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88- 104LI07 (c) to comply with all of the terms of any construction loan agreemen.t 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 his last known address, or by personal service of the same. 4. Insurance. (a) Fire and Casualty Insurance. To keep such property insured against loss or damage by fire and other risk which, in the opinion of Beneficiary, should be insured against, including, but without limitation, the following: (1) insurance against loss by fire, lightning and risks customarily covered by standard extended coverage endorsement, together with a vandalism and malicious mischief endorsement, or an all perils endorsement, and a full replacement cost endorsement, all in amounts not less than the full replacement cost of the Improvements, plus the cost of the removal, but in any event, not less than $4,500,000.00: during construction, in addition, builder's risk insurance, non-reporting form, with respect to so much of the Improvements as are then under construction: (2) rent and rental value insurance in the sum of (a) rental for a full year, (b) real estate taxes, special assessments and utility charges, and (c) the premiums for all insurance required to be maintained (whether by Trustor or the tenants under leases of such property): (3) if such property is in a "flood plain area", as defined by the Federal Insurance Administration pursuant to the Flood Disaster Protection Act of 1973 (P.L. 93-234), flood insurance in the maximum obtainable amount up to the loan amount: (4) such other insurance with respect to such property as Beneficiary may reasonably require, under policies of insurance with loss payable to Beneficiary, written by a company or companies acceptable to Beneficiary containi.ng a loss payable endorsement in favor of Beneficiary, providing for sixty (60) days prior written notice of cancellation or modification to Beneficiary. All such policies shall contain endorsements that no act or negligence of the insured, or any occupant, and no occupancy or use of the property for purposes more hazardous than permitted by the terms of the policy, will affect the validity or enforceability of such insurance as against Beneficiary: -4-