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200210366 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, which consent shall not be unreasonably withheld, (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 thirty (30) days after written notice from Beneficiary. 4., Taxes. Truster will pay, or cause to be paid, before they become delinquent, all taxes, assessments, and other similar charges levied upon or with respect to the Trust Property and will deliver to Beneficiary satisfactory evidence of the payment thereof Truster, upon request by Beneficiary, will deliver to Beneficiary receipts showing the payment thereof, provided that Truster may contest taxes and assessments that are contested by Truster in good faith by appropriate proceedings and Truster has set aside on its books adequate reserves with respect to those taxes and assessments. 5. Application of Payments. All payments received by Beneficiary as to any debt, liability or obligation owed to Beneficiary by Truster 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. Unless otherwise elected by Beneficiary, any such payment shall be deemed applied first to the payment of any debt, liability or obligation other than the Note. 6. Charges, Liens. Truslor 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 Decd of Trust, excluding however: (a) non - delinquent real estate lax liens, (b) non - delinquent special assessment liens, and (c) those items set forth on Exhibit B attached hereto. 7. Hazard and Rent Insurance. Truster 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 required by Beneficiary. The policy or policies of insurance shall be in form acceptable to Beneficiary, provided 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. Beneficiary shall have the right to hold the politics and renewals thereof and Truster shall promptly furnish to Beneficiary all renewal notices and all paid premiums receipts received by Truster. In no event shall Beneficiary or Trustee be held responsible for failure to pay insurance premiums or 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 Truster to effect the insurance required hereunder. In the event of loss, Truster 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 Truster. 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 -3-