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88- 101243 trust deed, contract to purchase, security agreement financing statement, or otherwise, except for a none in favor of not applicable, on which the unpaid balance on this date does not exceed not applicable. Guarantor covenants to comply with all the terms and provisions of any prior mortgage, trust deed or contract to purchase, security agreement or financing statement, upon the property and to make all payments thereon before they become delinquent. If no name or amount is inserted in this paragraph, the Guarantor covenants that there are no prior liens of any kind upon the Property. Guarantor further covenants to warrant and defend the title to the Property against all claims and demands. Guarantor and Lender further covenant and agree as follows: 1. Guarantor shall promptly pay when due all sums due and payable under the above-referred to guarantee. 2. At least ten days before they become delinquent, Guarantor shall pay all taxes and assessments of every nature levied or assessed against the Property, or any part thereof, and all taxes, levies and assessments levied upon this trust deed or the debt which it secures. 3. Guarantor shall keep the building, fixtures, improvements and attached equipment, if any, upon the Property insured, with a company or companies approved by the Lender, for an amount not less than the unpaid balance on the indebtedness secured by this Trust Deed with standard mortgage clause with loss payable to the Lender. Guarantor shall deliver said policy or policies to the Lender. In the event of a loss, Guarantor shall give prompt notice to the insurance carrier and the Lender and file a proof of loss. If the Guarantor is not otherwise in default, the Guarantor may elect to apply the insurance proceeds to repair or replace the damaged Property, if economically feasible, and the security of this Trust Deed would not be impaired. If the Guarantor is in default or elects not to repair or replace the damaged Property or repair or replacement would not be economically feasible or the security of this Trust Deed would be impaired then the insurance proceeds shall be applied to the last maturing payments of the obligations securad by this Trust Deed. If the insurance proceeds are in excess of the total amount due on said guarantee, the excess shall be paid to the Guarantor. Insurance proceeds for repair or replacement shall be placed in escrow with the Lender and disbursed by Lender during or upon completion of such repair or replacement. If the Lender acquires title to the Property by exercising its power of sale, foreclosure or otherwise, in satisfaction of the indebtedness secured hereby, in whole or in part, then all right, title and interest of the Guarantor in and to such insurance policy or policies shall pass to the Lender. -2- L ~ ~J ~: