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20090'7560 except to the extent and in the amount required by law. So long as there is no Default, Beneficiary shall apply said amounts to the payment of, or at Beneficiary's sole option release said funds to Trustor for application to and payment of, such taxes, assessments, levies, charges and insurance premiums. If a Default exists, beneficiary at its sole option may apply all or any part of said amounts to any Secured Obligation and/or to cure such Default, in which event Trustor shall be required to restore all amounts so applied, as well as to cure any Default not cured by such application, Trustor hereby grants and transfers to Beneficiary a security interest in all amounts so paid and held in Beneficiary's possession, and all proceeds thereof, to secure the payment and performance of each Secured Obligation. Upon assignment of this Deed of Trust, Beneficiary shall have the right to assign all amounts collected and in its possession to its assignee, whereupon Beneficiary and Trustee shall be released from all liability with respect thereto. The existence of said impounds shall not limit Beneficiary's rights under any other provision of this Deed of Trust or any other agreement, statute or rule of law. Within ninety-five (95) days following full repayment of all Secured Obligations (other than as a consequence of a foreclosure or conveyance in lieu of foreclosure of the liens and securi#y interests securing any Secured Obligation), or at such earlier time as Beneficiary in its discretion may elect, the balance of all amounts collected and in beneficiary's possession shall be paid to Trustor, and no other party shall have any right of claim thereto. 4.7 C)amaaes: In~ranc~,a~nd Condemnation Proceeds (a) (i) All awards of damages and all other compensation payable directly or indirectly by reason of a condemnation or proposed condemnation (or transfer in lieu thereof) for public or private use affecting the Real Property; (ii) all other claims and awards for damages to or decrease in value of the Real Property; (iii) all proceeds of any insurance policies payable by reason of loss sustained to the Real Property; and (iv) all interest which may accrue on any of the foregoing, are all absolutely and irrevocably assigned to and shall be paid to Beneficiary. At the absolute discretion of beneficiary, whether or not its security is or may be impaired, but subject to applicable law if any, and without regard to any requirement contained in any other Section hereof, Beneficiary may apply all or any of the proceeds it receives to its expenses in settling, prosecuting or defending any such claim and apply the balance to the Secured Obligations in any order, and release all or any part of the proceeds to Trustor upon any conditions Beneficiary may impose. Beneficiary may commence, appear in, defend or prosecute any assigned claim or action, and may adjust, compromise, settle and collect all claims and awards assigned to Beneficiary; provided however, that in no event shall Beneficiary be responsible for any failure to collect any claim or award, regardless of the cause of the failure. (b) At its sole option, Beneficiary may permit insurance or condemnation proceeds held by Beneficiary to be used for repair or restoration but may impose any conditions on such use as Beneficiary deems necessary. 4.8 Main~n~nr~ and Preservation of Real Property. Subject to the provisions of any Secured Obligation, Trustor covenants: (a) to keep the Real Property in good condition and repair; (b) except with Beneficiary's prior written consent, not to remove or demolish the Real Property, nor alter, restore or add to the Real Property, nor initiate or acquiesce in any change in any zoning or other land classification which affects the Real Property; (c) to restore promptly and in good workmanlike manner any portion of the Real Property which may be damaged or destroyed, unless Beneficiary requires that all of the insurance proceeds be used to reduce DeedOfTrust-NE Job 1712907949-1129797866 Loan Vers.4 09/16/2009 Page 6 of 19