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<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 <br />deed of trust; <br />4. maintain, in a form acceptable to Beneficiary, an <br />insurance policy that: <br />a. covers all improvements for their full insurable value <br />as determined when the policy is issued and renewed, <br />unless Beneficiary approves a smaller amount in <br />writing; <br />b. contains an 80% coinsurance clause; <br />c. provides fire and extended coverage, including <br />windstorm coverage; <br />d. protects Beneficiary with a standard mortgage clause; <br />e. provides flood insurance at any time the property is <br />in a flood hazard area; and <br />f. contains such other coverage as Beneficiary may <br />reasonably require; <br />S. comply at all times with the requirements of the 80% <br />coinsurance clause; <br />6. deliver the insurance policy to Beneficiary. and deliver <br />renewals to Beneficiary at least ten days before expiration; <br />7. keep any buildings occupied as required by the insurance <br />pOlicy; and <br />8. if this is not a first lien, pay all prior lien notes that <br />Grantor is personally liable to pay and abide by all prior lien <br />instruments. <br /> <br />Beneficiary's Rights <br />1. Beneficiary may appoint in writing a substitute or <br />successor trustee, succeeding to all rights and responsibilities of <br />Trustee. <br />2. If the proceeds of the note are used to pay any debt <br />secured by prior liens, Beneficiary is subrogated to all of the <br />rights and liens of the holders of any debt so paid. <br />3. Beneficiary may apply any proceeds received under the <br />insurance pOlicy either to reduce the note or to repair or replace <br />damaged or destroyed improvements covered by the policy. <br />4. If Grantor fails to perform any of Grantor's obligations, <br />Beneficiary may perform those obligations and be reimbursed by <br />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 <br />sums from the dates of payment at the rate stated in the note for <br />matured, linpaid amounts. The sum to be reimbursed shall be secured <br />by this deed of trust. <br />S. If Grantor defaults on the note or fails to perform any of <br />Grantor's obligations or if default occurs on a prior lien note or <br />other instrument, and the default continues after Beneficiary gives <br />Grantor notice of the default and the time within which it must be <br />cured, as may be required by law or by written agreement, then <br />Beneficiary may: <br />a. declare the unpaid principal balance and earned <br />interest on the note immediately due; <br /> <br />2 <br />