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DocuSign Envelope ID:758215CF-OA18-45F8-8807-AB9OF35D5BA2 <br /> assigns) as follows: <br /> 1. Taxes. Borrower shall pay all taxes, charges and assessments, which may become a <br /> lien upon the Premises before any penalty or interest accrues thereon and shall promptly deliver <br /> to Lender official receipts evidencing payment thereof. <br /> 2. Insurance. Borrower shall continually maintain insurance against loss by fire, hazards <br /> included within the term "extended coverage", and such other hazards, as Lender may require, <br /> including flood, rent loss and business interruption, in such manner and in such companies as <br /> Lender may from time to time require on the improvements now or hereafter located on the <br /> Premises and in such amounts satisfactory to Lender, but at no time less than the outstanding <br /> indebtedness secured by this Deed of Trust and any other lien against the Premises, plus an <br /> amount sufficient to prevent any co-insurance liability of the Borrower or Lender, Borrower shall <br /> promptly pay all premiums when due and deliver official receipts to Lender evidencing such <br /> payment. <br /> All insurance policies and renewals thereof shall be held by Lender and have attached <br /> thereto a loss payable clause in favor of and in form acceptable to Lender and provide that no <br /> such policy can be canceled without ten (10) days prior notice to Lender or materially amended <br /> (including any reduction in the scope or limits of coverage) without Lender's prior written <br /> approval. All policies of insurance shall contain an endorsement or agreement by the insurer that <br /> any loss shall be payable in accordance with the terms of such policy notwithstanding any act of <br /> negligence of Borrower which might otherwise result in forfeiture of such insurance and the <br /> further agreement of the insurer waiving all rights of setoff, counterclaim or deductions against <br /> the Borrower. <br /> In the event of loss, Borrower shall give immediate notice by mail to Lender who may <br /> make proof of loss if not made promptly by Borrower. Each insurance company is hereby <br /> directed to make payment for such loss directly to Lender (instead of to Borrower and <br /> Lender jointly). Unless Lender and Borrower otherwise agree in writing, insurance <br /> proceeds shall be applied, at Lender's option, to the debt secured by this Deed of Trust or <br /> to the repair or restoration of the Premises. <br /> If the insurance proceeds are applied to the debt, it may be applied upon the portion last <br /> falling due or in such other manner as Lender may desire. <br /> In the event of foreclosure of this Deed of Trust or other transfer of title to or assignment <br /> of the Premises in extinguishment of the indebtedness secured hereby, all right, title and interest <br /> of Lender in any such insurance policies then in force shall pass to the grantee of the Premises. <br /> 3. Condemnation Award. Any award for the taking of or damages to all or any part of the <br /> premises or any' interest therein upon the lawful exercise of power of eminent domain shall be <br /> payable to Lender who may apply the sums so received to the portion of the debt hereby secured <br /> last falling due or in such other manner as Lender may desire, subject to applicable law. <br /> 4. Repairs. Borrower will keep the Premises in good order and repair (reasonable wear <br /> 25 <br />