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I" for failure to collect, of, any Awa cds. 1020.13 diligence8~he collection or exercise 6.5 Holder shall be entitled to receive any and all proceeds of all insurance or other remuneration or reimbursement (~Casualty Proceeds") that may become payable with respect to the Mortgaged Property, or any part thereof, and, unless otherwise required pursuant to the terms of Leases in effect on the date hereof, at its option, may use the same to rebuild or restore. or cause Trustor to rebuild or restore, the improvements on the Mortgaged Property, to the same or s imi la r condi t ion as p rev ious to the casua 1 ty (the "Casua 1 ty") , or may apply the same to the Secured Indebtedness in the order and manner set forth in Section 4.9 hereof, whether then matured or to mature in the future, and may deduct therefrom any expenses incur red in connect ion wi th the co llect ion 0 r handling of such proceeds. In the event that Holder elects to apply any Casualty Proceeds to the repair, rebuilding or restoration of the Mortgaged Property, then Trustor shall deliver or cause to be delivered to Holder any Casualty Proceeds not prev i ous ly de 1 i vered to Ho Ider plus such additional amounts which will be ,1eCessary to repair, rebuild or restore the Mortgaged Property (such addi tional amounts to be determined by an architect or engineer reasonably acceptable to Holder). Trustor shall immediately commence to repair, rebuild and restore the Mortgaged Property and shall diligently pursue the repairing, rebuilding and restoration of the Mortgaged Property to a condition substantially equivalent to its condition prior to the Casualty. Casualty Proceeds held by Holder after the payment of all costs and expenses incurred in repairing, rebuilding and restoring the Mortgaged Property shall be applied to the Secured Indebtedness. All Casualty Proceeds are hereby assigned to Holder, and Trustor shall, upon request of HOlder, make, execute, aCknOWledge and deliver any and all additional assignments and documents as may be necessary from time to time to enable Holder to collect and receipt for any Casualty Proceeds. Holder shall not be, under any ci rcumstances, Ii able or res pons i b Ie for fa i lu re to collect, or exercise diligence in the collection of, any Casualty Proceeds. 6.6 Upon the request of Holder, Trustor shall create a fund or reserve for the payment of all insurance premiums, taxes and assessments against the Mortgaged Property by paying to Holder, or, at the option of the Holder, to an escrow account at any bank or other financial institution of Holder's choice, contemporaneously with each installment of principal and interest on the note, a sum equal to the premiums that will next become due and payable on the hazard insurance pOlicies covering the Mortgaged Property, or any part thereof, plus - 13 - L L ~---~ ~ , '" h