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7 <br />Beneficiary within thirty (30) days after the date such notice is mailed, Beneficiary is <br />authorized to collect and apply the proceeds, at Beneficiary’s option, either to <br />restoration or repair of the Property or to the sum secured by this Deed of Trust. <br /> <br /> 5.12 Prohibition on Transfers of Interest. If all or any part of the Property or an <br />interest therein is sold, conveyed, or otherwise transferred by Trustor without <br />Beneficiary’s prior written consent, Beneficiary may, at Beneficiary’s option, declare all <br />sums secured by this Deed of Trust to be immediately due and payable. “Transfer” shall <br />include any assignment, sale, or other conveyance of the Property, but shall exclude <br />encumbrances junior to the Deed of Trust and leases of the Property. <br /> <br /> 5.13 Sale or Forbearance. No sale of the Property, forbearance on the part of <br />Beneficiary or extension of the time for payment of the indebtedness hereby secured <br />shall operate to release, discharge, waive, modify, change, or affect the liability of <br />Trustor either in whole or in part. <br /> <br /> 5.14 Beneficiary’s Rights to Release. Without affecting the liability of any <br />person for payment of any indebtedness hereby secured (other than any person <br />released pursuant hereto), including without limitation any one or more endorsers or <br />guarantors, and without affecting the lien hereof upon any of the Property not released <br />pursuant hereto, at any time and from time to time without notice: (a) Beneficiary may <br />in its sole discretion: (i) release any person now or hereafter liable for payment of any <br />or all such indebtedness, (ii) extend the time for or agree to alter the terms of payment <br />of any or all of such indebtedness, and (iii) release or accept additional security for such <br />indebtedness, or subordinate the lien or charge hereof; and (b) Trustee, acting pursuant <br />to the written request of the Beneficiary, may reconvey all or any part of the Property, <br />consent to the making of any map or plot of the Land, join in granting any assessment <br />thereon, or join in any such agreement of extension or subordination. <br /> <br /> 5.15 Reconveyance. Upon payment of all sums and satisfaction of all <br />obligations secured by this Deed of Trust, Beneficiary shall request Trustee to reconvey <br />the Property and shall surrender this Deed of Trust and all notes evidencing <br />indebtedness secured by this Deed of Trust to Trustee. Trustee shall reconvey the <br />Property without warranty and without charge to the person or persons legally entitled <br />thereto. Such person or persons shall pay all costs of recordation, if any. The recitals <br />in the reconveyance of any matters or facts shall be conclusive proof of the truthfulness <br />thereof. <br /> <br /> 5.16 Notice of Claims; Reimbursement of Costs. <br /> <br />(a) Notice of Claims. The Trustor shall provide written notice to Beneficiary of <br />any uninsured or partially uninsured loss affecting the Property through fire, theft, <br />liability, or property damage in excess of an aggregate of Ten Thousand Dollars <br />($10,000) within three business days of the occurrence of such loss. The Trustor shall <br />ensure that the Beneficiary shall receive timely notice of, and shall have a right to cure, <br />any default under any other financing document or other lien affecting the Property and