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payments when due. Trustor will pay all taxes, assessments and other charges, fines and <br />impositions attributable to the Security which may attain a priority over this Deed of Trust, <br />by Trustor making any payment, when due, directly to the payee thereof. Trustor will <br />promptly furnish to the Beneficiary all notices of amounts due under this paragraph, and in <br />the event Trustor makes payment directly, Trustor will promptly discharge any lien which <br />has priority over this Deed of Trust; provided that Trustor will not be required to discharge <br />the lien of the Deed of Trust securing any senior lender or any other lien described in this <br />paragraph so long as Trustor will agree in writing to the payment of the obligation secured <br />by such lien in a manner acceptable to the Beneficiary, or will, in good faith, contest such <br />lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent <br />the enforcement of the lien or forfeiture of the Security or any part thereof. <br />6. Hazard Insurance. Trustor will keep the Security insured by such insurance <br />policies in such amounts and for such periods as called for in the Agreement. All insurance <br />policies and renewals thereof will include a standard mortgagee clause with standard <br />lender's endorsement in favor of the holder of any senior lender and the Beneficiary as their <br />interests may appear and in a form acceptable to the Beneficiary. The Beneficiary shall <br />have the right to hold, or cause its designated agent to hold, the policies and renewals <br />thereof, and Trustor shall promptly furnish to the Beneficiary, or its designated agent, the <br />original insurance policies or certificates of insurance, all renewal notices and all receipts of <br />paid premiums. In the event of loss, Trustor will give prompt notice to the insurance carrier <br />and the Beneficiary or its designated agent. The Beneficiary, or its designated agent, may <br />make proof of loss if not made promptly by Trustor. The Beneficiary shall receive 30 days' <br />advance notice of cancellation of any insurance policies required under this Section. <br />Unless the Beneficiary and Trustor otherwise agree in writing, insurance proceeds, <br />subject to the rights of any senior lender, will be applied to restoration or repair of the <br />Security damaged, provided such restoration or repair is economically feasible and the <br />security of this Deed of Trust is not thereby impaired. If such restoration or repair is not <br />economically feasible or if the security of this Deed of Trust would be impaired, again, <br />subject to the rights of any senior lender, the insurance proceeds will be used to repay the <br />grant under this Deed of Trust, with the excess, if any, paid to Trustor. If the Security is <br />abandoned by Trustor, or if Trustor fails to respond to the Beneficiary, or its designated <br />agent within 30 days from the date notice is mailed by either of them to Trustor that the <br />insurance carrier offers to settle a claim for insurance benefits, the Beneficiary, or its <br />designated agent, is authorized to collect and apply the insurance proceeds at the <br />Beneficiary's option either to restoration or repair of the Security or to repay the loan. <br />If the Security is acquired by the Beneficiary, all right, title and interest of Trustor in <br />and to any insurance policy and in and to the proceeds thereof resulting from damage to the <br />Security prior to the sale or acquisition will pass to the Beneficiary to the extent of the sums <br />secured by this Deed of Trust immediately prior to such sale or acquisition subject to the <br />rights of any senior lender. <br />7. Preservation and Maintenance of Security. Trustor will keep the Security in <br />good repair and will not commit waste or permit impairment or deterioration of the Security. <br />48 <br />80A-124 <br />