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<br /> Property, it'�ny mc:chunic's licn. matcrialmcn's licn, or othrr lirn cc,uld hc ussertcd on :
<br /> acccunt of thc wark, scrvices, or muteriuls und the cust cxc�tds Onc 'I'hausand DoUars ;�,,,,r-'
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<br /> � ($1,000). Grantar shall, upon request of Beneticiary furnish to Beneftciary advance ° ; ��:�;�=�
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<br /> assurances satisfactory to Beneficiary that Grantor can and will pay the cost of such .. , .;�•,::�r�;-
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<br /> improvements. . � � �""�"`
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<br /> PROPERTY DAMAGE INSUR.ANCE. The followingprovisionsrelatingto insuringthe Pr�perty �.,�_
<br /> are a part of this Deed of Trust: _--
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<br /> Maintenance of Lisurance. Grantor shall procure and maintain policies of fire insurance ��,�_.--
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<br /> with standard extended coverage endorsements an a replaceinent basis for the ful l insurable ` :+t�'
<br /> value covering all impravements on the Real Property in an amount suff cient to avoid :;::
<br /> application of any coinsurance clause, and with a standard mortgagee clause in favor of �;�,�,M,,.:
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<br /> Beneficiary. Polieies shall be written by such insurance companies and in such form as may t^��_;
<br /> ' be reasonably acceptable to Beneficiary. Grantor shall deliver to Beneficiary certificates of ��:
<br /> covera�e from each insurer containin�a stipulation that covera�e will not becancelled or ���.;:�
<br /> `i'� diminished without a minim»m of ten(10)days prior written notice to Beneficiary. �,.�;rt`;;�,.
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<br /> #, Applicatlon of Proceeds. Grantor shall promptly notify Beneficiary of any loss or damage ., ��;x,
<br /> to the Property if the estimated cust of repair or replacement exceeds Five Hundred Dollars �� •;,i:_
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<br /> ($500). Beneficiarymay make proof of ioss if Grantur fuits i.,do so uiihin f:fleen(15)days ;;�
<br /> of d�e casua!ty. Whether or not Beneficiary's security is impaired, Beneficiary may,at its �`�
<br /> election, apply the proceeds to the reduction of the Indebtedness, payment of any lien ' ti—
<br /> affecting t he Property,or t he res toration and re pair of the P:operty. If Beneficiary elects to ��'�'R
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<br /> apply the proceeds to restoration and repair,Grartor shall repair or replace the damaged or �;
<br /> � d�stroyed improvements in a manner satisfactory to Beneficiary. Beneficiary shall,upon ��,-
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<br /> satisfactory proof of such expenditures,pay or reimburse Grantor from the proceeds for the
<br /> r reasonable cust of repair or restoration if Grantor is not in default hereunder. Any proceeds _� -
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<br /> which have not been disbursed within one hundred eighty(180)days after their receipt and �— -
<br /> '• which Beneficiary has not committed to the repair or restoration of the Property shall be used :�'
<br /> first to pay any amount owing to Beneficiary under this Deed of Trust, then to prepay 4_
<br /> accrued interest,and the remainder,if any,shall be applied to the principal balance of the r'��---.
<br />� ;. Indebtedness. If Beneficiary holds any proceeds after payment in full of the Indebtedness,
<br />_ � such proceeds shall be paid to Grantor. �-�
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<br />� Unexpired Insuranre at Sale. Any unexpired insurance shall inure to the benefit of,and � _� �
<br />� � � p a s s t o,t h e p u r c h a s e r o f t h e Pro pert y covered b y this Deed of Trust at any foredosure sale ��r�
<br /> of such Property. ' � �` ���
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<br /> Grantor's Report on Insurance. Upon request of Beneficiary, however,not more than ' ;:_ ;r;.:�;::,��.-�:'-
<br /> once a year,Grantor shall furnish to Beneficiary a report on each existing policy of insurance .�-;�s±.���
<br /> showing: (i)the name ofthe insurer,(ii)the risks insured,(iii)the amount ofthe policy,(iv) �� �.��`� •
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<br /> the property insured.the then current replacement value of such property, and the manner
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