farming, for the development residential housing, and for lawful purposes only: shall not allow the Property to deteriorate, or commit or permit waste. Trustor shall comply with all laws and regulations applicable to the use of the Property, and shall maintain the improvements thereon in good repair. 6. Protection of Trust Property. If Trustor fails to pay t�es or assessments, maintain insurance or maintain the Property as provided herein, Beneficiary may pay any such amounts or take steps to protect the value of the Property and the rights of Beneficiary in the Property. Any sums Beneficiary may advance for payment of any such taxes or assessments, maintenance and protection of the Property shall be secured by this Trust Deed, shall constitute a debt due from Trustors to Beneficiary, and shall bear interest from the date of disbursement until paid at the rate of 14% per annum. 7. Apnlication of Pa,yments. All payments received by Beneficiary under the Trust Deed Note and this agreement shall be applied first to reimburse advancements made by Beneficiary for protection of trust property, second to costs of collection to the extent allowed by law, third to interest, and the balance to principal. 8. Inspection. Beneficiary or Beneficiary's agents may make reasonable entries on the Property for purposes of inspection. 9. Forbearance Not Waiver. Failure by Beneficiary to exercise any right or remedy available under this Trust Deed or the Promissory Note on any one default shall not waive or preclude the exercise of any right or remedy on the event of any subsequent default.