TO THE EXTENT BENEFICIARY
HAS PREVIOUSLY RECEIVED FROM GRANTOR AMOUNTS SUFFICIENT TO PAY THE NEXT MATURING
ANNUAL AD VALOREM TAXES, ASSESSMENTS AND CHARGES.
(E)
NO CREDIT AGAINST THE OBLIGATIONS SECURED HEREBY.
GRANTOR SHALL
NOT CLAIM, DEMAND OR BE ENTITLED TO RECEIVE ANY CREDIT, AGAINST THE PRINCIPAL OR
INTEREST PAYABLE ON THE OBLIGATIONS FOR SO MUCH OF THE TAXES, ASSESSMENTS OR
SIMILAR IMPOSITIONS ASSESSED AGAINST THE MORTGAGED PROPERTY OR ANY PART THEREOF
OR THAT ARE APPLICABLE TO THE OBLIGATIONS SECURED HEREBY OR TO BENEFICIARY'S
INTEREST IN THE MORTGAGED PROPERTY. NO DEDUCTION SHALL BE CLAIMED FROM THE
TAXABLE VALUE OF THE MORTGAGED PROPERTY OR ANY PART THEREOF BY REASON OF THE
OBLIGATIONS, THIS DEED OF TRUST OR ANY OTHER INSTRUMENT SECURING THE
OBLIGATIONS.
(F)
INSURANCE.
(I)
GRANTOR SHALL AT ITS EXPENSE OBTAIN FOR, DELIVER TO, ASSIGN AND
MAINTAIN FOR THE BENEFIT OF BENEFICIARY, DURING THE LIFE OF THIS DEED OF TRUST,
INSURANCE POLICIES IN SUCH AMOUNTS AS BENEFICIARY MAY REASONABLY REQUIRE, UPON
AND RELATING TO THE MORTGAGED PROPERTY AGAINST PERSONAL INJURY AND DEATH, LOSS
BY FIRE, VANDALISM AND THEFT AND SUCH OTHER
10
INSURABLE HAZARDS, CASUALTIES AND CONTINGENCIES (INCLUDING WITHOUT LIMITATION
LOSS OF RENTALS OR BUSINESS INTERRUPTION), AS ARE NORMALLY AND USUALLY COVERED
BY EXTENDED COVERAGE, ALL RISK POLICIES IN EFFECT WHERE THE MORTGAGED PROPERTY
IS LOCATED AND SUCH OTHER RISKS AS BENEFICIARY MAY SPECIFY FROM TIME TO TIME AND
INCLUDING FLOOD INSURANCE IN THE MAXIMUM AMOUNT OF COVERAGE AVAILABLE IF THE
MORTGAGED PROPERTY OR ANY PART THEREOF IS IN AN AREA DESIGNATED BY THE
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, THE FEDERAL INSURANCE
ADMINISTRATION OR OTHER GOVERNMENTAL AGENCY AS SUBJECT TO SPECIAL FLOOD RISKS,
WHETHER PURSUANT TO THE FLOOD DISASTER PROTECTION ACT OF 1973, ANY SUCCESSOR
STATUTE OR OTHERWISE. GRANTOR SHALL PAY PROMPTLY WHEN DUE ANY PREMIUMS ON SUCH
INSURANCE POLICIES AND ON ANY RENEWALS THEREOF. THE FORM OF SUCH POLICIES AND
THE COMPANIES ISSUING THEM SHALL BE REASONABLY ACCEPTABLE TO BENEFICIARY. ALL
SUCH POLICIES AND RENEWALS THEREOF SHALL BE HELD BY BENEFICIARY AND SHALL
CONTAIN A NONCONTRIBUTORY STANDARD MORTGAGEE'S ENDORSEMENT MAKING LOSSES PAYABLE
TO BENEFICIARY AS ITS INTERESTS MAY APPEAR. NOT LESS THAN THIRTY (30) DAYS PRIOR
TO THE EXPIRATION DATE OF THE INSURANCE POLICIES REQUIRED TO BE MAINTAINED BY
GRANTOR, GRANTOR SHALL DELIVER TO BENEFICIARY ONE OR MORE CERTIFICATES OF
INSURANCE EVIDENCING RENEWAL OF THE INSURANCE COVERAGE REQUIRED HEREUNDER PLUS
SUCH OTHER EVIDENCE OF PAYMENT OF PREMIUMS THEREFOR AS BENEFICIARY MAY REQUEST.
IN THE EVENT OF LOSS, GRANTOR WILL GIVE IMMEDIATE WRITTEN NOTICE TO BENEFICIARY
AND BENEFICIARY MAY MAKE PROOF OF LOSS IF NOT MADE PROMPTLY BY GRANTOR. IN THE
EVENT OF THE FORECLOSURE OF THIS DEED OF TRUST OR ANY OTHER TRANSFER OF TITLE TO
THE MORTGAGED PROPERTY IN EXTINGUISHMENT OF THE OBLIGATIONS SECURED HEREBY, ALL
RIGHT, TITLE AND INTEREST OF GRANTOR IN AND TO ALL INSURANCE POLICIES AND
RENEWALS THEREOF THEN IN FORCE SHALL PASS TO THE PURCHASER OR GRANTEE. ALL SUCH
POLICIES SHALL PROVIDE THAT (A) THEY SHALL NOT BE SUBJECT TO CANCELLATION OR
SUBSTANTIAL