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conveys the property to Trustee in trust. Grantor warrants and agrees to defend the title to the <br /> property. If Grantor performs all the covenants and pays the note according to its terms, or <br /> alternatively,if the Note is forgiven in accordance with the terms of the Note and said 380 Agreement <br /> for Waiver of Payment for Closure of Street Right-of-Way, this deed of trust shall have no further <br /> effect, and Beneficiary shall release it at Grantor's expense. <br /> Grantor's Obligations <br /> Grantor agrees to: <br /> 1. keep the property in good repair and condition; <br /> 2. pay all taxes and assessments on the property when due; <br /> 3. preserve the lien's priority as it is established in this deed of trust; <br /> 4. maintain, in a form acceptable to Beneficiary,an insurance policy that: <br /> a. covers all improvements for their full insurable value as determined when the <br /> policy is issued and renewed, unless Beneficiary approves a smaller amount in writing; <br /> b. contains an 80%coinsurance clause; <br /> c. provides fire and extended coverage, including windstorm coverage; <br /> d. protects Beneficiary with a standard mortgage clause; <br /> e. provides flood insurance at any time the property is in a flood hazard area; and <br /> f. contains such other coverage as Beneficiary may reasonably require; <br /> 5. comply at all times with the requirements of the 80%coinsurance clause; <br /> 6. deliver the insurance policy to Beneficiary and deliver renewals to Beneficiary at least ten <br /> days before expiration; <br /> 7. keep any buildings occupied as required by the insurance policy; and <br /> 8. if this is not a first lien,pay all prior lien notes that Grantor is personally liable to pay and <br /> abide by all prior lien instruments. <br /> Beneficiary's Rights <br /> 1. Beneficiary may appoint in writing a substitute or successor trustee, succeeding to all <br /> rights and responsibilities of Trustee. <br /> 2. If the proceeds of the note are used to pay any debt secured by prior liens, Beneficiary is <br /> subrogated to all of the rights and liens of the holders of any debt so paid. <br /> 3. Beneficiary may apply any proceeds received under the insurance policy either to reduce <br /> the note or to repair or replace damaged or destroyed improvements covered by the policy. <br /> 4. If Grantor fails to perform any of Grantor's obligations, Beneficiary may perform those <br /> obligations and be reimbursed by Grantor on demand at the place where the note is payable for any <br /> sums so paid, including attorney's fees,plus interest on those sums from the dates of payment at the <br /> rate stated in the note for matured, unpaid amounts. The sum to be reimbursed shall be secured by <br /> this deed of trust. <br /> 5. If Grantor defaults on the note or fails to perform any of Grantor's obligations or if default <br /> occurs on a prior lien note or other instrument, and the default continues after Beneficiary gives <br /> Grantor notice of the default and the time within which it must be cured, as may be required by law <br /> or by written agreement,then Beneficiary may: <br /> a. declare the unpaid principal balance and earned interest on the note immediately <br /> due; <br /> b. request Trustee to foreclose this lien, in which case Beneficiary or Beneficiary's <br /> agent shall give notice of the foreclosure sale as provided by the Texas Property Code as then <br />