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2005054.00 for labor performed and materials furnished therefore and for any alterations thereof; to comply with the provisions of all insurance policies covering said premises; to comply with all laws, ordinances, regulations, covenants, conditions and restrictions affecting SUCH PROPERTY; not to remove, demolish or materially alter any building, or the character or use thereof at any time thereon; not to drill or extract nor to permit the drilling for or extraction of oil, gas or other hydrocarbon substances or any material of any kind unless the written consent of BENEFICIARY is first had and obtained; not to commit or permit any waste thereof or any act upon SUCH PROPERTY in violation of law; to do all other acts in a timely and proper manner which from the character or use of SUCH PROPERTY may be reasonably necessary to protect and preserve said security, the specific enumerations herein not excluding the general. Construction of Improvements: To complete in good and workmanlike manner any building or improvement or repair relating thereto which may be begun on SUCH PROPERTY or contemplated by the loan secured hereby, to pay when due all costs and liabilities incurred therefor, and not to permit any mechanic's lien against SUCH PROPERTY. TRUSTOR also agrees, anything in this Deed of Trust to the contrary notwithstanding, (a) to promptly commence work and to complete the proposed improvements promptly, (b) to complete same in accordance with plans and specifications as approved by BENEFICIARY, (c) to comply with all of the terms of any building loan agreement between TRUSTOR and BENEFICIARY, (d) to allow BENEFICIARY to inspect SUCH PROPERTY at all times during construction, and (e) to replace any work or materials unsatisfactory to BENEFICIARY, within fifteen (15) days after written notice from BENEFICIARY of such fact, which notice may be given to TRUSTOR by registered or certified mail, sent to TRUSTOR's last known address, or by personal service of the same. Fire and Casualty Insurance: To keep SUCH PROPERTY insured against loss or damage by fire and other risk or risks which in the opinion of BENEFICIARY should be insured against, under policies of insurance with loss payable to BENEFICIARY and the holder of any prior lien in form, amount, and companies acceptable to BENEFICIARY. Said policies shall be delivered to and remain in possession of BENEFICIARY as further security for the faithful performance of these obligations, which delivery shall constitute an assignment by TRUSTOR to BENEFICIARY to all rights thereunder, including all return premiums; to deliver to BENEFICIARY a policy or policies renewing or extending any expiring insurance with a receipt showing premiums paid at least thirty (30) days before expiration. If TRUSTOR fails to so deliver any renewal policies, BENEFICIARY may procure such insurance as it may elect and may make payment of premiums thereon, which payment is repayable on demand. Neither TRUSTEE nor BENEFICIARY shall be responsible for obtaining or maintaining such insurance. BENEFICIARY, from time to time, may furnish to any insurance agency or company, or any other person, any information contained in or extracted from any Page 3 of 12 #MGWL_265892_3.DQC