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84 -- GG0718 Leader, in its absolute discretion, deems appropriate. Unless otherwise elected by Lender, any such payment shall be deemed applied first to the payment of air-debt, liability or obligation other than the Note. 2. Taxes; Charges; Liens. Trustor will pay all taxes and assed~~eats before the same become delinquent and will othezwi.se keep the property free frb~ all. liens not subordinate to this Trust Deed and upon written demand of Lendet will promptly pay and procure the release of any lien, whether arising prior or subsequent to the execution of this Trust Deed, which in any way maq, in the judgneat of Leader, have priority over, or parity with, or impair the security of, this Trust Deed but Trustor need not discharge anp such lien so long as Trustor shall agree,. in writing, to pay the obligation secured by such lies in a manner acceptable to Lender and-shall in good faith contest such lien by appropriate legal proceedings effective Lo prevent the enforcement of the lien and the loss of any of the Property. Trustor wi l duly and punctually pay any existing mortgage or lien identified hereinbelow according to its terms. Receipts evidencing payments required under this Paragraph 2 shall be promptly furnished to Lender. 3. Hazard Insurance- Trustor will keep the buildings and other improve- ments now existing or hereafter erected on the Property insured by insurance carriers satisfactory to Lender against loss by fire, hazards included in the term "extended coverage" and such other hazards, casualties and contingencies as may be required by Lender, in such amounts and for such periods as may be required by Lender. The policy of insurance shall be in form acceptable to Lender, shall have a reglaeement cost endorsement, and shall have loss payable provisions in favor of and in form acceptable to Lender. All premiums on insurance policies shall be paid by Trustor making payment, at least ten (10) days prior to the due date, directly to the insur- ance carrier. Lender shall have the right to hold the policies and renewals thereof and Trustor shall promptly furnish to Lender all renewal notices and all paid premium receipts received by it. In no event shall Lender be held responsible for failure to pay for any insurance or for any loss or damage arising out of a defect in any policy or acising out of any failure of any insurance company to pay for any loss or damage insured against or for failure by Trustor to effect the insurance required hereunder. In the event of loss, Trustor shall give prompt notice by mail to the insurance carrier and Lender. Lender may make proof of loss if not made promptly or in proper form by Trustor. All policies of insurance and any and all refunds of unearned premiums are hereby assigned to Lender as additional security for the payment of the Indebtedness. In the event of Lender's exercise of the power of sale contained herein, or in the event of foreclosure, all right, title and interest of Trustor in and to any insurance policy then in force shall pass to the purchaser at the trustee's sale or foreclosure sale. Unless Lender and Trustor otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the property damaged, provided such restoration or repair is economically feasible and the security of this Trust Deed is not thereby impaired. Zf such restoration or repair is not economically feasible or if the security of this Trust Deed would be impaired, insurance proceeds shall be agplied to the Indebtedness, with the excess, if any, paid to Trustor. If the Prop- erty is abandoned by Trustor, or if Trustor fails to respond to Lender within thirty (30) days from the date notice is mailed by Lender to Trustor that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds, at Lender's option, either to restoration or repair of the Property or to the Indebtedness. If, under paragraph 15 hereof, the Property is acquired by Lender, all right, title and interest of Trustor i.n and to any insurance proceeds payable as a result of damage to the Property prior to the sale or acquisition shall pass to Lender and shall De applied first to the costs and expenses, including attorney fees, incurred in collecting such proceeds, then in the manner and in the order provided at paragraph 15 hereof. 4. Preservation and Maintenance of the Property. Trustor will keep the buildings and otter improvements now or hereafter erected on the Property in good repair and condition and will not commit or permit. waste, will not alter the design or structural character of any building now or hereafter erected on the Property