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<br /> i promptly commence work and to complete the proposed improvements promptly, (b)to � ,
<br /> ; complete same in accordance with plans and specifications as approved by Beneficiary, „ `�'•� . :y_;:�,
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<br /> (c)to comply with all of the terms of any construction loan agrecment between Trustor � y��-�"'��..,��..
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<br /> and Beneficiary,(d)ta allow l3eneficiary to inspect such property at all times during ' =__�-��"
<br /> •' construction,and(e)to replace anv work or materials unsatisfactory to Beneficiary, -"
<br /> witiiin fifteen(15) days after written notice from Beneficiary of such fact,which notice �;°;.'�°
<br /> ' may be given to Trustor by registered or certified mail,sent to his last knoi�vn address or :� ��L��
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<br /> �� by personal service of the same. -=
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<br /> 4. Eite and CasLalty Insurance. To keep such property insured against loss or "r�,r,��='
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<br /> � damage by fire and other risk or risks which,in the opinion of Beneficiary should be .�c,
<br /> ` • insured against,under policies of insurance with loss payable to Beneficiary in form, : ���`'
<br /> amount,and companies acceptable to Beneficiary. Said policies shall be delivered to and . ,k�':: :
<br /> �' remain in possession of Beneficiary r;s further security for the faithful performance of ' ' �
<br /> these obligations,which delivery shall constitute an assignment by Trustor to Beneficiary �.�'� '� �x�--
<br /> � to all rights thereunder,including all return premiums;to deliver to Beneficiary a policy : '�y
<br /> � or policies renewing or extending any expiring insurance with a receipt showing �T,��;:�'
<br /> � premiums paid at least thirty(30) days before expiration. If Trustor fails to so deliver any ;�
<br /> renewal olicies,Beneficia ma rocure such insurance as it ma elect and ma make F��==
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<br /> payment of premiums thereon,which payment is repayable on demand. Neither Trustee �"'`
<br /> nor Beneficiary shall be responsible for obtaining or maintaining such insurance. �k��,
<br /> Beneficiary,from time to time,may furnish to any insurance agency or cornpany,or any �; :r-.:-
<br /> other person,any information contained in or extracted &om any insurance policy
<br /> theretofore delivered to Beneficiary pursuant hereto,and any informarion conceming the
<br /> loan secured hereby. In no event and whether or not default hereunder has occurred shall = _ _
<br /> Beneficiary,by the fact or approving,accepting, or obtaining such insurance,incur any -
<br /> liability for the amount of such insurance,the forrn or legal sufficiency of insurance �. -
<br /> contracts,solvency of insurers,or payment of losses by insurers;and Trustor hereby -- ___
<br /> expressly assumes full responsibiliry therefor and liability, if any,thereunder. In the =-
<br /> � event of loss,Trustor shall give immediate written notice to Beneficiary;and Beneficiary :__=;__�___
<br /> may,but is not obligated to,make proof of loss if not made promptly by Trustor. In case ��°---�
<br /> of any loss the amount collected under any policy of insurance on such property may,at � _
<br /> � the option of the Beneficiary,be applied by Beneficiary upon any indebtedness and/or ,��.�� -
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<br /> i obligation secured hereby and in such order and amount as Beneficiary may determine;ar � �
<br /> I said amount or any portion thereof may,at the option of the Beneficiary,either be used in ,�,:�. :7h���';
<br /> + replacing or restoring the improvements partially or totally destroyed to a condition
<br /> � satisfacto to said Beneficia or said amount,or an ortion thereof, ma be released to _ '_ '��"`�. �
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<br /> lthe Trustor. In any such event neither the Trustee nor the Beneficiary shall be obligated .
<br /> � to see the proper application thereof;nor shall the arnount so released or used be deemed ,
<br /> � a payment on any indebtedness secured hereby. Such application, use, and/or release
<br /> i shall not cure or waive any default or notice of default hereunder or invalidate any act
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