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co ~ ~ l"- ro ::! co L insurance premiums, ground rents, and all other charges whatsoever levied upon or assessed, placed or made against the Trust Property. Trustor further agrees, upon written request by Beneficiary, to promptly deliver to Beneficiary all receipts for the payment of such charges. Trustor likewise agrees to pay all taxes, assessments and other charges levied upon or assessed, placed or made against, or measured by, this Deed of Trust or the recordation hereof. 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 or~er 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; Uens. Trustor will keep the Trust Property free from all liens and encumbrances which in any way may, in the judgment of Beneficiary, have priority over, or impair the security of, this Deed of Trust but Trustor need not discharge any such lien so fang as Trustor shall agree, in writing, to pay the obligation secured by such lien in a manner acceptable to Beneficiary and sh~1 in gO?d faith contest such fien by appropriate legal proceedings effective to prevent the enforcement of the lien and the loss of any Interest In or part of the Trust Property. 7. Hazard fnsurance. 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 fire, hazards incfuded in the term "extended coverage" and such other hazards, casualties and contingencies as may be required by Beneficiary, in such amounts and for such periods as may be required by Beneficiary. The policy of insurance shall be in form acceptabfe to Beneficiary, provide that the same may not be cancelled or modified without fifteen (15) days prior written notice to Beneficiary, and shalf have foss payabfe provisions in favor of and in form acceptable to Beneficiary. All premiums on insurance poficies shalf be paid in the manner provided under paragraph 4 hereof or, if not paid in such manner, by Trustor making payment at feast fifteen (15) 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 renewaf notices and all paid premium receipts received by it. fn no event shall Beneficiary or Trustee be hefd responsibfe 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 Trustor to effect the insurance required hereunder. fn the event of loss, Trustor shall give prompt notice by maif to the insurance cartier and Beneficiary. Beneficiary may make proof of loss if not made promptfy or in proper form by Trustor. Alf poficies of insurance and any and all refunds of uneamed premiums are hereby assigned to Beneficiary as additional security for Ihe payment of the Indebtedness. In the event of Beneficiary's exercise of the power of sale contained herein. or in the event 01 foreclosure, a" right. tilie and interest of Trustor in and to any insurance policy then in force shall pass to the purchaser at the trustee's sale or foreclosure sale, In case of any loss. the insurance proceeds may, at the option of Beneficiary, be applied by Beneficiary upon the Indebtedness, or any part thereof, and in such order and amount as Beneficiary may determine; or said insurance proceeds. at the option of Beneliciary, may eitller be used in replacing or restoring the Trust Property partially or totalfy destroyed to a condition satisfactory to Beneficiary; or said insurance proceeds. or any portion thereof, may be released to Trustor. Unless Beneficiary alld Trustor otherwise agree in writing, allY such application of insurance proceeds shall not extend or postpone the due date of the Note, or any installments called for therein, or change the amount of such installments. If the Trust Property is acquired by Beneficiary pursuant to the exercise of the power of sale or other foreclosure, all right, tilie and interest of Trustor in and to any insurance proceeds payable as a result of damage to the Trust Property prior to the sale or acquisition shall pass to Beneficiary and shall be appfied first to the costs and expenses, including attorney fees. incufled in coIfecting soch proceeds, then in the manner and in the order provided herein. 8. PreseNation and Maintenance of Trust Property. Trustor will keep the buifdings and other improvements nolV or hereafter erected on the Trust Property in good repair and condition and will not commit or pellllit waste, will not alter the design or structural character constituting any building now or hereafter erected on and constituting the Trust Property lvithout the prior written consent of Beneficiary, wi" not do any act or thing which would unduly impair or depreciate the value of the Trust Property and IVif/ not abandon the Trust Property. Trustor will not remove any fixtures COIIstituting the Trust Property unless the same are immediately replaced with like property subject to the lien and security interest of this Deed of Trust and of at least equal vatue and ueility. Trustor ,,;11 comply with all present and future ordinances, regulations and requirements of any governmental body which are applicabfe to the Trust Property and to the occupancy and use thereof. If this Deed of Trust is on a unit in a COIIdominium or a planned unit development, Trustor shall perform all of Trustor's obligations under the declarations or covenants creating or governing the condominium or the planned unit development, the bylaws and regulations of the condominium or planned unit development. and the constituent documents. g. fnspection. Beneficiary or its agents may, at all reasonabfe times. enter upoo the Trust Property tor the purpose of inspection. Beneficiary shall have no duty to make such inspection and shall not be liable to Trustor or to any person in possession if it makes or fails to make any such inspection, 10. Protection of Security, If Trustor fails to perform any of the covenants and agreements contained in this Deed ot Trust, 01' if any action or proceeding is commenced which does or may adversely affect the Trust Property or the interest of Trustor or Beneficiary therein or the title of Trustor thereto, then Beneficiary, at its option, may perlOfm soch convenants and agreements. make such appearances. defend against and investigate such action 01' proceeding and take such other action as Benefici8l}' deems nec6ss8l}' to protect its interest including, but not fimited to, disbursement of reasonable attomey fees and entry upon the Trust Property to make repairs. Any amounts disbursed by Beneficiary pursuant to this paragraph roo with interest thereon. shall constitute Indebtedness of Trustor secured by this Deed ot Trust. Unless Trust;Jf and Beneficiary agree to other terms of payment. such amounts shall be payabfe upon notice from Beneficiary to TruStOf requesting payment thereof. and shall bear interest from the date of disbursement at the default rate, it any, set forth in the Note. or otherwise at the highest rate permitted by lalv. Nothing contained in this paragraph shall require Beneficiary to incur any expense Of take any action hereunder. TrustOf irrevocably authorizes and empowers Benefici8l}' to enter upon the Trust Property as TrustOf's agent and, in Trustor's name or otherwise to perlOfm any and all covenants and agreements to be performed by Trustor as herein provided, Beneficiary shall. at its option. be subrogated to any encumbrance, fien, claim or demand and to all rights and securities for the payment thereof paid or discharged by BeneficialY under the provisions hereof and any such subrogation rights shall be additional and cumulative secu!ity for thIS Deed of Trust. 1,. Condemnation, The proceeds of any alvard Of claim for damages. direct or consequential. In connection with any condemnation Of other taking of the Trust Property, or any part thereof, or tOf conveyance in fieu of or in anticipation of condemnation. are hereby assigned to and shall be paid to Beneficiary, Trustor Ivill file and prosecute. in good faith and with due diligence. its claim tOf any such award or payment, and will cause the same to be collected and paid to Beneficiary, and. should it fail to do so. Trustor irrel'ocabfy authorizes and empowers Beneficiary, in the name of Trustor or otherwise. to file. prosecute, settle or compromise any such cfaim and to coffect, receipt for and retain the proceeds, If the Trust Property is abandoned by Trustor. or, after notice by Beneficiary to Trustor that the condemnor offers to make an alVard or settle a claim for damages. Trustor fails to respond to BenefiCiary within thirty (30) days after the date such notice is mailed. Beneficiary is authorized to collect and apply the proceeds in the manner indicated herein. The proceeds of any award or claim may. after deducting all reasonabfe costs and expenses. Including attorney fees. which may have been incurred by Beneficiary in the collection thereof, at the sole discretion 01 BenefIciary, be released to Trustor. applied to restoration of Trust Property. or applied to the payment of the Indebtedness, Unless Beneficiary and Trustor olherwise agree in wntmg. any such application of proceeds to Indebtedness shall not extend or postpone the due date 01 the Note or Ihe payment of any installmenls called for thereunder. 12. Trustor Not Released. Extension 01 the time for payment or modification 01 any amortization of the Indebtedness granted by BenefIciary to any successor in interest of Truslor shall not operate to release, in any manner, the liability of Trustor and Trustor's successors m interest. Beneficiary shall not be required to commence proceedings against such successor or refuse to extend time for payment or otherwise modify amortization of the Indebtedness by reason of any demand made by Trustor and Trustor's successors in interest. 13. Financial fnformation. Upon request of Beneficiary. Twstor WIll provide to BenefiCIal}'. WIthin nlllety (90) days 01 tile close of each fiscal year of Trustor, the consolidated balance sheet and statement 01 earnings 01 Trustor and any and all guarantors 01 tile Indebtedness secured hereby. if any. and will provide and deliver to Beneliclal}' such olher Imanclal information and 111 such manner as Beneltclal}' may reasonably requesl from tIme 10 time, t4, Financial Covenants, in additIon to any other fmancml covenants 01 Truslor made III any other agreement. IllslrlJmem or document Trustor shall comply Wllh and shall cause any and all guarantors of the Indebledness secured herebv to compll' \\'llh, or be In compliance WIth. the 101l0w/fIg finanCIal covenants' (HilS paragraph shall not apply II covenants ami 'equlltHll(>nts are not set forth helein) 15 Schedule of /.0,lS05 W,tllIfl len (10) clays altel domand. Trustol sllall lurll/sll /0 Bono"(la'l' a 5c111'(lull' <"l'ltII/PII/oll\' ''rusIN, sel/m(} /0/1/1 all leases 011/1/1 ',uSI f'wperty, 01 ililY /lOlllOIl I/lereof. mclucl/flg III flach case, tlw /lame 0' thl' '1'11;/1115 '" occupall/s, il (/tlSCIlP;1011 01 rho s/li/(;f) OCCUI"od /iy ,slId'tonilnt 01 OCCIlPi/fJl, IlIfi ronlal PilYllb!o 101 SUetl spact' <1/10 S/ith ()lIl!)1 I"'or:".r/I"/1 ;lflll (/o("w"I'"I, Wltll fospocf to Stich IfJdSOS ,1(1(1 tonanClOs (J,S /Jollolu;mry (nay roaSOfJiJlJly (I](/l1os1 r" ------'1 I ,) ... ~