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I --, r a4.--.; 006396 relating to such policies. Grantor grants to American a security interest in all insurance policies required under this Mortgage and in the proceeds paid under any of those policies. In the event of loss or casualty, Grantor shall give immediate written noticetoi.\:be insurance carrier and American. Grantor authorizes American, at American's option, as attorney in fact for Grantor, to~r;~iIn~ prosecute with Grantor, or failing Grantor' s separate<.~c~iM' .' undertake in American's name to make proof of loss, to~dj.ust, compromise any claim under insurance policies, to appear in ecute any action arising fr~~ such insurance policies, to reeei ve insurance proceeds, and to deduct from..such Arne r ican' s expenses incurred in the collection. of..stl~.. Grantor further authorizes American, at American'sSQle hoid' the balance of such proceeds to be used to reimbul:St'!.<; the costs of reconstruction or repair of the improv~en apply the balance of such proceeds to the payment of the,s by this Deed of Trust, whether or not then due. If <the'i proceeds are held by American to be used to reimburseGrant()~ costs of restoration and repair of the improvements. the impr. shall be r~stored to the equivalent of their condition prior to the casualty, or such other condition as Amer approve in writing. If the insurance proceeds are applie payment of the sums secured by this Deed of Trust, any such +-::.:;.. -'" - -"';;, i. ".. al.i' 'n . e 1nverze or rity, if applicable. If the Property is sold in a foreelo ~erican or the Property is acquired by American. all right and interest of Grantor in and to any insuranc~ policies and premiums on SUcrl policies a~d in and to che procGecs of such poll resulting from damage to the Property prior to the sale or a tion shall pass to ru~erican. 4. In connection with the payments required Paragraphs 2 and 3: (a) Grantor will deposit with American in monthly install~e~cs, an ~~ount which will create a fund {th3 Fund"} estimated by American to be sufficient to pay when due t~xes, special assessments, water and sewer rents, and insurance pre- mlums requirc~ under this Deed of Trust, the Letter Agreement. or any other document eXect1ted' in connection with the Letter Agreement, and all other chryrg~s imposed by law upon or against all or any part o~ the Propetty, ordinarj and extraordinary, unfoLeseen as well as fore- seen (the "Impositions"). The Escrow Fund shall be held by American . wi thcut any allC',~ance for interest, and need not be kept separate and apart from the tund~ of American. If American, in its sole discre- tion, determines that the Escrow Fund is or will be insufficient to pay Such items wOen due, Grantor agrees to pay upon demand of American the "unount determined necessary by American to increase the amount in the Escrow Pund to a sufficient level and to increase such monthly paj'ment~. In the event that f1.lllerican does not waive the -3- u L ..J