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such amounts shall be payable upon notice from Beneficiary to Trustor requesting payment thereof <br />and shall bear interest from the date of disbursement at the rate stated in Section 3.3. <br />Any entering upon and taking and maintaining of control of the Property by Beneficiary or <br />the receiver and any application of rents as provided herein shall not cure or waive any default <br />hereunder or invalidate any other right or remedy of Beneficiary under applicable law or provided <br />herein. This assignment of rents of the Property shall terminate at such time as this Deed of Trust <br />ceases to secure indebtedness held by Beneficiary. <br />ARTICLE III <br />TAXES AND INSURANCE; ADVANCES <br />3.1 Taxes, Other Governmental Charges and Utility Charges. Trustor shall pay, or cause <br />to be paid, at least fifteen (15) days prior to the date of delinquency, all taxes, assessments, charges <br />and levies imposed by any public authority or utility company which are or may become a lien <br />affecting the Security or any part thereof, provided, however, that Trustor shall not be required to <br />pay and discharge any such tax, assessment, charge or levy so long as (a) the legality thereof shall be <br />promptly and actively contested in good faith and by appropriate proceedings, and (b) Trustor <br />maintains reserves adequate to pay any liabilities contested pursuant to this Section 3.1. With <br />respect to taxes, special assessments or other similar governmental charges, Trustor shall pay such <br />amount in full prior to the attachment of any lien therefor on any part of the Security; provided, <br />however, if such taxes, assessments or charges may be paid in installments, Trustor may pay in such <br />installments. Except as provided in clause (b) of the first sentence of this paragraph, the provisions <br />of this Section 3.1 shall not be construed to require that Trustor maintain a reserve account, escrow <br />account, impound account or other similar account for the payment of future taxes, assessments, <br />charges and levies. <br />In the event that Trustor shall fail to pay any of the foregoing items required by this Section <br />to be paid by Trustor, Beneficiary may (but shall be under no obligation to) pay the same, after the <br />Beneficiary has notified the Trustor of such failure to pay and the Trustor fails to fully pay such <br />items within seven (7) business days after receipt of such notice. Any amount so advanced therefor <br />by Beneficiary, together with interest thereon from the date of such advance at the maximum rate <br />permitted by law, shall become an additional obligation of Trustor to the Beneficiary and shall be <br />secured hereby, and Trustor agrees to pay all such amounts. <br />3.2 Provisions Respecting Insurance. Trustor agrees to provide insurance conforming in <br />all respects to that required under the Loan Documents during the course of construction and <br />following completion, and at all times until all amounts secured by this Deed of Trust have been paid <br />and all other obligations secured hereunder fulfilled, and this Deed of Trust reconveyed. <br />All such insurance policies and coverages shall be maintained at Trustor's sole cost and <br />expense. Certificates of insurance for all of the above insurance policies, showing the same to be in <br />full force and effect, shall be delivered to the Beneficiary upon demand therefor at any time prior to <br />the Beneficiary's receipt of the entire Principal and all amounts secured by this Deed of Trust. <br />3.3 Advances. In the event the Trustor shall fail to maintain the full insurance coverage <br />required by this Deed of Trust or shall fail to keep the Security in accordance with the Loan <br />2220130.1 Page 27 <br />