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enter into a subordination agreement providing notice and cure rights to Beneficiary that are <br />reasonably acceptable to the City. <br />5. Prior Mortgages and Deeds of Trust: Charges: Liens. Trustor shall perform all of <br />Trustor's obligations under any mortgage, deed of trust or other security agreement with a lien which <br />has priority over this instrument, including Trustor's covenants to make payments when due. Trustor: <br />will pay all taxes, assessments and other charges, fines and impositions attributable to the Security, <br />which may attain a priority over this Deed of Trust, by Trustor making any payment,'when due, <br />directly to the payee thereof. Trustor will promptly furnish to the Beneficiary all notices of amounts <br />due under this paragraph, and in the event Trustor makes payment directly, Trustor will promptly .' <br />discharge any lien which has priority over this Deed of Trust; provided.that'Trustor will not'be <br />required to discharge the lien of the Deed of Trust securing any senior lender or, any other lien,' <br />described in this paragraph so long as Trustor will agree in writing to ttie payment of -the obligation <br />secured 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 the <br />enforcement of the lien or forfeiture of the Security or any part lh reof.. <br />6. Hazard Insurance. Trustor will keep the Security'insured by such insurance policies <br />in such amounts and for such periods as called for in the Agreement. All insurance policies and <br />renewals thereof will include a standard mortgagee clause with standard lender's endorsement in <br />favor of the holder of any senior lender and the Beneficiary as their. interests may appear and in a <br />form acceptable to the Beneficiary. The Beneficiary shall have the right to hold, or cause its <br />designated agent to hold, the policies and renewals thereof, and Trustor shall promptly famish to the <br />Beneficiary, or its designated agent, the original'insueance policies or certificates of insurance, all <br />renewal notices and all receipts of paid premium's. In the event of loss, Trustor will give prompt <br />notice to the insurance carrier and the Beneficiary or its designated agent. The Beneficiary, or its <br />designated agent, may make proof of loss if not made promptly by Trustor. The Beneficiary shall <br />receive 30 days' advance notice of cancellation of any insurance policies required under this Section. <br />Unless the Beneficiary and Trusior, otherwise agree in writing, insurance proceeds, <br />subject to the rights of any senior lender, will be applied to restoration or repair of the Security <br />damaged, provided such restoration or repair is economically feasible and the security of this <br />Deed of Trust is not thereby impaired. If such restoration or repair is not economically feasible <br />or if the -security of this' Deed of Trust would be impaired, again, subject to the rights of any <br />senior lender, the -insurance proceeds will be used to repay the grant under this Deed of Trust, <br />with the excess; if'any, paid to Trustor. If the Security is abandoned by Trustor, or if Trustor <br />fails to respond to the Beneficiary, or its designated agent within 30 days from the date notice is <br />mailed by either of them to Trustor that the insurance carrier offers to settle a claim for insurance <br />benefits, the Beneficiary, or its designated agent, is authorized to collect and apply the insurance <br />proceeds at the Beneficiary's option either to restoration or repair of the Security or to repay the <br />Loan. <br />If the Security is acquired by the Beneficiary, all right, title and interest of Trustor in and <br />to any insurance policy and in and to the proceeds thereof resulting from damage to the Security <br />prior to the sale or acquisition will pass to the Beneficiary to the extent of the sums secured by <br />this Deed of Trust immediately prior to such sale or acquisition subject to the rights of any senior <br />lender. <br />25C-24 <br />