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2oioo249s cause the Premises at all times to be operated in compliance with all federal, state, local and municipal environmental, health and safety laws, statutes, ordinances, rules and regulations. 3. Payment of Taxes and Assessments. Grantor shall pay all general taxes, special taxes, special assessments, water charges, sewer service charges, and all other liens or charges levied or assessed against the Premises, or any interest therein, of any nature whatsoever when due and before any penalty or interest is assessed, and, at the request of Beneficiary, shall furnish to Beneficiary duplicate receipts of payment therefor. If any special assessment is permitted by applicable law to be paid in installments, Grantor shall have the right to pay such assessment in installments, so long as all such installments are paid prior to the due date thereof. Notwithstanding anything contained herein to the contrary, Grantor shall have the right to protest any taxes assessed against the Premises, so long as such protest is conducted in good faith by appropriate legal proceedings diligently prosecuted and Grantor shall furnish to the title insurer such security or indemnity as said insurer requires to induce it to issue an endorsement, in form and substance acceptable to Beneficiary, insuring over any exception created by such protest. 4. Tax Deposits. Grantor covenants to deposit with Beneficiary on the first day of each month until the indebtedness secured by this Deed of Trust is fully paid, a sum equal to one-twelfth (1/12th) of the annual taxes and assessments (general and special) on the Premises, as reasonably determined by Beneficiary. If requested by Beneficiary, Grantor shall also deposit with Beneficiary an amount of money which, together with the aggregate of the monthly deposits to be made pursuant to the preceding sentence as of one (1) month prior to the date on which the next installment of annual taxes and assessments for the current calendar year become due, shall be sufficient to pay in full such installment of annual taxes and assessments, as estimated by Beneficiary. Such deposits are to be held without any allowance of interest and are to be used for the payment of taxes and assessments on the Premises next due and payable when they become due. Beneficiary may, at its option, pay such taxes and assessments when the same become due and payable (upon submission of appropriate bills therefor from Grantor) or shall release sufficient funds to Grantor for the payment thereof. If the funds so deposited are insufficient to pay any such taxes or assessments for any year (or installments thereof, as applicable) when the same shall become due and payable, Grantor shall, within ten (10) days after receipt of demand therefor, deposit additional funds as may be necessary to pay such taxes and assessments in full. Tf the funds so deposited exceed the amount required to pay such taxes and assessments for any year, the excess shall be applied toward subsequent deposits. Said deposits need not be kept separate and apart from any other funds of Beneficiary. S. Beneficiary's Interest In and Use of Deposits. Upon the occurrence of an Event of Default, Beneficiary may, at its option, apply any monies at the time an deposit pursuant to paragraph 4 hereof to cure an Event of Default or to pay any of the indebtedness secured hereby in such order and manner as Beneficiary may elect. If such deposits are used to cure an Event of Default or pay any of the indebtedness secured hereby, Grantor shall immediately, upon demand by Beneficiary, deposit with Beneficiary an amount equal to the amount expended by Grantor from the deposits. When the indebtedness secured hereby has been fully paid, any remaining deposits shall be returned to Grantor. Such deposits are hereby pledged as additional security for the indebtedness hereunder and shall not be subject to the direction or control of Grantor. Beneficiary shall not be liable for any failure to apply to the payment of taxes, assessments and insurance premiums any amount so deposited unless Grantor, prior to the occurrence of an Event 5