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99276460 • • P necessary to comply with, and in accordance with, all Hazardous Materials Laws. The term "Hazardous Materials" includes, without limitation, any flammable explosives, radioactive materials, hazardous materials, hazardous wastes, hazardous or toxic substances, or related materials defined in the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended (42 U.S.C. §9601 seq.), the Hazardous Materials Transportation Act, as amended (49 U.S.C. §1801 seq.), the Resource Conservation and Recovery Act of 1976, as amended (42 U.S.C. §6901 a seq.), Section 25117 of the California Health &Safety Code, Section 25316 of the California Health &Safety Code, and in the regulations adopted and publications promulgated pursuant to them, or any other federal, state, or local environmental laws, ordinances, rules, or regulations concerning the environment, industrial hygiene or public health or safety now in effect or enacted after this date, but excludes materials used in compliance with the law in the construction and operation of the Project. 3. Charges: Liens. Trustor shall pay at least ten days before delinquency all taxes and assessments affecting the Property, including assessments on appurtenant water stock; when due, all encumbrances, charges, and liens, with interest, on the Property or any part thereof, which appear to be prior or superior hereto; all costs, fees, and expenses of this Trust. Trustor shall give prompt notice to Beneficiary of any default under any mortgage, deed of trust or other security agreement with a lien on the Property. 4. Hazard Insurance. Trustor shall keep the improvements and personal property now existing or hereafter erected on the Property insured against loss by fire, vandalism and malicious mischief by a policy of standard fire and extended all-risk insurance. The policy shall be written on a full replacement value basis. Subject to the rights of senior mortgagees, the insurance policy shall be issued in the name of the Trustor and the Beneficiary, as their interests appear. The insurance policy shall contain an endorsement which provides that any proceeds shall be disbursed and used to repair or rebuild any such improvements so damaged or destroyed. The full replacement value of the improvements to be insured hereunder shall be determined by the company issuing the policy at the time the policy is initially obtained. Not more frequently than once every two (2) years, either the Trustor or the Beneficiary shall have the right to notify the other party that it elects to have the replacement value redetermined by the insurance company. 3