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public health or safety now in effect or enacted after this date, but excludes materials <br />used in compliance with the law in the construction and operation of the Project. <br />3. Charges; Liens. Trustor shall pay at least ten days before delinquency all <br />taxes and assessments affecting the Property, including assessments on appurtenant <br />water stock; when due, all encumbrances, charges, and liens, with interest, on the <br />Property or any part thereof, which appear to be prior or superior hereto; all costs, fees, <br />and expenses of this Trust. Trustor shall give prompt notice to Beneficiary of any <br />default under any mortgage, deed of trust or other security agreement with a lien on the <br />Property. <br />4. Hazard Insurance. Trustor shall keep the improvements and personal <br />property now existing or hereafter erected on the Property insured against loss by fire, <br />vandalism and malicious mischief by a policy of standard fire and extended all-risk <br />insurance. The policy shall be written on a full replacement value basis. <br />Subject to the rights of senior mortgagees, the insurance policy shall be issued in <br />the name of the Trustor and the Beneficiary, as their interests appear. The insurance <br />policy shall contain an endorsement, which provides that any proceeds shall be <br />disbursed and used to repair or rebuild any such improvements so damaged or <br />destroyed. <br />The full replacement value of the improvements to be insured hereunder shall be <br />determined by the company issuing the policy at the time,the policy is initially obtained. <br />Not more frequently than once every two (2) years, either the Trustor or the Beneficiary <br />shall have the right to notify the other party that it elects to have the replacement value <br />redetermined by the insurance company. <br />The insurance policy shall be issued by an insurance company authorized to do <br />business in the State of California with a financial rating of at least A VII status as rated <br />in the most recent edition of Best's Key Rating Guide. The policy shall contain an <br />endorsement requiring thirty (30) days written notice from the insurance company to <br />both parties before cancellation. <br />5. Defense of Security. Trustor agrees to appear in and defend any action or <br />proceeding purporting to affect the security hereof or the rights or powers of Beneficiary <br />or Trustee; and to pay all costs and expenses, including cost of evidence of title and <br />attorneys' fees in a reasonable sum, in any such action or proceeding in which <br />Beneficiary or Trustee may appear. <br />6. Reimbursement of Costs. Trustor agrees to pay immediately and without <br />demand all sums expended by Beneficiary or Trustee pursuant to the provisions hereof, <br />with interest from date of expenditure at the amount allowed by law in effect at the date <br />hereof. 1 <br />7. Right to Cure. Should Trustor fail to make any payment or to do any act as <br />