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88-- 100018 I 5. Damaqe to Property. In case of any damage to, or destruction of, the buildings, improvements or personal property constituting part of the Property, whether such loss is covered by insurance or otherwise, Trustor, at its sole cost and expense, will promptly restore, repair, replace and rebuild the same as nearly as practicable to its condition immediately prior to such damage or destruction, or with such changes or altera- tions as Trustor may deem appropriate; provided such changes and alterations do not materially lessen the value and utility of such buildings, improvements and personalty from that existing immediately prior to such damage or destruction. Trustor shall be entitled to reimbursement from Beneficiary to the extent of the net insurance proceeds received by Beneficiary, but only to the extent of the actual sums expended under this provision. 6. Insurance. Trustor shall keep the improvements now existing or hereafter erected on the Property together with all personal property located therein or thereon insured, at its expense, against loss by fire, lightning, tornado and other perils covered by standard extended coverage endorsement, in an amount equal to the Property's full insurable value, as deter- mined from time to time. All insurance policies maintained pursuant to this Trust Deed shall name Trustor, the holder of the prior encumbrance hereinabove described and Beneficiary as insureds, as their respective interests may appear, and provide that there shall be no cancellation or modification without at least thirty (30) days prior written notification to Beneficiary. In the event any policy hereunder is not renewed on or before thirty (30) days prior to its expiration date, Trustee or Beneficiary may procure such insurance, and the cost thereof shall be added to the Note secured by this Trust Deed, and such advance shall bear interest at the rate of sixteen percent (16%) per annum, and shall be deemed a part of the indebtedness secured by this Trust Deed. Trustor shall provide Beneficiary evidence of payment of all insurance premiums required herein as such items become due and payable and before they become delin- quent. Such evidence of payment shall be forwarded directly to Beneficiary. Trustor shall deliver to Beneficiary memo copies of all insurance policies and renewals thereof. Failure to furnish such insurance by Trustor, or renewals as required hereunder, shall at the option of Beneficiary, constitute a default hereunder. .~. L Unless Beneficiary and Trustor otherwise agree in writing, any application of proceeds of insurance to the sums secured by this Trust Deed shall be credited against the final installment of principal due on the Note, and shall not extend or postpone the due date of any subsequent monthly installments due on the Note or change the amount of such installments. If, under Section 13 hereof, the Property is acquired by Beneficiary, all right, title and interest of the Trustor in and to any insurance policies and to the proceeds thereof resulting from the damage to the Property prior to the sale or acquisition, shall pass to Beneficiary to the extent of the sums secured by this Trust Deed immediately prior to such sale or acquisition. 7. Taxes and Assessments. Trustor shall pay all real estate taxes, assessments and public charges, general and special, levied or assessed the Property before delinquency, and will deliver to Beneficiary copies of receipts showing payment of such taxes and assessments within ten (10) days after payment thereof. In the event Trustor shall fail to pay any taxes or assessments levied or assessed the Property before delinquency, Trustee or Beneficiary may pay such taxes or assessments, and the amounts advanced shall be added to the Note secured by this Trust Deed, and such advance shall bear interest at the rate of sixteen percent (16%) per annum and shall be deemed a part of the indebtedness secured by this Trust Deed. 8. Liens and Encumbrances. Trustor shall pay all interest on and maturing installments of principal due on any prior trust deed, mortgage or other security agreement before the same become delinquent and shall pay any other claim which jeopardizes the security granted herein. r----- / l 3