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the lien or forfeiture of the Property or any part thereof. Trustor shall post security for the payment of such contested claims as may be requested by the Beneficiary. 5.7 Insurance. Truster shall keep.the Property insured by a standard all~risk property insurance policy in an amount equal to the replacement value of the Property with loss payable to.the Beneficiary. The insurance carrier providing such insurance shal.l be licensed to do business in the State of California and may be chosen by Trustor, subject to approval by Beneficiary. All insurance policies and renewals thereof will be in a form acceptable to the Beneficiary, and will include a standard mortgagee clause with standard lender's endorsement in favor of the holder of any senior lien and the Beneficiary as their interests may appear and in a form w:ceptable to the Beneficiary. The Beneficiary shall have the right to hold, or cause its designated agent to hold, the policies and renewals thereof, arid Trustor shall promptly furnish to the Beneficiary, or its design~ted agent, the original insurance policies or certificates of ir:isurance, all renewal notices and all receipts of paid premiums. In the event of loss, Trustor will give prompt notice to the insurance carrier and the Beneficiary or its designated agent. The Beneficiary, or its designated agent, may make proof of loss if not made promptly by Trustor .. The Beneficiary shall receive .thirty (30) days advance written notice of the cancellation, expiration or termination, or any material change in the coverage afforded by any of the insurance poiicies required under this Section. Unless otherwise permitted by the Beneficiary in writing, insurance procee,ds, subject to the rights of the holder of any senior lien, will be applied to restoration or repair of the Property damaged. If the Property is abandoned by Trustor, or if Trustor fails to respond to the BE;)neficiary, or its designated agent, within thirty (30) days from the date notice is mailed by. either of them to Trustor that the insurance carrier offers to settle a claim for insurance benefits, the Beneficiary, or its designated agent, is · authorized to collect and apply the insurance proceeds at the Beneficiary's option either to restoration or repair of the Property or to pay amounts due under the Agreement and the Note . . If the Property is acquired by the Beneficiary, all right, title and interest of Trustor in and to any insurance policy and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition will pass to the Beneficiary to the extent of the sums secured by this Deed of Trust immediately prior to such sale or acquisition, subject to the rights of the holder of any senior lien. · Renewal. policies and any replacement policies, together with premium receipts satisfactory to the Beneficiary, shall be delivered to the Beneficiary at least thirty (30) days prior to the expiration of existing policies: Neither Trustee nor the Beneficiary shall by reason 0f accepting, rejecting, approving, or obtaining insurance incur any liability for the existence, nonexistence, form, or legal sufficiency of such insurance, or solvency of any insurer for payment of losses. Exhibit C Page 5 of 16