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pn _._.~'-~0720 have priority over, or parity with, or impair 8 4e security of, this Trust Deed but Trustor need not discharge any such lien so long as Trustor shall agree, in writing, to pay the obligation secured by such lien in a manner acceptable to Lender and shall in good faith contest such lien by appropriate legal proceedings effective to grevent the enforcement of the lien and the loss of any of the Property. Trustor will 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 lass 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 end for such periods as may be required by Lender. The policy of insurance shall be in form acceptable to Lender, shall have a replacement 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, directlq to the insur- ance carrier. Lender shall have the right to hold the policies and renewals thereof and Trustor shall promptly furnish Co Lender all renewal notices and all paid premium receipts received by 'it. In no event shall Lender be held responsible far failure to pay foc any insurance or for any loss or damage arising out of a defect in any policy or arising 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 Trustar. All policies of insurance and any and all refunds o£ unearned premiums are hereby assigned to Lender as additional security for the gayment of the Indebtedness. In the event of Lender's exercise of the power of sale contained herein, or in the event o£ foreclosure, all right, title and interest of Trustor in and tc any insurance policy then in force shall pass to Che purchaser at the trustee's sale er forecfosure sale. Unless Lender and Trustor otherwise agree in writing, insurance proceeds shall be applied to restoration or r=pair of the property damaged, provided such restoration or repair is economically feasible and the security of this Trust Deed is not thereby impaired. if such restoration ar repair is not economically feasible or i.f the security of this Trust Ueed would be impaired, insurance proceeds shall be applied 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 IS hereof, the Property is acquired by Lender, all right, title and interest of Trustor in and to any insurance proceeds payable as a result of damage to the Property prior to Che sale or acquisition shall pass to Lender and shall be applied first to the costs and expenses, including attorney fees, incurred in collecting such proceeds, then is the manner and in the order provided at paragraph 15 hereof. 4. Preservation and Maintenance of the Pr~erty. Trustor will keep the buildings and other 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 without the prior written consent of Lender, will not do any act or thing which would unduly impair or depreciate the value of the Property and will not abandon the Prop- erty. Trustor will nat. remove any fixtures included in Che Property unless the same are immediately replaced with like property subject to the lien and security interest of this Trust Deed and of at least equal value and utility. Trnstcr will comply with all present and future ordinances, regulations and requirements of any governmental body which are agplicable to the Property and to the occupancy and use thereof. If this Trust Deed is on a unit is a condominium or a planned unit development, Trustor shall perform all of Trustor's ohligations under the declarations or cavenanis